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New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Solar Encapsulation Global Market Report 2022' -
The global solar encapsulation market is expected to grow from $2.15 billion in 2021 to $2.58 billion in 2022 at a compound annual growth rate (CAGR) of 19.89%. The solar encapsulation market is expected to grow to $5.30 billion in 2026 at a compound annual growth rate (CAGR) of 19.69%.
The solar encapsulation market consists of sales of solar encapsulation solutions by entities (organizations, sole traders, and partnerships) that refer to a process used to protect solar panels and equipment against degradation.Encapsulation is an important part of the solar cell manufacturing process to protect solar panels and equipment against degradation due to various external and environmental factors.
Even the greatest solar cells cannot make good solar modules without a good encapsulation technique. The solar encapsulation aids to increase the life of solar cells, reduce stability issues, and provide protection against ultraviolet (UV) radiation and corrosion, temperature changes, and low mechanical stress.
The main type of materials used for solar encapsulation are non-ethylene vinyl acetate, UV curable resin, and other materials.The ethylene-vinyl acetate is a material that has good radiation transmission and low degradability to sunlight and is used in solar modules as an encapsulating agent.
The solar module in solar encapsulation are polycrystalline silicon cells, cadmium telluride, amorphous silicon cells, and other solar modules and are used for applications in automotive, electronics, and other applications.
Asia Pacific was the largest region in the solar encapsulation market in 2021. The regions covered in the solar encapsulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The solar encapsulation market research report is one of a series of new reports that provides solar encapsulation market statistics, including solar encapsulation industry global market size, regional shares, competitors with an solar encapsulation market share, detailed solar encapsulation market segments, market trends and opportunities, and any further data you may need to thrive in the solar encapsulation industry. This solar encapsulation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The rising demand for rooftop photovoltaics (PV) installations in developing economies is driving the growth of the solar encapsulation market.A PV system is an electric power system designed to supply usable solar power through photovoltaics (PV) and consists of an arrangement of components including solar panels to absorb and convert sunlight into electricity.
Due to the growing environmental concerns and depleting conventional energy sources, there has been a substantial shift toward renewable energy sources such as solar energy and the installation of PV systems including rooftop PV installations.The demand for solar encapsulation increases in response to the rising rooftop PV installations in developing economies as solar encapsulation is a mandatory process to ensure that PVs are reliable and to enable longer life.
For instance, according to a 2021 report by Indian leading research and consulting firm Mercom India Research, India, a developing economy installed 1.7GW of rooftop solar in 2021, showing an increase of 210% year on year whereas the residential segment accounted for 35% and commercial segment accounted for 33% of all installed rooftop solar capacity. Furthermore, the Environment and Trade Ministries of Japan aims to have 108 gigawatts of solar capacity online by 2030 which is 1.7 times higher than the nation's previous target. It indicates that every building, parking lot, and farm in Japan will be fitted with rooftop panels. Thus, the rising demand for solar PV installations will raise the demand for solar encapsulations and hence drives the solar encapsulation market.
Technology advancement is a key trend gaining popularity in the solar encapsulation market.Major players in the market are focusing on launching and implementing advanced encapsulation technology for solar modules.
The advanced encapsulation technologies replace the gaps between solar cells and improve the efficiency of PV modules while incorporating modular designs.By the use of advanced encapsulation technologies, companies can increase their business and gain a competitive edge in the market.
For instance, in May 2019, LONGi Solar, a Chinese leading global solar technology company developed the 'Seamless Soldering' module encapsulation technology, which eliminates the gap between cells and increases the efficiency of PV modules.The 'Seamless Soldering' technology combined with innovative module design has the potential to break LONGi Solar's high-efficiency PERC module power record of 500Wp.
This technology utilizes a solder ribbon to achieve 'tiled' cell interconnection, eliminating the typical 2mm wide cell gap, therefore, increasing efficiency while lowering module BOM costs. This technology works seamlessly with existing module encapsulation processes and equipment. It has a high level of mass production maturity and stability, as well as scalability.
In October 2020, Mitsubishi Chemical Corporation, a Japanese company that supports the foundations of all types of industries with a wide range of products ranging from materials to functional products acquired Gelest Inc., for an undisclosed amount. With this acquisition, Mitsubishi Chemical will use each organization's technology and competencies to improve the value offered to customers and the company's performance. Gelest Inc. is a US-based company that offers a variety of precursors for the various types of solar cells as well as for anti-reflection and surface modification coatings.
The countries covered in the solar encapsulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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