IMARC Group, a leading market research company, has recently releases report titled “Solar Encapsulation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global solar encapsulation market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Solar Encapsulation Market?
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.
What is Solar Encapsulation?
Solar encapsulation refers to the method of protecting panels from corrosion and changing weather conditions. It comprises various materials, such as ethylene vinyl acetate (EVA), non-ethylene vinyl acetate, and (UV) curable resin, that are corrosion resistant, flame retardant, and hard-wearing. It can enhance the performance, durability, efficiency, shelf life, and cost-effectiveness of PV modules. It assists in ensuring the safer operation of solar PV modules and benefits consumers by saving money on maintenance. As a result, solar encapsulation finds applications in the construction, electronics, and automotive industries across the globe.
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What are the growth prospects and trends in the solar encapsulation industry?
At present, the rising demand for solar encapsulation due to the rising awareness among the masses about renewable energy sources represents one of the key factors supporting the growth of the market. Besides this, the growing demand for solar encapsulation due to the increasing adoption of solar PV modules across the globe is offering a positive market outlook.
Apart from this, the rising demand for environmentally sustainable solutions is offering lucrative growth opportunities to industry investors. Moreover, the increasing development of low-cost encapsulant materials, such as cadmium telluride, amorphous silicon cells, thermoplastic polyurethane (TPU), and polyvinyl butyral (PVB), is propelling the growth of the market.
Furthermore, governing agencies of various countries are encouraging the adoption of solar technology, which is strengthening the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Material:
• Ethylene Vinyl Acetate
• Non-Ethylene Vinyl Acetate
• UV Curable Resins
Breakup by Technology:
• Single-crystal/Polycrystalline Silicon Solar Technology
• Thin-film Solar Technology
o Cadmium Telluride (CdTe)
o Copper Indium Gallium Selenide (CIGS)
o Amorphous Silicon (a-Si)
Breakup by Application:
• Construction
• Electronics
• Automotive
• Others
Market Breakup by Region:
- 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
Who are the key players operating in the industry?
The report covers the major market players including:
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.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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