Analysis of Potential Impact of COVID-19 on Solar Panel Coatings Market

 Solar Panel Coatings Market - Snapshot

Solar panels are devices that convert light into electricity. A solar panel is a collection of solar cells spread over a large area, which function together to produce power. Solar panel coatings are defined as coatings applied on solar panels to protect them from dust, dirt, and external harsh environment. Solar panel coatings are deposited on solar panels at the time of manufacture of these panels. Solar panel coatings increase the efficiency and protection level of solar panels, resulting in higher energy generation through solar panels.

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The global solar panel coatings market is expected to expand at a rapid pace during the forecast period, due to higher demand for solar panels led by increasing government support and rising incentives for adoption of renewable energy for power generation. Growth of the solar panel coatings market is directly proportional to that of the solar panels industry. The solar panels industry is driven by increasing concerns about environmental pollution and tax rebates offered for installation of solar panels. Growth of the solar panels industry, in turn, drives the solar panel coatings market. Significant rise in government funding for research and development projects is augmenting the potential usage of solar panel coatings. This, in turn, is driving the solar panel coatings market.

Solar panel coatings have several potential applications in various end-use industries such as residential, commercial, energy, agriculture, automotive, and others (solar cells, electronic devices, etc.)

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Anti-reflective solar panel coatings offer excellent light transitivity and high absorption capacity and reduce reflection. This results in lack of energy loss, which improves the overall efficiency of solar panels. Solar panels are used in a wide array of end-use industries ranging from residential and commercial construction to agriculture and automotive sectors. This, in turn, drives the solar panel coatings market. However, manufacturers of solar panel coatings face challenges such as high initial investment and low returns on investment (RoI) on installation of solar panels. This, in turn, acts as a restraint for the global solar panel coatings market.

The anti-reflective segment is estimated to expand at a rapid pace during the forecast period, as these coatings enhance the absorption capacity; improve light transitivity; and reduce the reflection, thereby improving the overall efficiency of solar panels. This, in turn, drives the demand for anti-reflective solar panel coatings. Anti-reflective solar panel coatings are widely applied in end-use industries such as residential, commercial, energy, agriculture, automotive, and others (solar cells, electronic devices, etc.). The hydrophobic segment is projected to witness considerable demand in the next few years, for use in solar panel installations at areas of high elevations. Excellent ability of hydrophobic coatings does not allow the water to stay on the surface of solar panels. These properties are projected to fuel the hydrophobic segment during the forecast period.

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The global solar panel coatings market has been witnessing various developments and technological advancements. For instance, in 2017, Koninklijke DSM N.V. launched its new anti-soiling (AS) coating for photovoltaic (PV) solar glass. The new coating provides a unique combination of anti-soiling and anti-reflective properties and it is aimed specifically to be used in PV modules which are to be installed in dry, desert-like areas. This factor is anticipated to drive the global solar panel coatings market during the forecast period. Furthermore, in 2016, the company acquired Suzhou SunShine New Materials Technology Company Limited, which is a manufacturer of a novel, high-performance, solar photovoltaic (PV) back-sheet developed with the help of the co-extrusion technology. Through this acquisition, the company expanded its product portfolio of PV solar cells to include polymer sheets that protect PV solar cells. This factor is also anticipated to drive the global solar panel coatings market during the forecast period.

In terms of revenue, Asia Pacific accounted for a significant share of the global market in 2017. The market in Asia Pacific is expected to expand at the maximum CAGR during the forecast period, followed by North America and Europe. In terms of market capitalization, Asia Pacific and Europe lead the global market. The trend is expected to continue during the forecast period. However, the market in Asia Pacific is projected to expand considerably from 2018 to 2026, owing to rising investments in solar panel installations and increasing government support and incentives such as feed-in-tariffs for generating renewable energy by using solar panels in the region. Also, the demand for rooftop solar panels for generating power for residential and commercial purposes is increasing in the region. This, in turn, is projected to drive the solar panel coatings market in Asia Pacific during the forecast period.

Key players profiled in the global solar panel coatings market 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). Major players are adopting strategies such as increase in production capacities, geographical expansion, and upgrades in existing solutions and offerings.

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