Photovoltaic Coating Market, Reaches New Heights Set To High Growth in 2022-2030
Overview:
Photovoltaic
Coating Market 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 Market 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 market 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 market. 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 resin 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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