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A notable PV coating market trend is the escalating use of tandem solar cells. These cells consist of multiple layers of PV materials, each designed to capture a specific portion of the solar spectrum. Advanced coatings are critical for improving tandem solar cell performance, contributing to the trend of maximizing energy conversion through new design and material applications.
Transparent conductive coatings are critical for PV modules because they allow for effective light transmission while preserving electrical conductivity. Market trends are focusing on increasing the durability, conductivity, and transparency of these coatings. Transparent conductive coatings with improved transparency lead to enhanced light absorption, thus increasing the overall efficiency of solar panels.
The necessity to decrease energy loss due to reflection has boosted the need for anti-reflective coatings in the PV coating industry. Because these coatings decrease surface reflections, more sunlight may reach the solar cells. Solar panels that gather sunlight from both the front and back sides are becoming increasingly popular. Because coatings are crucial in maximizing rear-side light absorption, this trend has an impact on the PV coating industry. The need for coatings that improve the reflectivity of surfaces beneath solar panels is growing, which helps to increase the efficiency of bifacial solar modules.
Solar panel maintenance is a difficulty in order to maintain maximum efficiency. To solve this, there is a rising trend toward adding self-cleaning coatings in PV modules. These coatings repel dust and dirt by utilizing hydrophobic and anti-soiling qualities, minimizing the frequency of cleaning and assuring continuous energy production. To address this need, the industry is seeing a spike in the development of self-cleaning technology.
The introduction of Perovskite solar cells is causing a shift in the PV coating industry. When compared to ordinary silicon-based cells, these cells have the potential for lower production costs and higher efficiency. To encourage the incorporation of perovskite solar cells into mainstream solar energy applications, the market trend includes the development of specialized coatings tailored to the unique properties of perovskite materials.
Aesthetics are becoming more important in solar panel installations, resulting in increased interest in colorful solar coatings. These coatings improve the visual attractiveness of solar panels and offer architectural integration customisation choices. In response to this trend, the industry is creating coatings that preserve performance while providing diverse color options for solar panels."
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Factors such as increasing demand for power, which is fuelled by the growing population, industrialization, urbanization & improving economic conditions along with the awareness towards the renewable energy sources |
Photovoltaic Coating Market Highlights:
Photovoltaic Coating Market Overview
The Photovoltaic Coating Market Size was valued at USD 96.98 Billion in 2023. the Photovoltaic Coating industry is projected to grow from USD 97.01 Billion in 2024 to USD 166.40 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.26% during the forecast period (2024 - 2032). Increasing demand for electricity globally and technological advancement are primary driving factors in the growth of the Photovoltaic coating market. Photovoltaic cells being cost effective and a significantly renewable source of energy have gained much popularity in recent times with many new market players entering the market. Increase in demand for clean energy is directly translating into increasing demand in the Photovoltaic Coating Market.
List of Key Players in the Photovoltaic Coating Market
- Suntech Power Holdings Co. Ltd (China)
- PPG Industries (U.S)
- Sherwin Williams (U.S)
- AkzoNobel N.V. (The Netherlands)
- Axalta Coating Systems (U.S.)
- BASF SE (Germany).
The report for Photovoltaic Coating Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
Segments
Some Photovoltaic Coating market has been segmented on the basis of application as Construction, Automotive, Consumer Electronics, Textile, and Others. On the basis of coating type the market has been segmented as Water Borne, Power and solvent borne.
Intended Audience
- Photovoltaic Coating manufacturers
- Photovoltaic Coating Suppliers
- Research and Development (R&D) Companies
Recent DevelopmentIn August 2023, Nano Coating Tech, a new startup company from Thailand, has launched a new photovoltaic coating that can help to reduce dirt and water deposition on solar panels. The coating, which is made from a combination of nanoparticles and polymers, has been shown to be effective in laboratory tests and is now being commercialised.
Regional Analysis of Photovoltaic Coating Market:
Asia-Pacific is the leading region for photovoltaic coatings market mainly due to several photovoltaic cells projects expected to go underway in this region. Increasing demand for power and awareness regarding renewable energy sources is also expected to drive the market in this region. Europe and North America are other dominant regions due to technological advancements and already exiting major market players in this region.
Study Objectives of Photovoltaic Coating
- To provide detailed analysis of the market structure along with forecast for the next 10 years of the various segments and sub-segments of the global Photovoltaic Coating market
- To provide insights about factors affecting the market growth
- To Analyze the Photovoltaic Coating market based on various factors- price analysis, supply chain analysis, Porters five force analysis.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to six main geographies and their countries- North America, Europe, Asia-Pacific, South America, Middle East, and Africa
- To provide country level analysis of the market with respect to the current market size and future prospective
- To provide country level analysis of the market for segment by Application, by Coating type, and by region as well as its sub segments
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, and new product developments in the global Photovoltaic Coating market
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