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.
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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.
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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.