While technology and innovation have sounded the death knell for some industries, it has also empowered far more markets and niches around the world. This can be seen clearly in the energy sector, as while the use of fossil fuels may be dwindling, solar power has emerged as a lucrative and thriving growth industry.
Even with this in mind, however, the projected growth of the solar market and its various niches is impressive. Take the example of solar control film, for example, which is primarily a window application that reflects sunlight and regulates the internal temperature of a particular structure. The market for this innovation is expected to be worth in excess of £1 billion by 2024, highlighting rising demand and the popularisation of solar technology.
Will this market Really achieve such Growth in the next 8 years?
Make no mistake, the technology behind solar control films (which can also be used on doors and a host of transparent building surfaces) is extremely advanced. Essentially, they are designed to reflect the type of ultraviolet, infrared and visible light rays that would otherwise seep through a transparent surface, making it possible to regulate a comfortable temperature during the summer. Mostly available in metallized form, designers have also leveraged the rising popularity of this innovation to create products in a myriad of alternative colours and styles.
While the technological advancement that underpins these products and their energy-efficient nature cannot be denied, however, the precise value of this market has been the subject of some debate. According to the most recent report published on the Investor Hangout website, the solar control film niche is projected to have a market value of £1.71 billion by the year 2024, with estimated growth of 11% CAGR over the course of the next eight years. Although this may represent a peak for the market, it these figures are extremely impressive especially when consider the relative cost of installing solar power domestically.
Heralding a true Growth Market
While this growth can largely be attributed to the technology behind these products, we are also witnessing the perfect example of timing in the marketplace. After all, the levels of awareness concerning energy-efficiency and sustainability are higher than ever before, while the falling cost of installing solar energy have made this an increasingly realistic option for home-owners. Altogether, these two entities have combined to drive market growth and a rising demand for solar energy across the UK.