Global Solar Encapsulation Market Analysis
Solar Encapsulation Market is projected to be worth USD 11.37 billion, registering a CAGR of 10.28% during the forecast period (2022 - 2030). The market was valued at USD 1.55 billion in 2021.
Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.
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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).
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.
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Key Players:
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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