Solar Encapsulation Market Worth US$ 5,514 Million By 2028 – Exclusive Report By IMARC Group


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IMARC Group's report titled“ Solar Encapsulation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 “. The global solar encapsulation market size reached US$ 2,371 Million in 2022 . Looking forward, IMARC Group expects the market to reach US$ 5,514 Million by 2028, exhibiting a growth rate (CAGR) of 13.9% during 2023-2028.

Factors Affecting the Growth of the Solar Encapsulation Industry:

. Ongoing Technological Advancements:

The solar encapsulation industry is experiencing significant growth due to ongoing technological innovations. These advancements are enhancing the efficiency and durability of solar panels. Modern encapsulation materials, such as ethylene-vinyl acetate (EVA), polyvinyl butyral (PVB), and thermoplastic polyurethane (TPU), offer improved resistance to weathering and ultraviolet rays, thereby extending the lifespan of solar panels. Additionally, innovations in nano-coatings and hybrid materials are contributing to higher energy conversion efficiencies. This progress is crucial in making solar energy more viable and cost-effective, thereby fueling the demand for advanced solar encapsulation solutions and propelling market growth.

. Favorable Government Policies and Incentives:

Supportive government policies play a pivotal role in shaping the solar encapsulation market. Various governments worldwide are implementing policies and providing incentives to promote renewable energy usage, including solar power. These policies often include subsidies, tax credits, and feed-in tariffs that make investing in solar technology more attractive for both manufacturers and consumers. For instance, policies aimed at reducing greenhouse gas emissions are pushing for an increase in renewable energy adoption, which directly benefits the solar encapsulation industry. These supportive regulatory frameworks are essential for the continued growth and development of the solar energy sector, including the encapsulation market.

. Increasing Awareness of Renewable Energy:

At present, there is a growing global awareness and concern about environmental issues and the need for sustainable energy sources. This shift in public opinion is catalyzing the demand for renewable energy, including solar power. As more individuals and organizations worldwide recognize the long-term benefits and necessity of renewable energy, the demand for solar panels, and consequently solar encapsulation materials, increases. This trend is further supported by the decreasing cost of solar installations and the increasing efficiency of solar technologies. Moreover, the public's rising preference for green and sustainable energy sources is a major factor propelling the growth of the solar encapsulation industry.

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Leading Companies Operating in the
Global
Solar Encapsulation Industry:

  • 3M Company
  • Bridgestone Corporation
  • dnpSolar
  • Dow Inc.
  • Dupont De Nemours Inc.
  • Eastman Chemical Company
  • First Solar Inc.
  • Kuraray Co. Ltd.
  • Mitsubishi Chemical Holdings Corporation
  • Mitsui Chemicals Inc.
  • RenewSys India Pvt. Ltd.
  • STR Holdings Inc.

Solar Encapsulation Market Report Segmentation:

By Material:

  • Ethylene Vinyl Acetate
  • Non-Ethylene Vinyl Acetate
  • UV Curable Resins

Ethyl vinyl acetate dominates the market by material due to its excellent light transmittance, superior adhesion properties, and long-term performance in harsh environmental conditions, making it the preferred choice for solar panel manufacturers.

By Technology:

  • Single-crystal/Polycrystalline Silicon Solar Technology
  • Thin-film Solar Technology
    • Cadmium Telluride (CdTe)
    • Copper Indium Gallium Selenide (CIGS)
    • Amorphous Silicon (a-Si)

Single-crystal/polycrystalline silicon solar technology holds the largest market share as it offers high efficiency and reliability, coupled with declining cost and widespread availability, making it a popular choice for both residential and commercial solar installations.

By Application:

  • Construction
  • Electronics
  • Automotive
  • Others

Based on the application, the market has been classified into construction, electronics, automotive, and others.

Regional Insights:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Asia-Pacific's dominance in the solar encapsulation market is attributed to the rapid expansion of solar energy projects, supportive government policies, and the presence of key solar panel manufacturers in countries such as China and India, which are heavily investing in renewable energy infrastructure.

Global Solar Encapsulation Market Trends:

The solar encapsulation market is witnessing a notable shift toward more advanced, durable, and efficient materials, with Ethylene Vinyl Acetate (EVA) leading the segment owing to its excellent protective qualities. There is a heightened emphasis on improving solar panel longevity and performance, fostering innovation in encapsulation technologies. Additionally, the market is benefiting from increased global awareness and adoption of renewable energy sources, particularly in the Asia-Pacific region. This trend is fueled by favorable government policies and incentives, aiming to reduce carbon footprints and promote sustainable energy solutions, further stimulating market growth and expansion.

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