Solar Panels Coatings Market
Solar Panels Coatings Market Forecasts to 2030 - Global Analysis By Type (Anti-Reflective (AR) Coatings, Anti-Soiling Coatings, Anti-Corrosion Coatings, Hydrophobic Coatings, Photovoltaic (PV) Coatings, Conductive Coatings and Other Types), Form, Material, Application, End User and By Geography
According to Stratistics MRC, the Global Solar Panels Coatings Market is accounted for $3.24 billion in 2023 and is expected to reach $16.41 billion by 2030 growing at a CAGR of 21.8% during the forecast period. Solar panel coatings are thin layers applied to photovoltaic modules to enhance their performance and durability. These coatings typically serve various purposes, such as improving light absorption, reducing reflection, repelling dust and dirt, and protecting against corrosion and weathering. They incorporate self-cleaning properties to minimize maintenance requirements and prolong the lifespan of solar panels, ultimately contributing to the sustainability and cost-effectiveness of solar energy systems.
According to the Solar Energy Industries Association (SEIA), the US installed 1.7 gigawatts (GW) of solar PV capacity in Q3 2018 to supply power to 11.3 million US homes.
Market Dynamics:
Driver:
Increasing solar energy adoption
Growing environmental awareness, coupled with the pursuit of sustainable energy solutions, fuels demand for solar panels. This surge in adoption is propelled by supportive government incentives, technological advancements enhancing panel efficiency, and a reduction in manufacturing costs. Solar energy's rising prominence as a clean and renewable energy source amplifies the need for coatings that enhance panel performance and durability. As solar power becomes increasingly integral to global energy strategies, the market for solar panel coatings is poised for substantial growth.
Restraint:
Intermittent nature of solar energy
Solar energy generation is subject to weather conditions and daylight availability, resulting in variability in power output. This intermittency poses challenges for reliable energy supply, impacting the attractiveness of solar power systems. Consequently, potential consumers may perceive solar energy as less dependable compared to alternative energy sources, influencing adoption rates and dampening the growth potential of the solar panel coatings market.
Opportunity:
Rising investments in renewable energy
Funding for solar energy projects has surged as nations prioritise moving towards renewable energy sources. The need for solar panels and their coatings is driven by this increase in investment, which opens up new possibilities for innovation and industry growth in the coatings industry. Increased investment also encourages research and development, which advances coatings technologies that improve the performance, durability, and efficiency of solar panels—thus accelerating industry growth.
Threat:
High initial costs
Solar panel coatings entail high initial costs due to the specialized materials and technologies involved in their development and application. These costs contribute significantly to the overall expense of installing solar power systems. This high initial cost acts as a barrier to entry, limiting market penetration and hampering the widespread adoption of solar panel coatings. As a result, affordability concerns impede market growth, particularly in regions with limited financial resources or budget constraints.
Covid-19 Impact
The covid-19 pandemic initially slowed down the solar panels coatings market due to disruptions in supply chains and project delays. However, as the world shifted focus towards renewable energy sources amid the crisis, there was resurgence in demand for solar panels, consequently driving the market growth. The emphasis on sustainability and clean energy solutions post-pandemic has further bolstered the market, with increased investments in solar energy projects globally.
The thin film segment is expected to be the largest during the forecast period
The thin film segment is estimated to have a lucrative growth. Thin film solar panel coatings offer a lightweight and flexible alternative to traditional crystalline silicon panels. These coatings consist of thin layers of photovoltaic materials deposited onto various substrates, such as glass or metal. Their streamlined design allows for easier installation and integration into a variety of surfaces, expanding their potential applications.
The electronics segment is expected to have the highest CAGR during the forecast period
The electronics segment is anticipated to witness the highest CAGR growth during the forecast period. Solar panel coatings serve to enhance the efficiency and durability of solar cells integrated into electronic devices, enabling them to harness ambient light for power generation. They provide protection against environmental factors such as moisture and UV radiation, prolonging the lifespan of electronic components. They also improve energy autonomy and sustainability in electronic devices.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to rapid industrialization, urbanization, and increasing demand for renewable energy. Governments in countries like China, India, and Japan are implementing supportive policies and incentives to promote solar energy adoption, fueling the growth of the coatings market. Additionally, favourable geographic conditions, such as abundant sunlight, contribute to the region's attractiveness for solar power generation thereby fuelling the region’s market growth.
Region with highest CAGR:
The North American solar panel coatings market is buoyed by a growing emphasis on renewable energy and sustainability initiatives. The United States and Canada are witnessing significant investments in solar energy infrastructure, supported by government incentives and favourable policies. The region's advanced technological capabilities drive innovation in coating materials and application techniques, enhancing the efficiency and longevity of solar panels. Further, continued R&D activities in the region propelled the market growth.
Key players in the market
Some of the key players profiled in the Solar Panels Coatings Market include The 3M Company, PPG Industries, Arkema Group, Akzo Nobel N.V., Axalta Coating Systems, BASF SE, DuPont, Nano Shell Limited, Heliatek, Fenzi SpA, Koninklijke DSM N.V., Unelko Corporation, Optitune Oy, Diamon-Fusion International Inc., Sherwin-Williams and NanoTech Coatings GmbH.
Key Developments:
In December 2023, DuPont launched a new PVF coating solution and printed Tedlar PVF solutions at the Taipei Building Show. The coating is designed for building exteriors, including those exposed to harsh environments. It offers durable finishes for a variety of exterior and interior metal applications.
In June 2023, AkzoNobel launched powder coatings industry’s first openly available online energy savings calculator. For the first time, all powder coatings customers can instantly calculate the energy and carbon reduction they could achieve with the company’s Interpon products and related services.
