Overview and Scope
Solar encapsulation refers to a process that is used to protect solar panels and equipment against degradation. Encapsulation is an important part of the solar cell manufacturing process to protect solar panels and equipment against degradation due to various external and environmental factors. The solar encapsulation aids to increase the life of solar cells, reduce stability issues, and provide protection against ultraviolet (UV) radiation and corrosion, temperature changes, and low mechanical stress.
Sizing and Forecast
The solar encapsulation market size has grown exponentially in recent years. It will grow from $3.34 billion in 2023 to $4.18 billion in 2024 at a compound annual growth rate (CAGR) of 25.3%. The growth in the historic period can be attributed to increased government incentives and subsidies for solar energy adoption, increased awareness and concern for environmental sustainability, growing demand for clean and renewable energy sources, reduction in the cost of solar energy production, growing popularity of solar pv modules.
The solar encapsulation market size is expected to see exponential growth in the next few years. It will grow to $9.3 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. The growth in the forecast period can be attributed to expanding solar energy sector in emerging economies, rising demand for photovoltaic solar systems, implementation of transparent conductive materials, integration of energy storage solutions with solar encapsulation systems. Major trends in the forecast period include innovations in encapsulation materials, research and development in advanced encapsulation materials, development of lightweight and flexible solar encapsulation materials, emergence of smart encapsulation technologies for real-time monitoring and maintenance, customization of encapsulation materials for specific climate conditions.
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Segmentation & Regional Insights
The solar encapsulation market covered in this report is segmented –
1) By Material: Non-Ethylene Vinyl Acetate, UV Curable Resin, Other Materials
2) By Solar Module: Polycrystalline Silicon Cells, Cadmium Telluride, Amorphous Silicon Cells, Other Solar Modules
3) By Application: Automotive, Electronics, Other Applications
Asia-Pacific was the largest region in the solar encapsulation market in 2023. The regions covered in the solar encapsulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising demand for rooftop photovoltaics (PV) installations in developing economies is driving the growth of the solar encapsulation market. A PV system is an electric power system designed to supply usable solar power through photovoltaics (PV) and consists of an arrangement of components, including solar panels, to absorb and convert sunlight into electricity. Due to growing environmental concerns and depleting conventional energy sources, there has been a substantial shift toward renewable energy sources such as solar energy and the installation of PV systems, including rooftop PV installations. The demand for solar encapsulation increases in response to the rising rooftop PV installations in developing economies, as solar encapsulation is a mandatory process to ensure that PVs are reliable and to enable a longer life. For instance, according to a 2021 report by Indian leading research and consulting firm Mercom India Research, India, a developing economy installed 1.7 GW of rooftop solar in 2021, showing an increase of 210% year on year, whereas the residential segment accounted for 35% and the commercial segment accounted for 33% of all installed rooftop solar capacity. Furthermore, the Environment and Trade Ministries of Japan aim to have 108 gigawatts of solar capacity online by 2030, which is 1.7 times higher than the nation’s previous target. It indicates that every building, parking lot, and farm in Japan will be fitted with rooftop panels. Thus, the rising demand for solar PV installations will raise the demand for solar encapsulations and hence drive the solar encapsulation market.
Key Industry Players
Major companies operating in the solar encapsulation market report are Minnesota Mining and Manufacturing Company, Akcome Science and Technology Co. Ltd., STR Holding Inc., Bridgestone Corporation, Dow Inc., Du Pont De Nemours and Company, Trosifol India Pvt. Ltd., First Solar Inc., Ai Technology Inc., Celanese Corporation, Eastman Chemical Company, Momentive Performance Materials Inc., Hangzhou First PV Material Co. Ltd., Changzhou Sveck Technology Co. Ltd., Coveme SpA, Encapsulantes de Valor Agregado S. A. de C. V., Eva SA, Folienwerk Wolfen GmbH, Guangzhou Baiyun Chemical Industry Co. Ltd., Henkel AG & Co. KGaA, Hiuv New Materials Co. Ltd., Isovoltaic AG, Jolywood Sunwatt Co. Ltd., Kansai Paint Co. Ltd., Krempel GmbH, Kuraray Co. Ltd., Madico Inc., Mitsui Chemicals Inc., Nippon Sheet Glass Co. Ltd., Renolit SE, Saint-Gobain SA, Sekisui Chemical Co. Ltd., Solutia Inc., Taiflex Scientific Co. Ltd., Toppan Printing Co. Ltd., Toray Industries Inc., UBE Industries Ltd., Wacker Chemie AG, Zhejiang Reisun Solar Energy Co. Ltd., PVB Interlayer Products Inc.
The solar encapsulation market report table of contents includes:
1. Executive Summary
2.Solar Encapsulation Market Characteristics
3.Solar Encapsulation Market Trends And Strategies
4. Solar Encapsulation Impact Of COVID-19
5. Solar Encapsulation Market Size And Growth
6.Solar Encapsulation Segmentation
7.Solar Encapsulation Regional And Country Analysis
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27. Solar Encapsulation Competitive Landscape And Company Profiles
28. Solar Encapsulation Key Mergers And Acquisitions
29. Solar Encapsulation Future Outlook and Potential Analysis
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