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Optical Coatings To Help Increase Radiation Absorbing Efficiency Of Solar Panels; Optical Coatings Market To Grow By A CAGR Of 8.3% Between 2020-2027

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Research Nester has released a report titled Optical Coatings Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global optical coatings market in terms of market segmentation by product type, by technology, by end use and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

The global optical coatings market is segmented by product type into filter coatings, reflective coatings, anti-reflective coatings, conductive coatings, electrochromic coatings and others, out of which, anti-reflective coatings held the largest market share of 30% in the year 2018 and is further anticipated to reach around USD 7000.0 million by the end of 2027 by attaining a CAGR of 8.1% over the forecast period 2020-2027. Additionally, the conductive coatings segment in the global optical coatings market is anticipated to have the highest CAGR of 9.2% throughout the forecast period.

The global optical coatings market is also segmented by technology into vacuum deposition technology, e-beam evaporation technology, atomic layer deposition, plasma sputtering, ion beam sputtering and others, out of which, e-beam evaporation technology segment held the largest market share of around 23% in the year 2018 and is anticipated to grow with a CAGR of 8.1% over the forecast period attaining a value of over around USD 5000.0 million by the end of 2027.

The global optical coatings market is anticipated to achieve a CAGR of 8.3% during the forecast period. Rising opportunities for optical coating industry derived from the advent of autonomous and semi-autonomous cars, along with the emerging applications of thin film optical coatings in power generation (photovoltaics) for space applications and increasing defense spending by government of nations around the globe are some of the factors anticipated to promote significantly towards the growth of the global optical coatings market.

Regionally, the global optical coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is anticipated to hold the largest market share owing to the presence of nations, such as U.S. and Canada, where the industry for solar panels is growing at a rapid pace, coupled with the presence of numerous medical equipment manufacturing companies in the region. The market share of optical coatings in North America was around 37% in the year 2018 and is further anticipated to reach a CAGR of 8.1% over the forecast period.

Increasing Application of Optical Coatings in the Solar Industry

In the statistics by the International Energy Agency (IEA), in the year 2018 as compared to its previous years, power generation from solar photovoltaic (PV) cells increased by more than 30%. Moreover, net global solar PV capacity additions in China in the year 2018 constituted to 44.4 GW.

Growing need for alternative renewable sources of energy across nations is contributing significantly towards the growth of the global solar power industry, which includes solar panels, solar equipment and others. Rising utilization of nano-particle optical coatings in solar panels owing to the ability of these compounds to increase the sunlight radiation absorbing capacity of the panels by nearly 20% as compared to the uncoated solar panels, added with the compounds helping to reduce the production cost of solar panel manufacturers are some of the factors that are anticipated to drive the growth of the global optical coatings market in the upcoming years. Additionally, rising demand for optical coatings from other end user industries, such as consumer electronics and healthcare, are also anticipated to contribute towards the growth of the market of optical coatings.

However, concerns regarding the price volatility and scattered availability of the raw materials used in the manufacturing of optical coatings, such as metallic oxides, metals, rare earth metals and fluoride compounds along with the stringent regulations of utilizing these materials across few nations are some of the factors anticipated to limit the growth of the global optical coatings market.

This report also provides the existing competitive scenario of some of the key players of the global optical coatings market, which includes company profiling of SCHOTT AG, ZEISS International, PPG Industries Inc. (NYSE: PPG), Viavi Solutions, Inc. (NASDAQ: VIAV), Alluxa, Inrad Optics (OTCMKTS: INRD), Optics Balzers, Cascade Optical Corporation, Abrisa Technologies and Newport Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global optical coatings market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     


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