Solar Encapsulation Market: Global Industry Analysis and Forecast (2024-2030)

Solar Encapsulation Market size was valued at USD 2.45 Bn. in 2023 and the total revenue is expected to grow by 19.34% from 2024 to 2030, reaching nearly USD 8.47 Bn. Solar cells are enclosed between the glass covers of the solar module & the solar cells housed inside the module. The purpose of encapsulations is often to increase the useful life of such PV installations. Materials chosen for encapsulations typically have features like corrosion resistance, flame retardancy, or toughness. In general, such encapsulation is difficult to automate & demands a lot of energy and resources. The use of such encapsulants is expanding gradually across different industries, including the building & automotive sectors. Encapsulation guarantees the solar PV modules' secure operation, allowing users to pay less for maintenance. The report provides a complete analysis of the global solar encapsulation market. The report estimates the solar encapsulation market size, in terms of USD value & forecasts (2024 to 2030) revenue growth in global, regional & country level, and provides a detailed analysis of the latest trends in each segment. It offers a thorough qualitative and quantitative analysis of the market. Also, it provides an inclusive review of drivers, restraints, opportunities, challenges of the solar encapsulation market. The report includes an analysis of the value chain, PESTLE Analysis, PORTER’S Five Forces model, competitive landscape, Key players benchmarking (by Material, Pricing, Investments, Expansion Plans, Physical Presence, and Presence in the Market).Solar Encapsulation MarketTo know about the Research Methodology:-Request Free Sample Report

Solar Encapsulation Market Dynamics:

One of the biggest consumers of the solar encapsulation market is the construction industry. Future building industry expansion will motivate businesses to invest in R&D projects related to solar encapsulation technology. Due to the growing popularity of solar PV modules, it is expected that the market for solar encapsulation is expected to grow significantly during the forecast period. Currently, there are no substitutes available for solar encapsulation technology, thus the growth of PV modules will directly improve the growth rate of solar encapsulation technology. The rise in the need to produce green energy has boosted the growth of the nuclear power plant & equipment market which is indirectly boosting the demand for solar encapsulation: According to the new report from the MMR, the capacity to produce electricity from solar cells, wind turbines & other renewable technologies is expected to increase during the forecast period across the world with 2022 expected to set a new record for new installations. According to the most recent edition of the MMR's solar energy market report, new renewable power capacity additions this year are expected to rise to 290 gigawatts (GW), surpassing the previous all-time high set last year, despite rising costs for key materials used to make solar panels & wind turbines. All regions are expected to experience faster growth in renewable energy. China continues to dominate the world in the number of capacity increases; it is expected that it will surpass its present target of 2030 & achieve 1200 GW of total wind and solar capacity in 2026. India is expected to lead the list in terms of growth rate, with new installations more than doubling from 2015 to 2020. The pace of deployments in Europe and the US is also expected to pick up considerably from the past five years. Together, these four markets are responsible for 80% of the increase in global renewable capacity. The factor increasing sales of solar encapsulation materials in the global market: Global energy demand is significantly increasing as the trend of industrial process automation continues to make deeper inroads across numerous industries. The International Energy Agency estimates that by the end of 2040, global electricity demand would increase at a pace of 2.1% annually, which is more than twice as fast as the global demand for primary energy. As a result, many business stakeholders are concentrating on installing solar photovoltaic panels to satisfy their increasing energy needs. Such improvements are expected to increase sales in the global market as solar encapsulation materials are widely employed in solar photovoltaic panels due to their outstanding stability at high UV exposures and rising temperatures. Challenges making it difficult for the solar encapsulation market to grow Sales of solar encapsulation materials are being hampered by the implementation of numerous rules regarding the usage of volatile organic compounds (VOCs) by the government & environmental protection organizations as a result of growing environmental pollution concerns. Additionally, the exorbitant cost of solar cells & the high cost of installing and maintaining solar panels are causing a decline in their sales, which in turn is limiting the market for solar encapsulation materials.

