Solar Encapsulation Market Growth With Worldwide Industry Analysis To 2030
Global Solar Encapsulation
Market Analysis
Solar
Encapsulation Market is projected to be worth USD 11.37 billion by 2028, registering a
CAGR of 14.5% during the forecast period (2021 - 2028). The market was valued
at USD 1.55 billion in 2021.
The
global solar encapsulation market is witnessing significant traction. Solar
encapsulation is crucial to make solar panels non-conductive. Therefore,
increasing installations of solar panels worldwide and technological advances
improving functionalities of solar modules contribute to the market growth.
Besides, initiatives to encourage renewable and energy-saving resources are
major trends increasing the market prominence of solar encapsulation.
With
the growing PV installations in residential rooftop applications, the market is
projected to witness a significant rise in its revenues during the years to
come. According to Market Research Future (MRFR), the global solar
encapsulation market is projected to garner tremendous traction by 2028,
posting an impressive CAGR during the forecast period (2021-2028).
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Competitive Analysis
Manufacturers
strive to increase production capacities of encapsulation resins with improved
cost efficiency and digitalization. They also explore the possibility of new
product development after mastering the existing ones.
For
instance, recently, on August 10, 2021, Researchers at Institute for Solar
Energy Research Hamelin (ISFH - Germany) announced the development of two
different techniques integrating stone veneers in conventional solar modules to
make them suitable for BIPV projects in stone facades.
All
panels are bifacial heterojunction solar cells encapsulated between two sheets
of polyolefin encapsulation film. These panels are considered an ideal solution
for aesthetically demanding applications in buildings with stone facades.
Improvements in Solar Encapsulation
Techniques & Materials Boost Market size
The
market outlook appears promising mainly due to the continually growing energy
demand worldwide. Rise in solar panel installations in residential as well as
commercial sectors drives the solar encapsulation market growth. Additionally, increasing government initiatives and
awareness for solar encapsulation benefits influence market revenues. Also, the
vast uptake of thin-film solar and cadmium telluride (CDTE) technology fosters
the market's size.
Increasing
installations of rooftop and ground-mounted solar panels in industrial sectors
and utility-scale systems are other significant trends influencing the market
growth. Substantial investments by industry players to drive technology
upgrades and improve materials, alongside declining prices of essential raw
materials and components, push the solar encapsulation market growth.
EVA
has long been the key material for the encapsulation of silicon PV modules. The
vast availability of cheap & easy to process EVA from an established, cost-optimized
supply chain positively impacts market growth. Furthermore, increasing research
activities for specialized application of various vital raw materials in PV
modules creates vast market opportunities.
Prohibitive Costs Restrict Market
Growth
High
costs related to the production and maintenance of solar encapsulation are
significant factors obstructing market growth. Nevertheless, rising electricity
prices and the availability of cost-competitive solar encapsulation techniques
would support the market growth throughout the assessment period. Recent
developments in module technology have created major opportunities for the use
of another class of materials, polyolefins (POEs).
COVID-19 Impacts on the Market
The
onset of COVID-19 could hardly affect the solar encapsulation industry.
Industry players faced major challenges, including disrupted supply chains,
attracting workers from quarantines, and logistic issues in delivering end
products.
At
the same time, the pandemic reassured a robust rise in the renewable energy
market, continually propelling energy demand. The solar encapsulation market
value is projected to pick up further, following lockdown mandates relaxed in
many countries.
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Segmentation
The
market is segmented into technologies, materials, end-uses, and regions. The
technology segment is sub-segmented into thin-film solar technology and
polycrystalline silicon. Among these, the polycrystalline silicon segment
accounts for the largest market share. The material segment is sub-segmented
into ethylene-vinyl acetate, polydimethylsiloxane, ionomers, polyvinyl butyral,
and others.
Among
these, the ethylene-vinyl acetate segment holds a larger market share as it has
good radiation transmission and low degradability to sunlight. The
end-use segment is sub-segmented into automotive, electronics, construction,
and others. The region segment is bifurcated into Asia Pacific, Americas,
Europe, and rest-of-the-world.
Regional Analysis
Europe
dominates the global solar encapsulation market, heading with the rapid
development and R&D investment in solar energy. Moreover, long-term
contracts offered to renewable energy producers that are proportionate to the
cost of generation of each technology boost the solar encapsulation market
size.
Favorable
government policies aimed to promote solar energy influence the region's solar
encapsulation market share. Additionally, considerable investments in solar
energy due to the rising focus on developing renewable energy sources increase
the solar encapsulation market value.
Key players involved in the market are Mitsubishi Plastics Inc., First Solar Gmbh, Evasa, Cambiosolar, Kuraray Europe Gmbh, Dow Corning Corporation, Renewsys, Solutia Inc., Specialized Technology Resources Inc., E.I. Dupont De Nemours & Co., Hangzhou First PV Material Co. Ltd., and Sanvic Inc., among others.
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