Solar Panel Coatings Market - Snapshot
Solar panels are devices that convert light into electricity. A solar panel is a collection of solar cells spread over a large area, which function together to produce power. Solar panel coatings are defined as coatings applied on solar panels to protect them from dust, dirt, and external harsh environment. Solar panel coatings are deposited on solar panels at the time of manufacture of these panels. Solar panel coatings increase the efficiency and protection level of solar panels, resulting in higher energy generation through solar panels.
The global solar panel coatings market is expected to expand at a rapid pace during the forecast period, due to higher demand for solar panels led by increasing government support and rising incentives for adoption of renewable energy for power generation. Growth of the solar panel coatings market is directly proportional to that of the solar panels industry. The solar panels industry is driven by increasing concerns about environmental pollution and tax rebates offered for installation of solar panels. Growth of the solar panels industry, in turn, drives the solar panel coatings market. Significant rise in government funding for research and development projects is augmenting the potential usage of solar panel coatings. This, in turn, is driving the solar panel coatings market.
Solar panel coatings have several potential applications in various end-use industries such as residential, commercial, energy, agriculture, automotive, and others (solar cells, electronic devices, etc.)
Anti-reflective solar panel coatings offer excellent light transitivity and high absorption capacity and reduce reflection. This results in lack of energy loss, which improves the overall efficiency of solar panels. Solar panels are used in a wide array of end-use industries ranging from residential and commercial construction to agriculture and automotive sectors. This, in turn, drives the solar panel coatings market. However, manufacturers of solar panel coatings face challenges such as high initial investment and low returns on investment (RoI) on installation of solar panels. This, in turn, acts as a restraint for the global solar panel coatings market.
The anti-reflective segment is estimated to expand at a rapid pace during the forecast period, as these coatings enhance the absorption capacity; improve light transitivity; and reduce the reflection, thereby improving the overall efficiency of solar panels. This, in turn, drives the demand for anti-reflective solar panel coatings. Anti-reflective solar panel coatings are widely applied in end-use industries such as residential, commercial, energy, agriculture, automotive, and others (solar cells, electronic devices, etc.). The hydrophobic segment is projected to witness considerable demand in the next few years, for use in solar panel installations at areas of high elevations. Excellent ability of hydrophobic coatings does not allow the water to stay on the surface of solar panels. These properties are projected to fuel the hydrophobic segment during the forecast period.
The global solar panel coatings market has been witnessing various developments and technological advancements. For instance, in 2017, Koninklijke DSM N.V. launched its new anti-soiling (AS) coating for photovoltaic (PV) solar glass. The new coating provides a unique combination of anti-soiling and anti-reflective properties and it is aimed specifically to be used in PV modules which are to be installed in dry, desert-like areas. This factor is anticipated to drive the global solar panel coatings market during the forecast period. Furthermore, in 2016, the company acquired Suzhou SunShine New Materials Technology Company Limited, which is a manufacturer of a novel, high-performance, solar photovoltaic (PV) back-sheet developed with the help of the co-extrusion technology. Through this acquisition, the company expanded its product portfolio of PV solar cells to include polymer sheets that protect PV solar cells. This factor is also anticipated to drive the global solar panel coatings market during the forecast period.
In terms of revenue, Asia Pacific accounted for a significant share of the global market in 2017. The market in Asia Pacific is expected to expand at the maximum CAGR during the forecast period, followed by North America and Europe. In terms of market capitalization, Asia Pacific and Europe lead the global market. The trend is expected to continue during the forecast period. However, the market in Asia Pacific is projected to expand considerably from 2018 to 2026, owing to rising investments in solar panel installations and increasing government support and incentives such as feed-in-tariffs for generating renewable energy by using solar panels in the region. Also, the demand for rooftop solar panels for generating power for residential and commercial purposes is increasing in the region. This, in turn, is projected to drive the solar panel coatings market in Asia Pacific during the forecast period.
Key players profiled in the global solar panel coatings market are Arkema Group, Fenzi SpA, NanoTech Products Pty Limited, Koninklijke DSM N.V, 3M, PPG Industries Inc., nanoShell Limited, Unelko Corporation, Optitune Oy, and Diamon-Fusion International Inc. (DFI). Major players are adopting strategies such as increase in production capacities, geographical expansion, and upgrades in existing solutions and offerings.
Solar Panel Coatings Market - Overview
This report analyzes and forecasts the market for solar panel coatings at the global and regional levels. The market has been forecast in terms of revenue (US$ Mn) and volume (liters) from 2018 to 2026. The study includes drivers and restraints of the global solar panel coatings market. It also covers the expected impact of these drivers and restraints on the demand for solar panel coatings during the forecast period. The report also highlights opportunities in the global solar panel coatings market.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global solar panel coatings market. The Porter’s Five Forces model for the solar panel coatings market has also been included to help understand the competition landscape in the market. The study encompasses market attractiveness analysis, wherein application segments have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global solar panel coatings market by segmenting it in terms of type and end-use industry. The segments have been analyzed based on present and future trends. Regional segmentation includes the current and projected demand for solar panel coatings in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers the demand for individual type and end-use industry segments in all regions. Key players operating in the global solar panel coatings market are Arkema Group, Fenzi SpA, NanoTech Types Pty Limited, Koninklijke DSM N.V, 3M, PPG Industries Inc., nanoShell Limited, Unelko Corporation, Optitune Oy, and Diamon-Fusion International Inc. (DFI).
Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The report provides the estimated market size of the solar panel coatings market for 2017 and forecast for the next nine years. The size of the global solar panel coatings market has been provided in terms of revenue and volume. Market numbers have been estimated based on type and end-use industry segments of the solar panel coatings market. Market size and forecast for each type and end-use industry segment have been provided for the global and regional markets.
In order to compile the research report, in-depth interviews and discussions were conducted with a number of key market participants and opinion leaders. Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. Secondary research also includes a search of recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. This has proved to be a highly reliable, effective, and successful approach for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
Global Solar Panel Coatings Market, by Type
Global Solar Panel Coatings Market, by End-use Industry
Global Solar Panel Coatings Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Extensive analysis of the solar panel coatings market trends from 2017 to 2026 to identify market opportunities and analyze market developments
- A list of key developments in the solar panel coatings market
- A list of key factors useful for building the roadmap of upcoming opportunities for growth of the solar panel coatings market at the global, regional, and country levels
- Comprehensive analysis regarding investments and price trends that are likely to impact the outlook for the global solar panel coatings market between 2017 and 2026
- The report provides insights into growth opportunities for various stakeholders in the value chain and a detailed competition landscape of key players operating in the market to help understand the competition level
- The Porters’ Five Forces analysis highlights the bargaining power of buyers and suppliers and enables stakeholders to make profit-oriented business decisions. By using Porters’ Five Forces model, strengths and weaknesses have been analyzed to gain a strategic position in the market.