Solar encapsulation market segment analysis:

Based on the material used for encapsulation the solar encapsulation market is segmented by ethylene-vinyl acetate, non-ethylene vinyl acetate, and UV Curable Resins. Ethylene-vinyl acetate solar encapsulation has gained major demand owing to its excellent protection against corrosion and delamination. Ethylene-vinyl acetate solar encapsulation improves the efficiency of solar modules owing to their excellent barrier protection against humidity, UV radiations, and stringent environmental condition to a greater extent. Based on technology, solar encapsulation market is categorized into crystalline silicon solar technology and thin-film solar technology. Crystalline silicon solar technology is expected to hold a major share in the solar encapsulation market by 2030. Owing to higher conversion efficiency and energy savings features crystalline silicon has gained a share in the solar encapsulation market. Based on application, solar encapsulation market is segmented by automotive, construction, electronics, and others. Construction is the largest application category of solar encapsulation and comprises more than half the market due to the increasing demand for rooftop panel systems in the construction category.Solar Encapsulation Market

Solar Encapsulation Market Regional Insights:

North America is expected to hold a large market share for solar encapsulation worldwide by 2030. There is a rapid increase in consumer preference for EVs as a result of the industry-wide electrification trend & rising gasoline prices. Important automakers are placing a strong emphasis on introducing self-recharging EVs in response to this trend. For instance, the world's first solar-powered EV, which doesn't need to be charged for the majority of everyday use, will debut in 2023, according to American startup high-efficiency automobile business Aptera. It is expected that the introduction of such vehicles & growing adoption of solar cells in automotive vehicles will accelerate market expansion in North America. The Asia Pacific is expected to be the fastest-growing region in the solar encapsulation market. Asia Pacific has witnessed a significant increase in the number of solar cell material units because of the shift of module manufacturers from Europe to China. Price fluctuation in solar materials in Europe has resulted in the migration of many players to the Asia Pacific for material, which has supported the growth of the Asia Pacific solar encapsulation market. APAC excluding Japan is expected to emerge as the highly lucrative market for solar encapsulation materials during the forecast period. Due to the fast adoption of electrically powered products & the intensifying industrialization, there is a sharp increase in the energy demand. As a result, governments around the world are launching a variety of projects to enhance the generation of renewable energy. For instance, the Government of India announced funding of about US$ 616.76 Mn. for the construction of solar energy production facilities under the Production Linked Incentive (PLI) plan. Numerous such projects are expected to increase demand for solar encapsulating materials in the Asia Pacific market outside of Japan. Another factor that is going to boost the demand for solar encapsulation in India is their recent advancements in solar manufacturing. India deployed around 50 GW of solar PV throughout the past ten years, making it one of the top solar PV deplorers. Since 2023, there has, in addition, been a great lot of interest to develop the solar production chain in the country, from polysilicon & wafers to cells and modules. Many businesses have announced and started producing solar energy as a result of the government's plethora of programs and incentives. An estimated 40 GW of modules would be produced in India by 2025, some of it with full or partial upstream integration. India would then rank among the top two or three solar manufacturers worldwide.

Solar Encapsulation Market Scope: Inquire before buying

Solar Encapsulation Market
Report Coverage Details
Base Year: 2023 Forecast Period: 2024-2030
Historical Data: 2018 to 2023 Market Size in 2023: US $ 2.45 Bn.
Forecast Period 2024 to 2030 CAGR: 19.34 % Market Size in 2030: US $ 8.47 Bn.
Segments Covered: by Type Ethylene Vinyl Acetate Non-Ethylene Vinyl Acetate UV Curable Resins
by Technology Crystalline Silicon Technology Thin-Film Technology Other
by Application Construction Electronics Automobile Others

Solar Encapsulation Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)

