Overview:
Market Research Future (MRFR) asserts the global photovoltaic coating market share is estimated to reach USD 31.4 Bn by 2027, generating a fabulous CAGR during the forecast period (2016 – 2027). Rising consumer awareness towards the advantageous PV coatings is a key driving force behind the growth of the market.
The global photovoltaic coating market is showing significant growth prospects during the forecast period of 2019 to 2027. 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.
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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.
Global Photovoltaic Coating Market – Regional Analysis
The Asia Pacific region dominates the global photovoltaic coating market. The largest share within the market can be attributed to a large number of ongoing & upcoming photovoltaic cell development projects in the region. Simultaneously, increasing demand for power, driven by the growing population, industrialization, and urbanization, provides an impetus to the regional market growth.
Furthermore, improving economic conditions alongside, the spreading awareness in the region towards the renewable energy sources are driving the growth of the APAC photovoltaic coating market.
The photovoltaic coating market share in regions of Europe and North America are growing significantly at a global level. Factors such as advancements in technologies and the presence of major players, foster the growth of the market in these regions. Also, rising numbers of solar energy plants drive the photovoltaic coating markets in these regions. Besides, well-spread awareness towards the benefits of photovoltaic coatings drives the growth of the market in these regions.
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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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Edibles.
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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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