The Solar Panel Coatings Market size was estimated at USD 2.08 billion in 2021 and is expected to hit around USD 15.7 bn by 2030, poised to grow at a compound annual growth rate (CAGR) of 23.2% during the forecast period 2022 to 2030.
A solar panel is an object that consists of a number of photovoltaic cells that may transform light energy into electrical energy. During the manufacturing process, these solar panels are given a coating to make them resistant to impacts and scratches as well as to water infiltration. They are coated with anti-dust coating material to further minimise dust buildup on the solar panels. Solar panel coatings extend the lifespan and efficiency of solar panels by 30% while also lowering maintenance costs. The solar panel coatings market is expanding as a result of the previously listed factors.
Market Dynamics
Drivers:
Solar panel coatings are the best choice for use in a variety of end-use sectors because they have great light transitivity, high absorption capacity, and reduce reflection, which wastes energy. A significant element influencing the market's expansion is the growing level of awareness among consumers and major industries about the benefits of solar panel power generation. In addition, an important aspect that will create chances for the market's growth is the government's policies and the investment made by state and private organizations to build solar power plants to fulfil future energy demands.
Opportunity:
The green method of generating energy is another factor. Another significant driver of this industry's expansion is the increase in awareness. The main market restrictions are the installation expense and the difficulty of properly positioning the panels. However, serious research and development are ongoing at the government and private levels. In order to increase the device's affordability, there are coordinated efforts being made in every conceivable industry. This in turn is giving the solar panel coatings market an excellent business opportunity.
Key players:
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Arkema Group
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Advanced Nanotech Lab
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Diamon-Fusion International INC.
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Fenzi SpA
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Koninklijke DSM N.V
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Nanoman
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Nanopool GmbH
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PPG Industries Inc.
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Unelko Corporation
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3M
Market Segmentation:
Solar Panel Coatings Market, By Type
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Anti-reflective
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Hydrophobic
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Self-cleaning
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Anti-soiling
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Anti-abrasion
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Others
Solar Panel Coatings Market, By Application
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Residential
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Commercial
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Energy
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Agriculture
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Automobiles
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Others
Solar Panel Coatings Market, By Region
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North America
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U.S.
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Canada
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Mexico
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Europe
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U.K.
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Germany
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France
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Asia Pacific
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China
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India
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Japan
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Central & South America
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Brazil
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Middle East & Africa
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Regional Analysis:
The North American, European, Asian Pacific, and Rest of the World regions make up the global solar panel coatings market. Market share is dominated by Asia-Pacific. The largest market is China, which explains this. Solar panels are most heavily used by it. By the end of 2019, China had installed almost 40% of the world's solar power capacity. Next up on the list are nations including the US, Germany, Japan, India, and Italy.
Scope of the Report:
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Report Coverage |
Details |
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Base year |
2021 |
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Forecast period |
2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 23.2% |
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YoY growth (%) |
XX% |
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Regional analysis |
North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa |
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Current Market size |
USD 2.08 billion |
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Forecast market growth |
USD 15.7 billion |
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Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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