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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