Target Market for Solar Panel Coatings
The solar panel coatings market is projected to grow from US$ 4.8 billion in 2024 to US$ 23.6 billion by 2031, with a robust CAGR of 28.5%. This growth is fueled by technological innovations in coatings and the global shift toward renewable energy, particularly solar power. Anti-reflective coatings, which enhance energy conversion efficiency, are a major driver of the market. The energy sector, especially solar farms, is the leading end-use industry, accounting for 55% of the market in 2024. Notably, regions like South Asia, especially India, and East Asia, led by China, are expected to experience significant growth due to increased solar panel installations.