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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.