Solar Paint Market to Grow with Impressive CAGR During the Forecast Period
Global solar paint market is driven by
surge in demand for renewable energy generation in the forecast period
2023-2027.
According
to TechSci Research report, “Solar Paint Market - Global Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2017-2027” The
global solar paint market has a potential to project an impressive CAGR during
the forecast period, 2023-2027, on account of increasing demand for renewable
energy generating products. Surge in the demand for renewable sources of energy
for eco-friendly production of energy is further driving the growth of the
global solar paint market in the upcoming five years. Moreover, increased
dependency on the renewable energy for the daily energy consumption globally is
anticipated to support the growth of the global solar paint market in the next
five years. Advancing technologies and innovative product development to
enhance the effective and efficient production of renewable energy substantiates
the growth of the global solar paint market in the future five years. Also,
increasing inclination of the population toward electric vehicles is also
expected to aid the growth of the global solar paints market in the forecast
years, until 2027. Increasing awareness regarding depleting environmental
resources are also responsible for the growth of the global solar paints
market. Furthermore, rising concerns toward excessive usage of non-renewable
sources of energy and thus shift toward renewable sources of energy like solar
energy to compensate the excessive demand for electricity is also actively
responsible for the growth of the market. Also, increasing demand for eco-friendly
production is further aiding to the growth of the global solar paints market in
the forecast period.
Although,
the commercialization of solar paints has not yet started, but the product has
major demand and may soon be commercialized all over the world and support the
growth of the global solar paint market in future.
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The
global solar paint market segmentation is based on technology, end user,
application, regional distribution, and competitive landscape. Based on technology
the market is fragmented into solar paint hydrogen, quantum dot (photovoltaic
paint), perovskite solar paint. Solar paint hydrogen is the latest technology
of using solar energy to generate energy from water vapors. This paint contains
a specifically designed synthetic substance called synthetic
molybdenum-sulphide and titanium oxide that uses the absorbed moisture and
breaks it down into hydrogen and oxygen particle. This hydrogen can then be
utilized to produce clean energy. Quantum dots, also known as photovoltaic
paint, are nanoscale semiconductors that trap the light energy from the sun and
converts it into electric energy. Variant sizes of the quantum dots can manage
the amount of light absorption spectrum. Perovskite solar paint is a spray on
solar paint. Perovskite material is derived from a mineral, calcium titanium
oxide. When the material is sprayed on a surface, the surface acts like a solar-energy
harnessing layer thus utilizing it to generate electric energy.
Market
segmentation based on end user bifurcates into solar paint to existing solar
setups, solar painted vehicles, and standalone power-generating solar setup.
Solar paint to existing solar setups is anticipated to hold the largest revenue
shares of the market and dominate the market segment in the upcoming five years
on the account of its easier and effective applications. This process may be
utilized to enhance the performance of existing setups thus expected to be
cost-effective and drive the growth of the global solar paint market in the
next five years.
Some
of the market players dominating the global market are:
·
Tel
Aviv-based SolarPaint Ltd.
·
Transfer
Electric GmbH
·
Solar
Energy Corporation
·
Onyx
Solar
New
market entrants may follow similar strategies along with merger and acquisition
methods for future brand establishment.
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“Asia Pacific region is anticipated to
register a robust growth in the future five years on the grounds of increasing
demand for the renewable source of energy in the major economies of the region.
Increasing concerns among the population regarding air pollution, carbon
emission, and demand for the methods and processes to control such hazards
through advanced technologies is further driving the growth of the global solar
paints market in the region. Also, in countries like China, Japan, South Korea,
rapid advancement in the automotive and thus incorporating eco-friendly methods
of automobile chargeability is supporting the growth of the market in the next
five years. Countries like India have very high usability of renewable energy
and may soon surpass usability of renewable sources of energy in European
region, thereby substantiating the growth of the global solar paint market in
the future five years. New market players may invest in extended research to
support market growth and product launch in future,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Solar Paint Market -
Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented
By Technology (Solar Paint Hydrogen, Quantum Dot (Photovoltaic Paint),
Perovskite Solar Paint), By End User (Solar Paint to Existing Solar Setups,
Solar Painted Vehicles, Standalone Power-Generating Solar Setup), By
Application (Rooftop, Wall, Door, Window), By Region”, has evaluated the future
growth potential of global solar paint and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global solar paint market.
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