Key companies profiled are Hangzhou First Pv Material Co. Ltd, Specialized Technology Resources Inc, Sanvic Inc, Solutia Inc, E.I. Dupont De Nemours & Co., Renewsys, Kuraray Europe Gmbh, Dow Corning Corporation, Cambiosolar, Evasa, Mitsubishi Plastics Inc, and First Solar Gmbh, among others.
Pune, March 04, 2021 (GLOBE NEWSWIRE) -- Market Analysis
The solar encapsulation market is anticipated to grow at a 10.28% CAGR over the forecast period (2020- 2026), reveals the current Market Research Future (MRFR) report. Solar encapsulation, simply put, are materials that are used in PV (photovoltaic) solar modules to offer protection and excellent durability against delamination and corrosion. Owing to its alluring features and perks, solar encapsulation has wide applications in different end use industries such as construction, electronics, automotive, and others. It is made of different materials such as polyvinyl butyral, ionomers, polydimethylsiloxane, ethylene vinyl acetate, and others.
Fascinating Features that Boost Market Growth
According to the MRFR report, there are numerous factors that are propelling the solar encapsulation market share. Some of these include global electricity demand, cost reduction potential of solar PV, PV technology development, demand for solar energy, the demand for rooftop PV installations, and its excellent chemical and mechanical properties like thermal resistivity and durability. The additional factors adding market growth include the growing demand for solar encapsulation material in different applications such as utility sectors, residential, and non-residential, rise in governmental tariffs, rise in the market assisting programs, depleting conventional sources, growing environmental concerns, rising cost of production, and growing investment in the infrastructure modernization.
On the contrary, the soaring cost of solar panels and solar equipment, the yellow browning of EVA copolymer encapsulants used in PV modules resulting in power losses, and weathering-degraded EVA films resulting in a decrease in UV absorption are factors that may impede the global solar encapsulation market growth over the forecast period.
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The ongoing COVID-19 pandemic had a significant impact on the global solar encapsulation market with the slowing of development and construction following the unprecedented lockdowns during the first quarter of 2020. Besides, the shortage of modules and cells and other ancillary products have also impacted market growth. The imposition of work restrictions laid down by China in COVID-19 affected provinces, the majority of which are hubs of solar module manufacturers, too, have impacted the solar industry. Further, developers are facing a shortage of raw materials that affected the installations during the first quarter of 2020. Following the relaxation of lockdowns and social distancing trends, the market is likely to return to normalcy soon.
The Market Research Future report offers an inclusive analysis of the solar encapsulation market based on end use, material, and technology.
By technology, the global solar encapsulation market is segmented into polycrystalline silicon and thin-film solar technology. Of these, the polycrystalline segment will lead the market over the forecast period as these solar cells are widely used and also deliver efficiencies within the range 15-25%.
By material, the global solar encapsulation market is segmented into polyvinyl butyral, ionomers, polydimethylsiloxane, ethylene vinyl acetate, and others. Of these, the ethylene vinyl acetate market will dominate the market over the forecast period for its low degradability to sunlight and good radiation transmission.
By end use, the global solar encapsulation market is segmented into construction, electronics, automotive, and others. Of these, the construction segment will spearhead the market over the forecast period.
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Europe to Spearhead Solar Encapsulation Market
Geographically, the global solar encapsulation market is bifurcated into Europe, the Asia Pacific (APAC), North America, South America, & the Middle East & Africa (MEA). Of these, Europe will spearhead the market over the forecast period. Rapid development, increasing research and development investment in solar energy, long-term contracts offered to renewable energy producers, government policy, and increasing applications of solar energy for agriculture, construction, and power generation are adding to the global solar encapsulation market growth in the region.
APAC to Have Healthy Growth in Solar Encapsulation Market
In the APAC region, the global solar encapsulation market is predicted to have healthy growth over the forecast period. Rise in solar module production capacity of key manufacturers in China and India, the significant rise in solar technology production in China and India, government subsidies, increased acquisitions and mergers by local manufacturers, augmented production of cost-effective ethylene vinyl acetate films and applications in solar PV modules in China, rising renewable energy needs, and growing awareness about the different perks of PV technology in the countries of the region are adding to the global solar encapsulation market growth in the region.
North America to Have Notable Growth in Solar Encapsulation Market
In North America, the global solar encapsulation market is predicted to have notable growth over the forecast period. Significant adoption of solar encapsulation, national governments having announced different tax benefits to encourage the adoption of solar technology, aggressive renewable energy targets, and rising installation of solar encapsulation are adding to the global solar encapsulation market growth in the region. The additional factors adding market growth include increasing regulations regarding conventional energy sources in the developed economies, the demand for green renewable energy technologies, and the increased installation of PVs on rooftops of residential and commercial buildings.
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MEA to Have Sound Growth in Solar Encapsulation Market
The global solar encapsulation market in the MEA is predicted to have sound growth over the forecast period for the elevated use of solar energy for architecture, agriculture, and power generation that is likely to boost the need for solar encapsulants.
South America to Have Significant Growth in Solar Encapsulation Market
In South America, the solar encapsulation market is predicted to have significant growth over the forecast period.
The prominent players profiled in the solar encapsulation market report include Hangzhou First Pv Material Co. Ltd, Specialized Technology Resources Inc, Sanvic Inc, Solutia Inc, E.I. Dupont De Nemours & Co., Renewsys, Kuraray Europe Gmbh, Dow Corning Corporation, Cambiosolar, Evasa, Mitsubishi Plastics Inc, and First Solar Gmbh, among others. M&A, partnerships, geographic expansions, product launches, and others are the key strategies adopted by the key players to stay at the forefront.
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