Solar Encapsulation Market Growth & Trends
Photovoltaic (PV) technology has evolved as the dominant renewable power resource in the global green energy sector. The poor performance and stability of PV modules in the outdoor climate is the key impediment to commercialization of this technology, which is expected to provide around 20% of global energy supply by 2050. Encapsulation of solar cells (and panels) is proving to be crucial for the devices' long-term functioning. In theory, most active materials in solar cells are susceptible to environmental factors such as ambient oxygen and moisture, UV radiation, heat, and even mechanical threats, and the active layers must be shielded from these factors with appropriate encapsulation. Encapsulation improves PV cell working stability by minimizing weather-related degradation (moisture, UV radiation, oxygen, and temperature) and boosting mechanical toughness against external impacts.
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The need to increase energy generation to fulfil current and future energy demands has prompted the research of a variety of renewable energy alternatives. Solar energy adoption has been enhanced by increased discovery of renewable energy resources. Along with this, the demand for PV installations in residential and commercial buildings has grown significantly, indicating that the solar encapsulation materials market could see significant expansion. The market for solar encapsulation materials will benefit from increased R&D initiatives aimed at improving the efficacy and durability of solar cells. Due to rapid urbanization solar panels and cells are widely being used across various fields. Solar encapsulation has gained importance to improve their longevity and prevent premature failure of these modules leading to the growth of global solar encapsulation market.
The global solar encapsulation market was worth US$ 2.7 Bn in 2021, according to a new report published by Absolute Markets Insights. The market is expected to expand at a CAGR of 8.7% from 2022 to 2030.
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Global Solar Encapsulation Market Report Highlights
- In terms of material, ethylene vinyl acetate has been the popular material used for solar encapsulation. Due to their widespread use in solar cells, ethylene vinyl acetate (EVA) encapsulating materials have grabbed a lot of attention. EVA polymers are used to enclose over 80% of photovoltaic (PV) modules. The ethylene vinyl acetate sheets serve a crucial function in keeping humidity and dirt from accessing the solar panels after the EVA sheets have been laminated. The solar cells 'float' between the glass and backsheet due to the EVA, which helps to absorb shocks and vibrations, safeguarding the solar cells and their circuits. EVA has a number of benefits, including high light transmittance and flexibility, low processing temperatures, outstanding melt fluidity, and adhesive properties. Thus, with these contributing factors the global solar encapsulation market is expected to upsurge in the upcoming years.
- In terms of application, construction industry is anticipated to be the fastest growing segment. In the construction of commercial building installing solar rooftops has been proven to be quite beneficial. Many businesses and organizations have shifted to solar energy as a result of the progress of solar energy. Due to the rise in construction of residential and commercial buildings there has been a rise in demand for solar panels and increased adoption of solar photovoltaic. Moreover, there has been a rise in the investment of solar encapsulation to enhance the working of solar panels for better output. Furthermore, as the encapsulation of the solar cells not only increases the solar cell's attack strength, but it also extends its life. Customer satisfaction is determined by the product's quality and longevity; hence the encapsulation quality of solar modules is critical and is widely being adopted in the construction industry.
- Based on region, Asia pacific region is estimated to be the fastest growing segment due to increased government initiatives and expanding demand for alternative energy alternatives, emerging economies such as India and China have boosted their production of solar technology gadgets. Asia Pacific is expected to be a potential region for solar encapsulation market due to the growing construction industry and the increasing adoption of solar photovoltaics. Moreover, the leading players in the market are expanding their presence in Asia Pacific region to cater the rising demand and launch new technologies for solar encapsulation.
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Global Solar Encapsulation Market Segmentation
Absolute Markets Insights has segmented the global solar encapsulation market on the basis of material, technology, application and region:
Global Solar Encapsulation Material Outlook (Revenue, USD Million, 2015 - 2030)
- Ethylene vinyl acetate (EVA)
- Polyvinyl Butyral (PVB)
- Thermoplastic polyurethane (TPU).
- Polyolefin Elastomers
Global Solar Encapsulation Technology Outlook (Revenue, USD Million, 2015 - 2030)
- Cadmium Telluride
- Polycrystalline Silicon
- Copper Indium Gallium Selenide
- Amorphous Silicon (a-Si)
Global Solar Encapsulation Application Outlook (Revenue, USD Million, 2015 - 2030)
Global Solar Encapsulation Regional Outlook (Revenue, USD Million, 2015 - 2030)
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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List of Key Players of Global Solar Encapsulation Market:
- Blue Solaria Co., Ltd.
- Dupont De Nemours Inc
- Fraunhofer ISE
- HANWHA EUROPE GmbH
- PowerFilm Solar, Inc.
- RenewSys India Pvt. Ltd.
- STR Holdings Inc
- Targray Technology International Inc.
- Vishakha Renewables Pvt. Ltd.
- Other Market Participants
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