The global solar component cleaning chemicals market is expected to reach a valuation of US$ 600 Mn by 2022. With sales increasing at a 11% – 13% CAGR, the solar component cleaning chemicals market is poised to reach nearly US$ 2 Bn by the end of 2032.
Soiling of solar panels due to the deposition of dirt, dust, and soot particles during humid and rainy climates hampers the overall solar yield. Thus, cleaning of solar components is necessary in power generation companies, which, in turn, will drive the market.
Increasing investments and the introduction of go green initiatives by governments in various countries are anticipated to augment the use of renewable energy systems such as solar photovoltaic (PVs) cells. This is expected to boost sales of solar component cleaning chemicals.
Besides this, rising establishment of smart city projects is encouraging the development of sustainable energy infrastructure and solutions. Growing demand for renewable energy in these projects will create remunerative opportunities for the solar component cleaning chemicals market.
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Which Factors are Propelling Sales in the Solar Component Cleaning Chemicals Market?
Stringent government regulations regarding conservation of water bodies will decrease the use of water-based cleaning techniques. This will spur demand for eco-friendly chemicals, thereby fueling the growth in the market.
With growing need for power generation and depletion of fossil-fuel reserves, the dependency on green energy solutions is increasing. Therefore, increasing preference for renewable energy will boost the adoption of solar panels, which will continue pushing sales of solar component cleaning chemicals.
Additionally, applications of solar PVs are increasing in residential and commercial sectors to reduce any environmental impact. This pushes the need for effective and quick cleaning techniques, resulting in high demand for solar component cleaning chemicals.
Besides this, ongoing research and development activities is boosting the integration of cloud-based platform in the autonomous cleaning services. For instance, Airtouch Solar has developed autonomous, water-free robotic PV panel cleaning solutions to optimize the solar panel performance in utility-scale installations.
In April 2021, the company signed a contract to supply its new technology to three Renew Power’s new plants in Rajasthan. This contract commissioned at the start of 2022. Hence, ongoing advancements in the field of cleaning services is likely to stir up the sales of solar component cleaning chemicals.
Which Challenges are Encountered in the Global Solar Component Cleaning Chemicals Market?
Lack of awareness about the availability and efficiency of solar component cleaning chemicals will limit their application in the forthcoming years.
Additionally, high installation and maintenance costs of solar PVs is projected to reduce its application, which, in turn, will restrain the growth in solar component cleaning chemicals market.
Furthermore, government regulations restraining the use of solar component cleaning chemicals containing water and volatile organic compounds (VOCs) might hamper the growth in the market.
How will Sales of Solar Component Cleaning Chemicals Fare in Asia Pacific?
Growing demand for power generation facilities in developing economies such as China, India, and Japan is propelling the installation of solar PVs. This is anticipated to increase the application of solar component cleaning chemicals in Asia Pacific.
According to the Ministry of New and Renewable Energy (MNRE), until November 2022 India will reach an installation capacity of around 104GW. Solar energy is estimated to account for 45% of the total renewable energy share. Such initiatives are expected to fuel the demand for solar component cleaning chemicals.
Will North America Emerge as an Opportunistic Market for Solar Component Cleaning Chemicals?
As per the study, North America is projected to hold a lion’s share in the market owing to ongoing research and development activities in the field of renewable energy solution in the U.S.
Growing concerns related to carbon emission is increasing the installation of PVs units across various sectors, which will continue spurring demand for solar component cleaning chemicals in the region.
According to the U.S. Department of Energy, if concentrating solar-thermal power (CSP) cost reduction targets are met, there are probabilities that the U.S. could receive up to 158 GW of power by 2050. Rising installation of solar PVs in the residential sector is expected to place North America as an attractive market.
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Market Competition
Key players profiled in the global solar component cleaning chemicals market include Alconox, Inc., Hubbard-Hall, Inc., Saint-Gobain, SAR Incorporation, American Polywater Corporation, Chemtex Specialty Limited, International Products Corp., and Evolve Energy Group, among others.
Leading manufacturers are improving their product lines by introducing nonhazardous products to reduce the impact on the environment, as well as to expand their consumer base.
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