Wilmington, Delaware, United States, Jan. 04, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Solar panel coatings market was valued at US$ 3.2 billion in 2022. A CAGR of 26.7% is anticipated from 2023 to 2031, resulting in US$ 26.7 billion during the forecast period. Solar panel researchers and developers are expected to focus on improving their performance and efficiency in the near future. Energy conversion efficiency could be increased through advanced coatings that affect light absorption, reduce reflections, and reduce wasteful reflections.
Advances in materials science and nanotechnology may enable the development of new coatings with superior properties. Combined with improved self-cleaning abilities, these coatings can enhance solar panels' durability and environmental resistance. Self-healing coatings and coatings that react to the environment could be on the rise in the near future. Solar panels with these coatings might be more resilient and require less maintenance.
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Modern solar panels come in tandem and bifacial configurations, which can impact the coating design. Depending on the configuration of the solar cell, these coatings may have to be adjusted to meet specific requirements.
Key Findings of the Market Report
- A rapidly expanding population in Asia Pacific contributed to the highest solar panel coatings market share in 2022.
- Anti-reflective coatings are expected to drive the demand for solar panel coating.
- Solar panel coatings are expected to have an impact on the residential segment.
- North America dominates the market due to a growing awareness of the negative environmental impacts of conventional energy.
Global Solar Panel Coatings Market: Growth Drivers
- Solar panels have been widely deployed due to the growing demand for clean, sustainable energy sources. In turn, solar panels are becoming more efficient and durable, which drives the need for advanced coatings. Optimal performance and efficiency can be achieved through solar panel coatings. Light absorption, reflection reduction, and environmental protection can be enhanced through coatings, resulting in increased energy conversion.
- Consumers and industries are turning to cleaner energy options due to escalating concerns about carbon emissions. Using advanced coatings, energy production with solar power can be made more carbon-neutral. New and improved solar panel coatings are being developed based on materials science and nanotechnology research. In addition to improving durability and weather resistance, the advancements aim to increase the overall performance of these products.
- Solar power generation costs are continually being reduced as the industry matures. Improved coatings contribute to solar energy systems' cost-effectiveness through improved lifespan, reduced maintenance, and improved performance. Policies and incentives that promote renewable energy use, such as solar panels, lead to their adoption. As a result, these initiatives may positively influence the solar panel coatings market by boosting investment and installation.
- Innovation in solar panel technologies, including coatings, is driven by public and private research and development investments. In the future, more efficient and advanced coatings may be developed because of increased focus on research and development. Solar energy is becoming increasingly popular among consumers, which has resulted in increased demand for solar panels with high performance. Solar panels can meet this demand with coatings that increase durability and efficiency.
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Global Solar Panel Coatings Market: Regional Landscape
Solar panel coatings are expected to lead the market in Asia Pacific. Solar energy capacity in Asia Pacific has increased substantially in recent years. Countries that depend less on fossil fuels and are more dependent on solar power have seen the solar power industry boom. Governments in the Asia Pacific region have encouraged the use of solar energy through incentives and policies. Feed-in tariffs, subsidies, and other forms of support often support solar panel coatings.
Environmental concerns, such as air pollution and climate change, are increasing people's focus on renewable and clean energy sources. The use of solar power with advanced coatings could be a key solution in addressing these issues. Researchers in developing nations are enhancing solar panel technology, including coatings. The production of solar panels is becoming more efficient, resilient, and eco-friendly through technological advancements.
Global Solar Panel Coatings Market: Key Players
Several prominent players operate globally in the highly consolidated solar panel coatings business. Several leading solar panel coating producers are keeping up with market trends, launching new products, and consolidating their market positions through mergers and acquisitions.
- Arkema Group
- Fenzi SpA
- NanoTech Types Pty. Ltd.
- Koninklijke DSM N.V.
- 3M
- PPG Industries Inc.
- Nano Shell Ltd.
- Unelko Corporation
- Optitune Oy
- Diamon-Fusion International Inc.
Key Developments
- In May 2023, The Green Energy Park and ChemiTek Solar, a Portuguese company providing anti-soiling coatings for PV modules, conducted outdoor tests of its innovative coating.
- In June 2023, India’s TriNANO Technologies created a nanocoating for solar panels that traps light and reduces reflections, thereby boosting their power generation by 4%. The non-coated panels also have a lower temperature because of the coating.
Global Solar Panel Coatings Market: Segmentation
By Type
- Anti-reflective
- Hydrophobic
- Self-cleaning
- Anti-soiling
- Anti-abrasion
- Others
By End-Use Industry
- Residential
- Commercial
- Energy
- Agriculture
- Automotive
- Others
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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