Overview:
Photovoltaic Coating Industry is projected to be worth USD 166.40 Billion by 2030, registering a CAGR of 13.75% during the forecast period (2021 - 2030), The market was valued at USD 85 billion in 2021.
The Photovoltaic Coating Industry is showing significant growth prospects during the forecast period of 2021-2030. Market Research Future (MRFR) included several pointers in the report that can ensure an easy understanding of the proceedings of the market. These factors are growing reliance on innovation and better technical support, increasing intake from the automotive and construction sectors, rising investment support from both government and private bodies, demand for means to curb the electricity cost, and others. Increasing eco-awareness is expected to encourage the sector further.
Segmentation:
MRFR’s understanding of the Photovoltaic Coating Industry is on the basis of an effective segmentation that includes application and type. This segmentation helps in understanding details that can influence the market. It reveals various insights and figures that will simplify the study of the market.
By application, the global market report containing information on the photovoltaic coatings can be segmented on the basis of the construction, automotive, and textile industry. The automotive segment is growing at a rapid speed as it is known for its easy inclusion due to the rise in demand for sustainable energy. In the construction sector, a lot of commercial and residential buildings are opting for this to reduce their electricity bills.
By coating type, the market report contains segments like water-borne, power, and solvent-borne. The water-borne segment is getting traction to make the process much more sustainable in environmental terms.
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Regional Analysis:
The Asia Pacific region is slated to make significant progress in the Photovoltaic Coating Industry. This is primarily due to the rise in the consumption of several sustainable energy materials across the region to get electricity in distant corners. Countries like India, China, Japan, South Korea, and others are increasing consumption and production. In Europe, the market will find significant takers as several end user industries are showing interest in including the process to reduce the cost. Countries like France, Germany, Italy, and others are making significant progress.
In North America, the US and Canada are expected to make significant changes in the regional market. These countries have a solid infrastructure and maintain a decent influx of investment to back up the procedure.
Competitive Landscape:
The global market for photovoltaic coating is gaining significant ground from the contributions made by companies like PPG Industries (U.S), Sherwin Williams (U.S), Suntech Power Holdings Co. Ltd (China), Axalta Coating Systems (U.S.), AkzoNobel N.V. (The Netherlands), and BASF SE (Germany). These companies are developing various procedures to ensure their own standpoint in the market. The process includes several tactical developments that span across various possibilities like mergers, rising investment in research and development, better acquisition plans, collaborations, innovations in launching of a product, improved marketing strategies, and others. MRFR’s profiling of these companies can help in finding better opportunities that can be used for strategies in the coming years.
Industry News:
In March 2020, Dunmore announced that they had been selected by the U.S. Department of Energy for a $50,000 American-Made Solar Prize from the "Ready, Set, Go" technology competition, backed by the National Renewable Energy Laboratory (NREL). This would give Dunmore’s production a boost in its performance.
In March 2020, Armor, a French company, revealed an idea about covering the retractable cover of cars with solar cells part. The cover will use ASCA photovoltaic modules developed by a coating process on the flexible, thin polymer film. The proposed films are light and can be folded a 1000 times.
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In order to stay updated with the technology and work process of the industry, MRFR often plans to conduct meet with the industry experts and industrial visits for its research analyst members.
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