The global solar encapsulation materials market is estimated to create an incremental opportunity of more than US$ 3 Bn by 2022. The demand for solar encapsulation materials is expected to surpass a valuation of around US$ 6.5 Bn by the end of 2032, in comparison to the US$ 2.7 Bn registered in the year 2021.
Driven by the increasing application across the electronics industry, the sales of solar encapsulation materials are projected to accelerate at a CAGR of nearly 8% to 9% during the forecast period 2022-2032.
Solar encapsulation materials are used to provide adhesion between the rear surfaces and top surfaces of solar photovoltaic cells. They assist in enhancing the life of solar cells by adding a thin layer to protect them and ensure proper performance.
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What are the Factor Elevating the Sales of Solar Encapsulation Materials in the Global Market?
As the trend of industrial process automation continues to create deeper inroads across diverse sectors, there is a robust surge in demand for energy worldwide. According to a study by the International Energy Agency, the demand for electricity across the world is estimated to surge at 2.1% per year till 2040, which is more than double the rate of overall primary energy demand.
Hence, numerous industry players are focusing on installing solar photovoltaic panels for meeting their growing energy needs. As solar encapsulation materials are extensively used in solar photovoltaic panels, owing to their excelling stability at high UV exposures and elevated temperatures, such developments are anticipated to bolster the sales in the global market.
What are the Challenges Creating Difficult Roads for the Growth in Solar Encapsulation Materials Market?
Implementation of several regulations by government and environmental protection organizations regarding the use of volatile organic compounds (VOCs), due to rising concerns regarding environmental pollution is hindering the sales of solar encapsulation materials in the global market.
In addition to this, extravagant cost of solar cell and the high cost of solar panels installation & maintenance is resulting in declining their sales, consequently restraining the demand for solar encapsulation materials.
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What is the Demand Outlook for Solar Encapsulation Materials in Asia Pacific Excluding Japan Market?
Future Market Insights states that the Asia Pacific excluding Japan is projected to emerge as the highly lucrative market for solar encapsulation materials between 2022 and 2032.
There is a rapid surge in demand for electricity, due to surging adoption of electrical-powered products and deepening industrialization. Hence, governments in several countries are undertaking numerous initiatives to increase the production of renewable energy.
For instance, according to the India Brand Equity Foundation, the Government of India announced allocating nearly US$ 616.76 Mn for constructing of solar energy production units under the Production Linked Incentive (PLI) scheme. A slew of such initiatives is anticipated to augment the demand for solar encapsulation materials in the Asia Pacific excluding Japan market.
Some of the leading players in the solar encapsulation materials market are Targray Technology International Inc., KURARAY EUROPE GMBH, 3M Renewable Energy, ACC Silicones, Akcome Film & Applied New Materials, Aeonian Photovoltaic, Arkema, Brij Encapsulants, C. I. Kasei Company, Dongke Energy, and Dilong PV, and others.
The market for solar encapsulation materials is highly competitive, due to large number of participants and increasing adoption production capacity expansion strategies to strengthen the market share.
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Key Segments Profiled in the Solar Encapsulation Materials Market Survey
By Material Type:
- Ethylene Vinyl Acetate (EVA)
- Polyvinyl Butyral (PVB)
- Polydimethylsiloxane (PDMS)
- Thermoplastic Polyurethane (TPU)
By Semiconductor Technology:
- Single Crystalline
- Poly Crystalline
- Thin Film Amorphous
- Cadmium Telluride (CdTe)
- Copper Indium Gallium Selenide (CIGS)
- Amorphous Silicon (a-Si)
By End Use:
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