Global solar paint market is anticipated to grow with an impressive CAGR value in the forecast years 2023-2027 on account of surging demand for renewable energy and thus its advanced products. Growing awareness about the benefits of using renewable sources of energy and finding methods to maximize the energy output are driving the growth of the global solar paint market in the upcoming five years.
Solar paints are theoretically defined and are still in their experimental stage. Advanced technology incorporates photovoltaic particles in the paint such that when they are applied on the walls, doors, frames, etc. uses solar energy and converts it into electric energy. A few types of solar paints are currently being developed and would help in cost-effective electricity generation. Quantum dots, Perovskite solar paint, and hydrogen-producing solar paint are some of the idealized types of solar paints. Although, researchers are still working on increasing the efficiency of these products to substantiate them in the market against silicon-based solar panels. Researchers are also working toward cost-effective, flexible solution processes such that innovation draws more profit than the investments done.
Demand for Alternative Form of Energy Drives Market Growth
Increasing demand for the alternative form of energy due to rapidly depleting natural sources is driving the growth of the global solar paint market in the upcoming five years. Also, surging demand and renewable energy production are further aiding the growth of the global solar paint market in the next five years. According to IRENA 2021, total renewable energy production in the year 2020 was recorded to be 2,799,094 MW globally. In the USA alone, 292,065 MW of renewable energy production was recorded.
Increased advancement in renewable energy generation is also an important factor driving the growth of the global solar paint market in the future five years. Utilizing silicon-based solar panels for renewable energy generation has been in function for quite a long period of time. The expensive manufacturing of silicon-based photovoltaic cells demands more efficient and cost-effective products and methods of renewable energy sources, thus substantiating the growth of the global solar paint market in the forecast years until 2027.
Market Segmentation
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. Market segmentation based on end user, bifurcates into solar paint to existing solar setups, solar painted vehicles, and standalone power-generating solar setup. On the basis of application, the market is sub-segmented into rooftop, wall, door, and window. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among Asia-Pacific region, North American region, European region, South American region, and the Middle East & African region.
Company Profile
Tel Aviv-based SolarPaint Ltd., Transfer Electric GmbH, Solar Energy Corporation, Onyx Solar are enlisted in a partial list of major market players of the global solar paint market. The existing market players are highly invested in research and product development along with viable service provisions for the consumers. New market entrants may follow similar strategies along with merger and acquisition methods for future brand establishment.
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Attribute
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Details
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Base Year
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2021
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Historical Data
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2017 – 2020
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Estimated Year
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2022
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Forecast Period
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2023 – 2027
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Quantitative Units
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Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027
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Report Coverage
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Revenue forecast, company share, competitive landscape, growth
factors, and trends
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Segments Covered
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Technology
End
User
Application
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Regional Scope
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North America; Europe; Asia Pacific; South America; Middle
East & Africa
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Country Scope
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United States, Mexico, Canada, China, India, Japan, South
Korea, Australia, Singapore, Malaysia, Germany, France, United Kingdom,
Spain, Italy, Poland, Denmark, South Africa, UAE, Saudi Arabia, Iraq, Turkey,
Brazil, Argentina, Colombia, Peru, Chile
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Key Companies Profiled
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Tel Aviv-based SolarPaint Ltd., Transfer Electric GmbH, Solar
Energy Corporation, Onyx Solar,
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Customization Scope
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10% free report customization with purchase. Addition or
alteration to country, regional & segment scope.
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Pricing and Purchase Options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request)
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