Solar Encapsulation Market Overview:
Global solar encapsulation industry is expected to reach $4,231 million by 2022 from $915 million in 2015, growing at a CAGR of 23.1% from 2016 to 2022. Solar encapsulations are materials, used in photovoltaic (PV) solar modules to provide excellent durability and protection against corrosion and delamination. Materials such as ethylene vinyl acetate (EVA), non-ethylene vinyl acetate, and UV curable resins are used to laminate the solar cells and protect it from shocks and vibration.
The growth in demand for solar energy is expected to create potential market growth for solar encapsulation market. Moreover, the demand for roof top PV installations have increased owing to market assisting solar energy programs coupled with increase in demand for alternative sources of energy. This trend is expected to generate lucrative growth opportunity for solar encapsulation market. In addition, excellent mechanical and chemical properties such as durability and thermal resistivity have increased the demand for solar encapsulation material with application in various residential, non-residential, and utility sectors.
Based on material, the global solar encapsulation market is divided into ethylene vinyl acetate (EVA), non-ethylene vinyl acetate, and UV curable resins. The EVA encapsulation materials have witnessed major traction in solar encapsulation market owing to application in photovoltaic cell lamination. According to solar module, the market is categorized into monocrystalline silicon cells, polycrystalline silicon cells, cadmium telluride silicon cells, amorphous silicon cells, and others. Applications covered in the study include construction, automobiles, electronics, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The EVA materials used for PV encapsulations have witnessed major traction owing to increase in efficiency and durability. In addition, excellent adhesive bonding to solar glass panels have increased its market demand, which is expected to create growth opportunities. Furthermore, introduction of non-EVA based encapsulations such as thermoplastic polyurethane (TPU) and polyvinyl butyral (PVB) is expected to create market growth opportunities. The demand for monocrystalline and polycrystalline silicon cells have witnessed high demand, especially in residential applications. Moreover, development of low cost materials such as cadmium telluride and amorphous silicon cells is expected to increase its demand in solar panel applications. This trend is projected to create lucrative growth opportunities for solar encapsulation market.
Emerging economies such as China have significantly increased the production of solar technologies owing to governmental tariffs and merger & acquisition of local manufacturers. In addition, China dominated the solar encapsulation market with increase in production of low cost EVA films and application in PV solar modules. Moreover, North America and Europe majorly focus on researches to maximize the solar potential. Middle East and Africa have also gained traction owing to increase in applications of solar energy for power generation, agriculture, and architecture which is anticipated to increase the demand for solar encapsulations.
The increase in governmental tariffs coupled with market assisting programs have increased the demand for solar energy as an efficient and alternative solution to decrease the carbon emissions. In addition, the demand for roof top PV installations have gained major traction, which is expected to create potential growth opportunities for solar encapsulation market.
The yellow browning of ethylene vinyl acetate (EVA) copolymer encapsulants used in PV modules has resulted in significant power losses. In addition, weathering-degraded EVA films have resulted in decrease in UV absorption. This is expected to hinder the potential growth opportunities for solar encapsulation market.
R&D to increase the solar efficiency and durability of solar cells is expected to fuel the solar encapsulation market by creating market growth opportunities. In addition, research in encapsulation of organic solar cells with polymeric resins is expected to fuel the market growth. Moreover, developments in third generation perovskite solar cells is estimated to trigger the demand for reliable encapsulation materials and create potential growth opportunities for the market.
LAMEA Market Review
Improper electricity networks have projected the demand for solar energy in LAMEA regions. In addition, increase in government initiatives to fuel the solar energy market growth is expected to boost the market demand for solar encapsulation in these regions. The market in Chile is expected to grow at a CAGR of 24.3% from 2016 to 2022.
Chile Solar Encapsulation Market Size, 2014-2022 ($Million)
Top players operating in the solar energy market include STR Holdings Inc, Solutia, Bridgestone, Dow Corning, DuPont, 3M, MITSUI, JGP Energy, Hangzhou First PV material Co. Ltd, and AKCOME.
Other major players in the solar energy industry (not included in the report) are Honeywell, Arkema, CPP Solar, EVASA, LG Chem, Saint Gobain Solar, RenewSys, Sanvic, ACC Silicones, and Baixing Group.
Key Benefits For Stakeholders
- This report entails the detailed study of market trends and forecast from 2014 to 2022 that assists to identify the prevailing market opportunities to capitalize on the global solar encapsulation market share and solar encapsulation market size.
- In-depth coverage of the drivers, restraints, and opportunities helps professionals understand the market behavior and solar encapsulation market share.
- This study further includes market share analysis in terms of materials, module, and application across all geographies.
- Detailed study of the strategies of key leaders, partnerships, and acquisitions in the market is provided.
- Porter’s Five Forces analysis examines the competitive structure of the market and assists strategists in better decision-making.
- Pinpoint analysis of geographical segments helps identify opportunities for growth within the market.
Solar Encapsulation Market Key Segments
- Ethylene Vinyl Acetate (EVA)
- Non-Ethylene Vinyl Acetate
- UV Curable Resins
By Solar Module
- Monocrystalline Silicon Cells
- Polycrystalline Silicon Cells
- Cadmium Telluride
- Amorphous Silicon Cells
- Others (Copper Indium Gallium Selenide (CIGS))
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA