TMR publishes new report on solar panel coatings market

TMR states that the global solar panel coatings market is driven by a rise in the demand for solar panels and an increase in government-supported incentives to generate renewable energy by using solar panels. Solar panel coatings have excellent absorption capacity and high light transitivity. They offer resistance to dust and harsh environmental conditions. Solar panels are extensively utilsed in generating energy in residential and other end-use industries such as commercial, energy, agriculture, and automotive. The solar panel coatings market in Asia Pacific is expanding at a considerable CAGR, due to the rise in the demand for solar panels to generate energy.

High demand for solar panels and minimal maintenance costs to drive market

According to TMR, a rise in the demand for generating energy with solar panels has been led by the shift toward using renewable energy for power generation and this is driving the solar panel coatings market. Also, minimal costs incurred for maintenance of solar panels are propelling the solar panels industry, which is also driving the solar panel coatings market.

Solar panel coatings make solar panels resistant to impact and scratches and provide waterproofing. Furthermore, they do prevent dust or water accumulating on solar panels. Solar panel coatings ultimately reduce the maintenance cost and improve the life and efficiency of solar panels by 30%. This increases the life span and overall efficiency of solar panels. This factor is projected to propel the solar panel coatings market during the forecast period.

Solar panel coatings offer excellent light transitivity and high absorption capacity and reduce reflection. This results in reduction of energy loss, which makes these coatings ideal for application in various end-use industries such as residential, commercial, energy, agriculture, and automotive. However, manufacturers of solar panels face challenges such as high initial investment and low returns on investment (RoI). This acts as a restraint for the solar panel coatings market.

Rising demand for solar panels to boost the anti-reflective segment

Based on type, the global solar panel coatings market has been segmented into anti-reflective, hydrophobic, self-cleaning, anti-soiling, anti-abrasion, and others. TMR has stated that the anti-reflective segment is anticipated to account for a major share of the market from 2018 to 2026, due to a rise in the demand for solar panels from end-use industries such as residential, commercial, energy, agriculture, and automotive. Anti-reflective solar panel coatings offer increased absorption capacity and improve light transitivity, thereby enhancing the overall efficiency of solar panels.

Residential end-use industry segment to dominate the market

In terms of end-use industry, TMR has stated that the global solar panel coatings market has been divided into residential, commercial, energy, agriculture, automotive, and others. The residential segment is anticipated to dominate the global market between 2018 and 2026, owing to the rise in the installation of solar panels for residential purposes across the globe. The residential segment is anticipated to expand at a significant pace from 2018 to 2026.

Increase in solar panel installations for generating energy in developing countries

Geographically, the global solar panel coatings market has been segregated into major five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to hold a major share of the global market during the forecast period, led by China. This is attributable to the increase in the number of solar panel installations in the region. The solar panel coatings market in Asia Pacific is projected to expand at a rapid pace during the forecast period. Rising demand for solar panels from the residential sector in Asia Pacific is anticipated to boost the solar panel coatings market in the region between 2018 and 2026, TMR have stated.

Consolidated market with a few players dominating

Key market players covered in TMR's report 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). India and China are rapidly expanding economies in the world. Successful launch of the solar panel coatings market in these countries is anticipated to create more opportunity for these companies during the forecast period.

Access TMR's full report here.

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