Global Optical Coatings Market - Segmented by Product, Technology, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global optical coatings market is projected to witness a moderately high CAGR during the forecast period, 2018-2023. The major factors driving the growth of the market are the increasing solar power generation activities and the technological advances taking place in the optical coatings fabrication process.
Booming Solar Power Industry
Optical coatings are finding increasing applications in the solar power industry owing to the growing adoption of renewable energy sources and the falling prices of solar photo voltaic (PV) installations. The solar PV capacity has been increasing over years, and the global installed PV capacity is expected to exceed 400 Gigawatt (GW) and 700 Gigawatt in 2017 and 2021 respectively. Asia-Pacific is the largest region in terms of the total installed PV capacity, with China owning about one-fourth of the global solar power generation capacity. Optical coatings aid in increasing the efficiency of the energy produced from solar collectors due to their anti-reflective properties, which would further cut down the costs involved in the production of solar energy. The growing investments in the solar power sector in emerging economies, such as China and India, and the decreasing solar power costs are expected to support the solar power generation activities, in turn, creating a demand for optical coatings during the forecast period.
Anti-reflective Coatings are the Dominant Type
Anti-reflective (AR) coatings are one of the most widely consumed coatings on lenses, where less reflection is required. These coatings increase the efficiency of transmission by decreasing the Fresnel reflections off the lens or on applied surface. AR coatings are generally more resistant to physical and environmental damage, as compared to others. In addition, they serve a wide range of applications, ranging from general use spectacles to astronomy applications. These coatings increase the efficiency of transmission by decreasing the Fresnel reflections off the lens or on applied surface. These coatings are employed in different end-user industries, such as construction, defense, and telecommunication. Asia-Pacific is growing consistently in the fields of telecommunication, solar, and defense, therefore, providing opportunities to the anti-reflective coatings. On the other hand, Europe possesses one of the largest markets for anti-reflective coatings, due to the well-established defense and solar energy markets. There is a rapid growth in the Asia-Pacific construction industry while Europe is also witnessing signs of recovery in construction activities. These factors are expected to drive the market for anti-reflective coatings in the near future.
Germany to witness Healthy Growth in Demand
Germany is a leader in the automotive industry and excellence in engineering, worldwide. It is, by a large margin, Europe’s leading production and sales market. There has been a continuous increase in the sales and production of new motor vehicles in Germany since the past three years. This, along with the growing investments into automotive R&D in the country, is expected to positively influence the German optical coatings market. Similarly, the German aerospace industry is also on a rise with growing aircraft manufacturing activities in the country. Manufacturers, such as Boeing and Airbus, are focusing on increasing their manufacturing bases in Germany and exporting components to other parts of Europe. In the recent years, renewable power has increased at a rapid rate in Germany. This increase is further posing a greater stress on the country’s electrical grid. Siemens AG is preparing for a surge in German utility-scale-storage demand to balance the renewable power onslaught straining the country’s grid. The rapid expansion of intermittent wind and solar energy on the electricity network is accelerating investments toward optical coatings, to manage the new patterns of power generation and consumption.
Key Developments in the Market
January 2018: A partnership agreement has been signed between Artemis Optical and Metamaterial Technologies Inc. (MTI) to develop hybrid coatings for defense industry.
Major Players: 3M, Edmund Optics Inc., PPG Industries, Nippon Sheet Glass & Co. Ltd., Carl Zeiss AG, DowDupont amongst others.
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