Solar Panel Coatings Market to Garner $15.7 Billion, Globally, By 2030 at 22.4% CAGR, Says Allied Market Research

Solar Panel Coatings Market to Garner $15.7 Billion, Globally, By 2030 at 22.4% CAGR, Says Allied Market Research

PR Newswire

PORTLAND, Ore., Dec. 20, 2021

Surge in applications & widespread usage of solar energy and government support policies to promote solar energy drive the growth of the global solar panel coatings market.

PORTLAND, Ore., Dec. 20, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Solar Panel Coatings Market by Type (Anti-reflective, Hydrophobic, Self-cleaning, Anti-soiling, Anti-abrasion, and Others) and Application (Residential, Commercial, Energy, Agriculture, Automobiles, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global solar panel coatings industry generated $2.1 billion in 2020, and is anticipated to generate $15.7 billion by 2030, witnessing a CAGR of 22.4% from 2021 to 2030.

Allied Market Research

Prime determinants of growth

Surge in applications & widespread usage of solar energy and government support policies to promote solar energy drive the growth of the global solar panel coatings market. However, high cost of solar panel coatings hinders the market growth. On the other hand, increase in investment towards solar energy research and development presents new opportunities in the coming years.

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Covid-19 Scenario

The hydrophobic segment to maintain its leadership status throughout the forecast period

Based on type, the hydrophobic segment held the highest market share in 2020, accounting for one-third of the global solar panel coatings market, and is estimated to maintain its leadership status throughout the forecast period. However, anti-soiling segment is projected to manifest the highest CAGR of 22.4% from 2021 to 2030.

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The energy segment to maintain its lead position during the forecast period

Based on end use, the energy segment accounted for the largest share in 2020, contributing to more than one-third of the global solar panel coatings market, and is projected to maintain its lead position during the forecast period. The ever-growing investment of the government towards solar power plants to curb the demand for power has increased the demand for the solar panel coatings market. Moreover, the commercial segment is expected to portray the largest CAGR of 23.2% from 2021 to 2030.

Asia-Pacific, followed by North America to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global solar panel coatings market. This is because this region is home to a significant number of megacities and with an ever-increasing population. However, the same region is expected to witness the fastest CAGR of 23.3% from 2021 to 2030.

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