Types Covered:
• Anti-Reflective (AR) Coatings
• Anti-Soiling Coatings
• Anti-Corrosion Coatings
• Hydrophobic Coatings
• Photovoltaic (PV) Coatings
• Conductive Coatings
• Other Types
Forms Covered:
• Powder
• Liquid
• Thin Film
• Nano
• Other Forms
Materials Covered:
• Silicones
• Fluoropolymers
• Metal Oxides
• Ceramics
• Epoxy Resins
• Other Materials
Applications Covered:
• Solar Energy
• Construction
• Automotive
• Aerospace
• Electronics
• Other Applications
End Users Covered:
• Residential
• Commercial
• Industrial
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Solar Panels Coatings Market, By Type
5.1 Introduction
5.2 Anti-Reflective (AR) Coatings
5.3 Anti-Soiling Coatings
5.4 Anti-Corrosion Coatings
5.5 Hydrophobic Coatings
5.6 Photovoltaic (PV) Coatings
5.7 Conductive Coatings
5.8 Other Types
6 Global Solar Panels Coatings Market, By Form
6.1 Introduction
6.2 Powder
6.3 Liquid
6.4 Thin Film
6.5 Nano
6.6 Other Forms
7 Global Solar Panels Coatings Market, By Material
7.1 Introduction
7.2 Silicones
7.3 Fluoropolymers
7.4 Metal Oxides
7.5 Ceramics
7.6 Epoxy Resins
7.7 Other Materials
8 Global Solar Panels Coatings Market, By Application
8.1 Introduction
8.2 Solar Energy
8.3 Construction
8.4 Automotive
8.5 Aerospace
8.6 Electronics
8.7 Other Applications
9 Global Solar Panels Coatings Market, By End User
9.1 Introduction
9.2 Residential
9.3 Commercial
9.4 Industrial
10 Global Solar Panels Coatings Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 The 3M Company
12.2 PPG Industries
12.3 Arkema Group
12.4 Akzo Nobel N.V.
12.5 Axalta Coating Systems
12.6 BASF SE
12.7 DuPont
12.8 Nano Shell Limited
12.9 Heliatek
12.10 Fenzi SpA
12.11 Koninklijke DSM N.V.
12.12 Unelko Corporation
12.13 Optitune Oy
12.14 Diamon-Fusion International Inc.
12.15 Sherwin-Williams
12.16 NanoTech Coatings GmbH
List of Tables
1 Global Solar Panels Coatings Market Outlook, By Region (2021-2030) ($MN)
2 Global Solar Panels Coatings Market Outlook, By Type (2021-2030) ($MN)
3 Global Solar Panels Coatings Market Outlook, By Anti-Reflective (AR) Coatings (2021-2030) ($MN)
4 Global Solar Panels Coatings Market Outlook, By Anti-Soiling Coatings (2021-2030) ($MN)
5 Global Solar Panels Coatings Market Outlook, By Anti-Corrosion Coatings (2021-2030) ($MN)
6 Global Solar Panels Coatings Market Outlook, By Hydrophobic Coatings (2021-2030) ($MN)
7 Global Solar Panels Coatings Market Outlook, By Photovoltaic (PV) Backsheet Coatings (2021-2030) ($MN)
8 Global Solar Panels Coatings Market Outlook, By Conductive Coatings (2021-2030) ($MN)
9 Global Solar Panels Coatings Market Outlook, By Other Types (2021-2030) ($MN)
10 Global Solar Panels Coatings Market Outlook, By Form (2021-2030) ($MN)
11 Global Solar Panels Coatings Market Outlook, By Powder (2021-2030) ($MN)
12 Global Solar Panels Coatings Market Outlook, By Liquid (2021-2030) ($MN)
13 Global Solar Panels Coatings Market Outlook, By Thin Film (2021-2030) ($MN)
14 Global Solar Panels Coatings Market Outlook, By Nano (2021-2030) ($MN)
15 Global Solar Panels Coatings Market Outlook, By Other Forms (2021-2030) ($MN)
16 Global Solar Panels Coatings Market Outlook, By Material (2021-2030) ($MN)
17 Global Solar Panels Coatings Market Outlook, By Silicones (2021-2030) ($MN)
18 Global Solar Panels Coatings Market Outlook, By Fluoropolymers (2021-2030) ($MN)
19 Global Solar Panels Coatings Market Outlook, By Metal Oxides (2021-2030) ($MN)
20 Global Solar Panels Coatings Market Outlook, By Ceramics (2021-2030) ($MN)
21 Global Solar Panels Coatings Market Outlook, By Epoxy Resins (2021-2030) ($MN)
22 Global Solar Panels Coatings Market Outlook, By Other Materials (2021-2030) ($MN)
23 Global Solar Panels Coatings Market Outlook, By Application (2021-2030) ($MN)
24 Global Solar Panels Coatings Market Outlook, By Solar Energy (2021-2030) ($MN)
25 Global Solar Panels Coatings Market Outlook, By Construction (2021-2030) ($MN)
26 Global Solar Panels Coatings Market Outlook, By Automotive (2021-2030) ($MN)
27 Global Solar Panels Coatings Market Outlook, By Aerospace (2021-2030) ($MN)
28 Global Solar Panels Coatings Market Outlook, By Electronics (2021-2030) ($MN)
29 Global Solar Panels Coatings Market Outlook, By Other Applications (2021-2030) ($MN)
30 Global Solar Panels Coatings Market Outlook, By End User (2021-2030) ($MN)
31 Global Solar Panels Coatings Market Outlook, By Residential (2021-2030) ($MN)
32 Global Solar Panels Coatings Market Outlook, By Commercial (2021-2030) ($MN)
33 Global Solar Panels Coatings Market Outlook, By Industrial (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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