Future Prospects for Solar Encapsulation in Renewable Energy
The global solar encapsulation market is witnessing significant traction. Solar encapsulation is crucial to make solar panels non-conductive. Therefore, increasing installations of solar panels worldwide and technological advances improving functionalities of solar modules contribute to the market growth. Besides, initiatives to encourage renewable and energy-saving resources are major trends increasing the market prominence of solar encapsulation.
With the growing PV installations in residential rooftop
applications, the market is projected to witness a significant rise in its
revenues during the years to come. According to Market Research Future (MRFR),
the global solar encapsulation market is projected to garner USD 11.37 Billion by
2030, posting an CAGR of 10.28% during the forecast period (2023-2030).
Improvements in Solar Encapsulation Techniques &
Materials Boost Market size
The market outlook appears promising mainly due to the continually
growing energy demand worldwide. Rise in solar panel installations in
residential as well as commercial sectors drives the solar encapsulation market
growth. Additionally,
increasing government initiatives and awareness for solar encapsulation
benefits influence market revenues. Also, the vast uptake of thin-film solar
and cadmium telluride (CDTE) technology fosters the market's size.
Increasing installations of rooftop and ground-mounted solar
panels in industrial sectors and utility-scale systems are other significant
trends influencing the market growth. Substantial investments by industry
players to drive technology upgrades and improve materials, alongside declining
prices of essential raw materials and components, push the solar encapsulation
market growth.
EVA has long been the key material for the encapsulation of
silicon PV modules. The vast availability of cheap & easy to process EVA
from an established, cost-optimized supply chain positively impacts market
growth. Furthermore, increasing research activities for specialized application
of various vital raw materials in PV modules creates vast market
opportunities.
Prohibitive Costs Restrict Market Growth
High costs related to the production and maintenance of solar
encapsulation are significant factors obstructing market growth. Nevertheless,
rising electricity prices and the availability of cost-competitive solar
encapsulation techniques would support the market growth throughout the
assessment period. Recent developments in module technology have created
major opportunities for the use of another class of materials, polyolefins
(POEs).
COVID-19 Impacts on the Market
The onset of COVID-19 could hardly affect the solar encapsulation
industry. Industry players faced major challenges, including disrupted supply
chains, attracting workers from quarantines, and logistic issues in delivering
end products.
At the same time, the pandemic reassured a robust rise in the
renewable energy market, continually propelling energy demand. The solar
encapsulation market value is projected to pick up further, following lockdown
mandates relaxed in many countries.
Segmentation
The market is segmented into technologies, materials, end-uses,
and regions. The technology segment is sub-segmented into thin-film
solar technology and polycrystalline silicon. Among these, the
polycrystalline silicon segment accounts for the largest market share. The
material segment is sub-segmented into ethylene-vinyl acetate,
polydimethylsiloxane, ionomers, polyvinyl butyral, and others.
Among these, the ethylene-vinyl acetate segment holds a larger
market share as it has good radiation transmission and low degradability to
sunlight. The
end-use segment is sub-segmented into automotive, electronics, construction,
and others. The region segment is bifurcated into Asia Pacific, Americas,
Europe, and rest-of-the-world.
Regional Analysis
Europe dominates the global solar encapsulation market, heading
with the rapid development and R&D investment in solar energy. Moreover,
long-term contracts offered to renewable energy producers that are
proportionate to the cost of generation of each technology boost the solar
encapsulation market size.
Favorable government policies aimed to promote solar energy
influence the region's solar encapsulation market share. Additionally,
considerable investments in solar energy due to the rising focus on developing
renewable energy sources increase the solar encapsulation market value.
Competitive Analysis
Manufacturers strive to increase production capacities of
encapsulation resins with improved cost efficiency and digitalization. They
also explore the possibility of new product development after mastering the
existing ones.
For instance, recently, on August 10, 2021, Researchers at
Institute for Solar Energy Research Hamelin (ISFH - Germany) announced the
development of two different techniques integrating stone veneers in
conventional solar modules to make them suitable for BIPV projects in stone
facades.
All panels are bifacial heterojunction solar cells encapsulated
between two sheets of polyolefin encapsulation film. These panels are
considered an ideal solution for aesthetically demanding applications in
buildings with stone facades.
·
First Solar
·
STR Holdings Inc.
·
HANGZHOU FIRST APPLIED
MATERIAL CO., LTD.
·
Dow
·
DuPont
·
Mitsubishi Chemical
Corporation
·
Cambiosolar
·
Kuraray Europe Gmbh
·
3M
·
RenewSys India Pvt. Ltd
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