IMARC Group, a leading market research company, has recently releases report titled “Solar Encapsulation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global solar encapsulation market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Solar Encapsulation Market?
The global solar encapsulation market size reached US$ 2,371 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 5,514 Million by 2028, exhibiting a growth rate (CAGR) of 13.9% during 2023-2028.
What is Solar Encapsulation?
Solar encapsulation is a specialized process that involves encapsulating photovoltaic (PV) cells using a polymeric material, such as Ethylene-Vinyl Acetate (EVA) film. It provides protection to solar equipment and panels against degradation owing to various environmental factors and aids in improving the durability, efficiency, and cost-effectiveness of PV modules. Solar encapsulation also enhances the life of solar cells, mitigates stability issues, and prevents damage from corrosion, ultraviolet (UV) radiation, low mechanical stress, and temperature changes. Consequently, it finds extensive application across the construction, electronic, and automotive sectors.
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What are the growth prospects and trends in the Solar Encapsulation Industry?
The increasing adoption of solar panels and the expanding demand for electricity across countries are primarily driving the solar encapsulation market. Additionally, the growing shift towards renewable sources of energy, on account of the depleting fossil fuel levels and environmental concerns, is further augmenting the market growth.
Along with this, the rising private and public investments aimed at modernizing the existing energy infrastructure are further catalyzing the global market. Apart from this, the development of cost-effective encapsulant materials, including amorphous silicon cells and cadmium telluride, and the inflating requirement for non-EVA-based encapsulations, such as Thermoplastic Polyurethane (TPU) and Polyvinyl Butyral (PVB), are acting as significant growth inducing factors.
Moreover, the escalating need to reduce the carbon footprint of the energy sector and the elevating adoption of solar panels for power generation are anticipated to stimulate the solar encapsulation market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Material:
- Ethylene Vinyl Acetate
- Non-Ethylene Vinyl Acetate
- UV Curable Resins
Breakup by Technology:
- Single-crystal/Polycrystalline Silicon Solar Technology
- Thin-film Solar Technology
- Cadmium Telluride (CdTe)
- Copper Indium Gallium Selenide (CIGS)
- Amorphous Silicon (a-Si)
Breakup by Application:
- Construction
- Electronics
- Automotive
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
3M Company, Bridgestone Corporation, dnpSolar, Dow Inc., Dupont De Nemours Inc., Eastman Chemical Company, First Solar Inc., Kuraray Co. Ltd., Mitsubishi Chemical Holdings Corporation, Mitsui Chemicals Inc., RenewSys India Pvt. Ltd. and STR Holdings Inc.
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