According to a new report published by Allied Market Research, titled, "Solar Encapsulation Market by Material, Solar Module, and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022," the solar encapsulation market was valued at $915 million in 2015, and is projected to reach $4,231 million by 2022, growing at a CAGR of 23.1% from 2016 to 2022. Based on application, construction occupied more than two-fifths share in 2015.
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Solar encapsulation are materials to laminate the photovoltaic solar cells to enhance its efficiency and durability. The solar cell circuits are floated in between the materials such as ethylene vinyl acetate (EVA) and non-ethylene vinyl acetates to soften the effects of any external mechanical shocks and vibrations. EVA solar encapsulation has gained major demand in 2015 owing to its excellent protection against corrosion and delamination. In addition, encapsulated solar cells help improve the efficiency of solar modules owing to their excellent barrier protection against humidity and UV radiations. With the growth in need for alternative sources of energy such as solar energy, the market for solar encapsulation is expected to create potential growth opportunities with increase in applications in photovoltaic solar modules.
Increase in installation of rooftop solar panels positively impacts the growth of the solar encapsulation market. Photovoltaic cells have gained major traction owing to increase in applications in residential and nonresidential sector for electricity generation, which is estimated to generate potential growth opportunities for solar encapsulation materials. Based on solar module, the demand for monocrystalline and polycrystalline silicon cells have witnessed major traction owing to increase in application coupled with low operational cost associated with it. The increase in applications of such solar cells is expected to soar the demand for encapsulation materials. Furthermore, growth in demand for solar installations in construction sector fuel the demand for solar encapsulation in PV modules.
Key Findings of the Solar Encapsulation Market
- The EVA solar encapsulation materials are expected to grow at a CAGR of 23.0% during the forecast period.
- Based on solar module, the solar encapsulation market in monocrystalline silicon cells is anticipated to grow at a CAGR of 22.7% during the forecast period.
- The North America solar encapsulation market in EVA materials is expected to grow at a CAGR of 23.9% from 2016-2022.
- In 2015, polycrystalline solar cells occupied more than half share in market.
- The automotive and electronic applications are expected to grow at a CAGR of 24.3% and 24.0% respectively during the forecast period.
LAMEA is projected to grow at a CAGR of 23.5% during the analysis period, owing to increase in photovoltaic installations. Furthermore, tax incentives for rooftop installations in Asia-Pacific region, such as India, is expected to drive the market growth for solar encapsulation materials. In addition, increase in development of low cost EVA films for solar encapsulation in China is expected to fuel its market growth in Asia-Pacific regions.
Top players operating in the market include STR Holdings Inc, Solutia, Bridgestone, Dow Corning, DuPont, 3M, MITSUI, JGP Energy, Hangzhou First PV material Co. Ltd, and AKCOME.