The global solar encapsulation market has the potential to grow by USD 854.9 million during 2019-2023. The growth momentum will accelerate throughout the forecast period, and the market will grow at a CAGR of around 10%.
The declining cost of solar power generation and the rising adoption of polyolefin encapsulants are some of the major factors driving the market growth. China, India, and the US currently the major markets for solar encapsulation.
Solar Encapsulation Market Report - Key Insights
Scope of the Report
The report provides a detailed analysis of the market by application and geography. Also, the report analyzes the market’s competitive landscape and offers information on several market vendors.
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Market Segmentation
Solar Encapsulation Market by Application
- Crystalline silicon PV module
- Thin film PV module
Solar Encapsulation Market by Region
- APAC
- EMEA
- The Americas
Market Competitive Analysis
The solar encapsulation market is fragmented, and the degree of fragmentation will remain the same during the forecast period. With the growing demand for renewable energy, vendors in the market are making significant investments to expand their production capacities. 3M Co., Arkema Group, and E. I. du Pont de Nemours and Co. are some of the major market participants. However, the availability of alternative energy sources will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The report provides information on the production, sustainability, and prospects of several companies, including:
- 3M Co.
- Arkema Group
- E. I. du Pont de Nemours and Co.
- HANGZHOU FIRST APPLIED MATERIAL Co. Ltd.
- STR Holdings Inc.
Solar Encapsulation Market: Key Drivers and Trends
The growing popularity of solar energy has increased the installation of solar power plants across the world. The improvements in energy storage systems have narrowed the gap between solar power generation and supply during non-productive hours. The introduction of various initiatives and subsidies by governments and competitive bidding processes have increased the number of solar PV installations across the world. These factors have also significantly reduced solar generation costs. This coupled with the growing demand for clean and sustainable energy, the demand for solar PV panels is expected to increase during the forecast period. This will subsequently drive the global solar encapsulation market growth.
- Solar encapsulation market trends such as the increasing adoption of polyolefin encapsulants will also influence market growth.
- PO encapsulants are emerging as top substitutes for EVA encapsulants in the market.
- The use of polyolefin (PO) encapsulants have increased because of the various advantages such as improved thermo-mechanical properties, chemical inertness to prevent corrosion caused by gas and acid, and better volume resistivity to mitigate leakages from insulating materials.
- PO encapsulants also help in reducing the damage caused by UV rays.
- As a result of these factors, the market will register a CAGR of about 10% during 2019-2023.
Solar Encapsulation Market: Segmentation by Region
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The rising concerns over GHG emissions have compelled countries such as China and India to increase their focus toward the adoption of renewable energy sources such as wind and solar. India has already set a target of installing 100GW of solar power by 2022. The installed polar PV capacity in the country is expected to grow three-fold over the forecast period.
During the forecast period, more than 67% of the overall market growth will originate from APAC. However, market growth in the region will be slower than the growth of the market in the other geographies.
Solar Encapsulation Market: Segmentation by Application
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Crystalline silicon PV modules have high module efficiency, high voltage rating, and low space consumption. These factors have increased their use in residential, commercial, and industrial applications.
As a result, the global solar encapsulation market size will steadily increase in the crystalline silicon PV module segment during the forecast period. However, market growth in this segment will be slower than the growth of the market in the thin-film PV module segment.
Solar Encapsulation Market: Key Highlights of the Report
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the market during the next five years
- Precise estimation of the global solar encapsulation market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the solar encapsulation industry across the Americas, APAC, and EMEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of solar encapsulation market companies
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