Global Solar Encapsulation Market, By Material (Ethylene Vinyl Acetate, Non-ethylene Vinyl Acetate, UV Curable Resin, Others), Technology (Single-Crystal/Polycrystalline Silicon Solar Technology, Thin-Film Solar Technology), Application (Construction, Electronics, Automotive, Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

Solar encapsulation has gained immense popularity in recent years due to its ability to improve the performance, efficiency, durability, and cost-effectiveness of PV modules. Moreover, major players in the solar encapsulation market have taken several strategic measures to gain a competitive edge in the industry, such as product launches and expansion investments, which will favor the market growth during the forecasted period.

The solar encapsulation market was valued at USD 2,840.00 million in 2021 and is expected to reach USD 5700.54 million by 2029, registering a CAGR of 9.10% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes technological advancements, regulatory framework, PESTEL, porter's five forces analysis, industry standards-at a glance, raw material costs/ operational expenditure-overview, supply chain analysis, vendor selection criteria, pricing analysis, production analysis, and climate chain scenario.

Market Definition

The solar encapsulation protects solar panels from corrosion and changing weather conditions. Encapsulation of solar cells occurs between the glass cover of the solar module and the glass cover of the solar cell located within the module. Encapsulation is commonly used to extend the useful life of such PV installations. Materials used for encapsulations are typically corrosion resistant, flame retardant, or hard wearing. In general, such encapsulation is difficult to automate and necessitates a significant amount of energy and material resources. The use of such encapsulants is steadily increasing in a variety of industries, including construction and automotive. Encapsulation ensures the safe operation of solar PV modules, allowing consumers to save money on maintenance.

Report Scope and Market Segmentation

Solar Encapsulation Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Surging Requirement of Environmentally Sustainable Solutions

There has been increased requirement of environmentally sustainable solutions as well as the growing need to reduce carbon footprint across the globe. As a result of growing environmental concerns and depleting conventional energy sources, there has been a significant shift toward renewable energy sources, which largely creates the demand for the solar encapsulation market during the forecast period..

Furthermore, the urbanization has increased demand for solar panels, which in turn increased demand for encapsulation, which may be the primary driving factor for the market. Moreover, rising awareness regarding the benefits of renewable energy, as well as the presence of properties such as good insulation, mechanical resistance, good light, and transmittance, are expected to drive growth in the global solar encapsulation market during the forecast period.

Opportunities

• Developments of Materials and Implementation of Policies

The development of low-cost encapsulant materials, such as cadmium telluride and amorphous silicon cells, and non-EVA-based encapsulations, including thermoplastic polyurethane (TPU) and polyvinyl butyral (PVB) is estimated to further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Furthermore, the implementation of favorable policies and subsidies on solar panel installation by governments from various countries are estimated to further provide growth opportunities for the solar encapsulation market.

Restraints/Challenges

• High Installation Costs

However, the high installation costs associated with solar equipment are a major impediment to the global solar encapsulation market's growth.

• Unfavourable Weather Conditions

Furthermore, weather conditions, particularly during the monsoon season, are impeding the acceptance of solar power systems, which is expected to impede the growth of the global solar encapsulation market over the forecast period. This factor is estimated to pose as a serious challenge to the growth of the solar encapsulation market.

This solar encapsulation market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the solar encapsulation market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Solar encapsulation Market

The recent outbreak of coronavirus had an adverse impact on the solar encapsulation market. The slow market growth can be attributed to the halt of manufacturing operations of solar encapsulation due to the high peak of pandemic situation. As the solar encapsulation sales are directly proportional to solar panel demand, the market witnessed the negative effect in the sales.  The pandemic has also largely hampered various industrial operations and disrupted the supply chain, affecting almost all industries. Due to a lack of workers, the majority of businesses have ceased operations. Furthermore, import and export activities were severely hampered, negatively impacting industries that use solar encapsulation and, as a result, the global market. This lack of workforce had a direct impact on production and manufacturing activities, resulting in a decrease in demand for raw materials used in solar encapsulation. These factors largely clogged the market growth and expansion.

On the plus side, the market is expected to recover as individual regulatory bodies begin to relax these imposed restrictions. The suspended and cancelled operations will continue, and the market is expected to expand . As a result, the market is expected to expand rapidly following COVID-19.

Global Solar Encapsulation Market Scope

The solar encapsulation market is segmented on the basis of material, technology and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Material

• Ethylene Vinyl Acetate
• Non-ethylene Vinyl Acetate
• UV Curable Resin
• Others

Technology

• Single-Crystal/Polycrystalline Silicon Solar Technology
• Thin-film Solar Technology
• Cadmium-telluride (CDTE)
• Copper-indium-gallium-selenide (CIGS)
• Amorphous silicon (A-Si)Application
• Construction
• Electronics
• Automotive
• Others

Solar Encapsulation Market Regional Analysis/Insights

The solar encapsulation market is analyzed and market size insights and trends are provided by country, material, technology and application as referenced above.

The countries covered in the solar encapsulation market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Poland, Norway, Finland, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the solar encapsulation market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. The increased growth of the market is attributed to the increasing applications of solar energy for power generation, construction, and agriculture within the region in the forecast period of 2022 to 2029.

North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022 to 2029 due to the rising renewable energy requirements and increasing awareness regarding benefits of photovoltaic (PV) technology within the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Solar Encapsulation Market Share Analysis

The solar encapsulation market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to solar encapsulation market.

Some of the major players operating in the solar encapsulation market are

• First Solar (U.S.)
• STR Holdings Inc. (U.S.)
• HANGZHOU FIRST APPLIED MATERIAL CO., LTD. (China)
• Dow (U.S.)
• DuPont (U.S.)
• Mitsubishi Chemical Corporation (Japan)
• Cambiosolar (Spain)
• Kuraray Europe Gmbh (Germany)
• 3M (U.S.)
• RenewSys India Pvt. Ltd (India)
• VIKRAM SOLAR LTD. (India)
• Jinko Solar (China)
• Jinko Solar (U.S.)
• Q CELLS (South Korea)
• SunPower Corporation (U.S.)
• Trina Solar (China)
• Canadian Solar (Canada)
• JA SOLAR Technology Co., Ltd., (China)
• The Solaria Corporation (U.S.)