Solar Paint Market: Introduction
- Solar paints, also known as photovoltaic paints, absorb heat energy from sunrays and transform it into electricity
- A solar paint is developed by using billions of pieces of a light-sensitive material fused with a regular paint, thereby transforming the regular paint into a super-powered energy unit
- A solar paint primarily consists of two components: a moisture-absorbing catalyst and light-absorbing titanium oxide. Titanium oxide particles absorb light from the sun and convert it into electric energy. This absorbed energy is transformed into a moisture-absorbing catalyst, whereby water is removed and hydrogen is produced. This extracted hydrogen can be used as fuel.
- The solar paint technology is still in its nascent stage, but it can be considered one of the key developments for utilization of the abundant solar energy
Key Drivers of Global Solar Paint Market
- Growing transition toward electric vehicles is likely to provide immense opportunities to manufacturers. This, in turn, is likely to drive the global solar paint market during the forecast period.
- Growing concerns related to emission of carbon and greenhouse gases (GHGs) from harmful burning of fossil fuels boost the solar paint market, as they can be used as an alternative for generating hydrogen. The need to find sustainable and clean sources for energy is rising across the world, as efforts to limit the level of carbon and greenhouse gas (GHG) emissions are continuing.
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Restraints of Global Solar Paint Market
- An associate professor of physics and astronomy at the University of Kansas and a researcher in this field and his team involved in the development of solar cells have revealed that a solar paint is less dilute and thin in consistency, which makes the absorption of solar light in large amounts difficult.
- Another issue with solar paints is their long-term stability. If solar paint reaches a level at which efficiency is high, stability is assured, and the product is marketable, this can help manufacturers lower the prices of solar paints.
- In July 2014, Mercedes Benz presented a hybrid car powered by the solar paint technology. Though this technology by Mercedes Benz is just a concept, it can shape the future of new-generation cars in the next few years.
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Asia Pacific to Hold a Major Share of Global Solar Paint Market
- Based on region, the global solar paint market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is likely to dominate the global solar paint market between 2019 and 2027, due to growing concerns about air pollution and carbon emissions in the region
- The automotive industry in China has witnessed rapid technological advancements over the last few years, with a majority of automobile manufacturers in the country looking for clean energy solutions for fuel. Though the concept of solar paint is at the experimental stage, solar paints can be applied onto cars. Thus, the automotive segment is likely to dominate the solar paint market in China during the forecast period.
- India is likely to surpass the European Union, in terms of renewable energy usage, during the forecast period and the country is expected to hold a prominent share in the global solar paint market in the near future
- On the other hand, size of the renewable energy industry in the U.S. is expected to double by the end of the forecast period. Renewable energy projects in the U.S. are likely to get benefitted from multi-year federal tax incentives and several state-level policies promoting the use of solar energy in the next few years. Thus, the development of solar paints, which helps in defining new uses of solar energy, is likely to drive the U.S. renewable energy industry in the next few years.
Key Players Operating in Global Solar Paint Market
Some of the major players operating in the global solar paint market are:
- Transfer Electric GmbH
- Solar Energy Corporation
Global Solar Paint Market, by Type
- House Paint
- Automobile Paint
Global Solar Paint Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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