Solar Encapsulation Market

Solar Encapsulation Market Size (2023-2028):

The Global Solar Encapsulation Market was worth US$ 3 billion in 2022 and is anticipated to reach a valuation of US$ 4.9 billion by 2028 and is predicted to register a CAGR of 8.85% during 2023-2028.

Multiple layers of barrier films and adhesives are used on the rear sheets of solar modules. The rear sheet construction protects the solar cells from various environmental circumstances such as moisture, UV exposure, and other performance concerns, while also increasing solar module efficiency and lowering partial module costs. The solar cell is protected by the encapsulation film, which ensures its stability and performance. Its job is to keep moisture out while providing optical and electrical transmissivity. Encapsulants offer the possibility of increased efficiencies in the module production process. Encapsulation is an important part of the solar cell manufacturing process. Even the greatest solar cells cannot make good solar modules without a good encapsulation technique.

Solar installations were badly damaged by the COVID-19 outbreak's lockdown, which resulted in a significant drop in solar encapsulation.

Market Growth:

Urbanization has increased demand for solar panels, which in turn has increased demand for encapsulation, which could be the market's key driving force.

Market Drivers:

Solar PV modules are in high demand due to rising awareness of renewable energy resources and greater use of solar as a viable source of electricity. Many government bodies in wealthy countries have set goals to guarantee that solar technology is widely adopted. Government initiatives like these, as well as rising demand for solar PV modules, will spur investment in the solar encapsulation market. Other driving reasons include rising energy demands and massive technological advancements in the solar PV module industry, which have resulted in falling prices. Despite the fact that the industry is still in its early stages of development, rising acceptability and a lack of product substitutes will assure consistent market expansion in the future. Existing PV module manufacturers' continuous R&D initiatives will lower encapsulation prices in the future, as well as produce innovative encapsulants for future PV technologies. Further investment in the solar encapsulation business will be attracted in the future as organic solar technology develops.

Market Restraints:

Due to increased worries about environmental pollution, the implementation of many restrictions by government and environmental protection groups governing the usage of volatile organic compounds (VOCs) is impeding the global market for solar encapsulation materials. Furthermore, the high cost of solar cell production and installation, as well as the high cost of solar panel installation and maintenance, are causing a decline in solar panel sales, limiting demand for solar encapsulation materials.

Market Recent Developments:

• JA Solar has announced the debut of the DeepBlue 4.0 X n-type PV module, marking the company's first foray into the n-type PV industry. DeepBlue 4.0 X comes with the patented GFI (Gapless flexible interconnection) high-density module encapsulation technology, which uses a round ribbon with buffer treatment and optimized encapsulation material to deal with, lowering the likelihood of micro-cracking by reducing mechanical stress at cell interconnections

• A new solar module series from Seraphim Energy Group, a Chinese PV module manufacturer, has been introduced with power outputs of up to 670W and module efficiencies of up to 21.57 percent. In comparison to traditional 2 mm cell spacing, the new product uses 0.8 mm high-density encapsulation technology to considerably increase module power density and ensure product quality.

SOLAR ENCAPSULATION MARKET REPORT COVERAGE:

Market Segmentation: 

Solar Encapsulation Market - By Material:

• Ethylene Vinyl Acetate

• Non-ethylene Vinyl Acetate

• UV Curable Resin

• Others

The ethylene vinyl acetate category dominated the global market in 2020 and is forecasted to continue to grow at the fastest rate during the projection period. This is due to its low sunshine degradability and strong radiation transmission.

Solar Encapsulation Market - By Technology:

• Polycrystalline Silicon Solar

• Cadmium Telluride

• Copper Indium Gallium Selenide

• Amorphous Silicon

The polycrystalline silicon solar segment dominated the global market in 2020, and it is expected to remain the fastest-growing category during the forecast period, depending on technology. These solar cells are often used and have an efficiency ranging from 15 to 25 percent.

Solar Encapsulation Market - By Application:

• Construction

• Electronics

• Automotive

• Others

Construction dominated the global market in 2020, according to application, and is expected to remain the fastest-growing category during the forecast period. This is related to urbanization and the expansion of cities as well as the road network.

Market Regional Analysis: 

The Global Solar Encapsulation Market Report includes the segmentation of regions:

• North America - U.S, Canada
• Europe - Norway, Germany, Sweden
• Asia Pacific - China, India, Japan
• Latin America - Brazil, Mexico, Argentina
• Middle East and Africa - Middle East, Africa

During the forecast period 2022-2032, North America is expected to hold a substantial proportion of the global solar encapsulation materials market. With the growing trend of electrification in the automotive industry and rising fuel prices, customer interest in electric vehicles is rapidly expanding. Key automobile manufacturers are pushing the introduction of self-recharging electric vehicles in response to this trend. For example, Aptera, an American high-efficiency car startup, announced the debut of the world's first Solar Electric Vehicle in 2021, which will require no charge for normal daily use. The introduction of such automobiles and increased integration of solar cells in automotive vehicles is anticipated to accelerate the expansion in the North American market.

Between 2022 and 2027, the Asia Pacific excluding Japan is expected to be the most lucrative market for solar encapsulation materials. Because of the growing acceptance of electrical-powered devices and the deepening of industrialization, there is a tremendous increase in demand for energy. As a result, governments in a number of nations are pursuing a variety of steps to boost renewable energy generation. According to the India Brand Equity Foundation, the government of India announced giving about US$ 616.76 Mn under the Production Linked Incentive (PLI) plan for the construction of solar energy production facilities. In the Asia Pacific excluding the Japan market, a flurry of such initiatives is expected to boost demand for solar encapsulation materials.

Market Key Players:

1. First Solar Gmbh
2. Mitsubishi Plastics Inc
3. Evasa
4. Cambiosolar
5. Dow Corning Corporation
6. Kuraray Europe Gmbh
7. Renewsys
8. Solutia Inc, E.I.
9. Dupont De Nemours & Co.
10. Specialized Technology Resources Inc