Solar Encapsulation Market, Key Players are

1. STR Holdings Inc. (US) 2. Dow Corning (US) 3. DuPont (US) 4. Trosifol. (US) 5. First Solar Inc. (US) 6. 3M Company, Ltd. (US) 7. Ai Technology Inc. (US) 8. Celanese Corporation (US) 9. Eastman Chemical Company (US) 10. Momentive Performance Materials, Inc. (US) 11. Hangzhou First PV Material Co. Ltd. (China) 12. Changzhou Sveck Technology Co. Ltd. (China) 13. Jiangsu Akcome Science & Technology Co. Ltd. (China) 14. LayTec AG (Germany) 15. jura-plast GmbH (Germany) 16. Wacker Chemie AG (Germany) 17. ISOVOLTAIC AG (Germany) 18. Sungrace Energy Solutions Pvt. Ltd. (India) 19. RenewSys India Pvt. Ltd. (India) 20. Lucent CleanEnergy (India) 21. Mitsui Chemicals Tohcello Inc. (Japan) 22. Arkema Group (France) 23. Saint-Gobain S.A. (France) 24. DNP solar (Danmark) 25. Novogenio Sl (Spain) FAQs: 1. What is the study period of the market? Ans. The Global Solar Encapsulation Market is studied from 2018-2030 2. What is the growth rate of the Market? Ans. The Solar Encapsulation Market is growing at a CAGR of 19.34% over the forecast period. 3. What is the market size of the Market by 2030? Ans. The market size of the Solar Encapsulation Market by 2030 is expected to reach USD 8.47 Bn. 4. What is the forecast period for the Market? Ans. The forecast period for the Solar Encapsulation Market is 2024-2030 5. What was the market size of the Market in 2023? Ans. The market size of the Solar Encapsulation Market in 2023 was valued at USD 2.45 Bn.
1. Global Solar Encapsulation Market: Research Methodology 2. Global Solar Encapsulation Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Solar Encapsulation Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Solar Encapsulation Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Solar Encapsulation Market Segmentation 4.1 Global Solar Encapsulation Market, by Type (2023-2030) • Ethylene Vinyl Acetate • Non-Ethylene Vinyl Acetate • UV Curable Resins 4.2 Global Solar Encapsulation Market, by Technology (2023-2030) • Crystalline Silicon Technology • Thin-Film Technology • Other 4.3 Global Solar Encapsulation Market, by Application (2023-2030) • Construction • Electronics • Automobile • Others 5. North America Solar Encapsulation Market(2023-2030) 5.1 North America Solar Encapsulation Market, by Type (2023-2030) • Ethylene Vinyl Acetate • Non-Ethylene Vinyl Acetate • UV Curable Resins 4.2 North America Solar Encapsulation Market, by Technology (2023-2030) • Crystalline Silicon Technology • Thin-Film Technology • Other 4.3 North America Solar Encapsulation Market, by Application (2023-2030) • Construction • Electronics • Automobile • Others 5.4 North America Solar Encapsulation Market, by Country (2023-2030) • United States • Canada • Mexico 6. Europe Solar Encapsulation Market (2023-2030) 6.1. European Solar Encapsulation Market, by Type (2023-2030) 6.2. European Solar Encapsulation Market, by Technology (2023-2030) 6.3. European Solar Encapsulation Market, by Application (2023-2030) 6.4. European Solar Encapsulation Market, by Country (2023-2030) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Solar Encapsulation Market (2023-2030) 7.1. Asia Pacific Solar Encapsulation Market, by Type (2023-2030) 7.2. Asia Pacific Solar Encapsulation Market, by Technology (2023-2030) 7.3. Asia Pacific Solar Encapsulation Market, by Application (2023-2030) 7.4. Asia Pacific Solar Encapsulation Market, by Country (2023-2030) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Solar Encapsulation Market (2023-2030) 8.1 Middle East and Africa Solar Encapsulation Market, by Type (2023-2030) 8.2. Middle East and Africa Solar Encapsulation Market, by Technology (2023-2030) 8.3. Middle East and Africa Solar Encapsulation Market, by Application (2023-2030) 8.4. Middle East and Africa Solar Encapsulation Market, by Country (2023-2030) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Solar Encapsulation Market (2023-2030) 9.1. South America Solar Encapsulation Market, by Type (2023-2030) 9.2. South America Solar Encapsulation Market, by Technology (2023-2030) 9.3. South America Solar Encapsulation Market, by Application (2023-2030) 9.4. South America Solar Encapsulation Market, by Country (2023-2030) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 STR Holdings Inc. (US) 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Hangzhou First PV Material Co. Ltd. (China) 10.3 Dow Corning (US) 10.4 DuPont (US) 10.5 jura-plast GmbH (Germany) 10.6 Trosifol. (US) 10.7 Wacker Chemie AG (Germany) 10.8 3M Company, Ltd. (US) 10.9 Mitsui Chemicals Tohcello Inc. (Japan) 10.10 First Solar Inc. (US) 10.11 Changzhou Sveck Technology Co. Ltd. (China) 10.12 RenewSys India Pvt. Ltd. (India) 10.13 Jiangsu Akcome Science & Technology Co. Ltd. (China) 10.14 Saint-Gobain S.A. (France) 10.15 ISOVOLTAIC AG 10.16 Eastman Chemical Company (US) 10.17 DNP solar (Danmark) 10.18 Ai Technology Inc. (US) 10.19 Arkema Group (France) 10.20 Celanese Corporation (US) 10.21 Lucent CleanEnergy (India) 10.22 Novogenio Sl (Spain) 10.23 Momentive Performance Materials, Inc. (US) 10.24 Sungrace Energy Solutions Pvt. Ltd. (India) 10.25 LayTec AG (Germany)
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