Construction Segment is Expected to Dominate the Global Solar Encapsulation Market
Increasing
Solar Energy Adoption and Government Incentives and Policies are major factor
attributable to the growth of the market.
According to TechSci
Research report, “Global Solar Encapsulation Market - Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”. The Global Solar Encapsulation is anticipated to project
robust growth in the forecast period with a CAGR of 7.71% through 2028, The solar module back
sheets contain multiple layers of barrier films and adhesives. The back sheet
construction is important in protecting the solar cells from different
environmental conditions such as moisture, UV exposure, and other performance
threats, while improving solar module efficiency by aiding the reduction of
partial module cost. The encapsulation film protects the solar cell and ensures
its reliability and performance. Its role is to provide optical and electrical
transmissivity by keeping the moisture out. Encapsulants provide an opportunity
for realizing enhanced efficiencies in the module manufacturing process.
Encapsulation is a key step in the production of solar cells. Without a good
encapsulation process, even the best solar cells cannot produce good solar
modules. Urbanization led to increase
in the demand for solar panel, which, in turn, increases the demand for
encapsulation which may act as the major driving factor for the market. In
addition, rise in demand for solar lights for road divider and streets create ample
of opportunities for the solar encapsulation market. The encapsulation of the
solar cell not only increases the life of the solar cell but also enhances the
attack strength. High quality and longevity of the product is the key to
winning customer satisfaction, so the encapsulation quality of solar modules is
important.
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data Figures spread through 188 Pages and an in-depth TOC on " Global Solar Encapsulation Market"
Based on Region, Asia
Pacific plays a significant role in the global Solar Encapsulation market, Asia-Pacific
region represents the largest market and is also expected to be the fastest-growing
market over the forecast period owing to the increasing consumption from
countries such as China, India, and Japan. China has the world’s largest
electronics production base. Electronic products, such as smartphones, OLED
TVs, tablets, and so on, have the highest growth prospects in the electronics
segment. With the increase in the demand for these, the market for encapsulant
in China is projected to grow in the near future.
Additionally, the
Asia-Pacific semiconductor industry account for the largest share and is
expected to be the fastest-growing region in semiconductors production, owing
to innovations in microchip technologies, which are expected to boost demand
for integrated circuits in the region, which, in turn, is likely to boost the
demand for the market studied.
According to India
Electronics and Semiconductor Association, the semiconductor component market
in the country is expected to be worth USD 32.35 billion by 2025, exhibiting a
CAGR of 10.1% (2018 - 2025). Thus, the ongoing Make in India initiative by the
government, is expected to result in investments in the semiconductor industry
in the country.
India Electronics and
Semiconductor Association (IESA) signed a MoU with Singapore Semiconductor
Industry Association (SSIA) to establish and develop trade and technical
cooperation between the electronics and semiconductor industries of both the
countries. This is expected to result in development of various break-through
semiconductor manufacturing technologies that would further increase the scope
for encapsulant usage in semiconductor manufacturing in India. Such factors are
expected to further drive the demand for encapsulant market over the forecast
period in the Asia-Pacific region.
Key market players in the
Global Solar Encapsulation Market are
following:-
- 3M COMPANY
- AKCOME
- STR HOLDING INC
- BRIDGESTONE CORPORATION
- Elbit Systems Limited
- DNP SOLAR
- DOW INC.
- DUPONT DE NEMOURS INC
- FIRST SOLAR
- HANGZHOU FIRST PV MATERIAL
CO. LTD.
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“The global solar
encapsulation market is driven by several key factors. Firstly, the increasing
adoption of solar energy as a clean and sustainable power source fuels demand
for encapsulation materials that protect and enhance the performance of solar
panels. Government incentives and policies, such as subsidies and tax credits,
encourage solar energy installations, further boosting the market. Technological
advancements play a crucial role, with ongoing research leading to improved
encapsulation materials that offer enhanced durability and efficiency.
Environmental concerns and sustainability goals drive the shift towards solar
energy, promoting the encapsulation market's growth. Additionally, the falling
cost of solar panels makes solar energy more accessible to a broader range of
consumers. Energy security, urbanization, and industrialization also contribute
by increasing energy demand. Grid integration, energy storage solutions, and
the pursuit of energy independence further bolster the solar encapsulation
market. Overall, a combination of market drivers is propelling the global solar
encapsulation market forward as solar energy continues to gain prominence
worldwide.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management
consulting firm.
Solar Encapsulation Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast Segmented by Material (Ethylene Vinyl
Acetate, Non-ethylene Vinyl Acetate, UV Curable Resin, and Others), by Technology
(Polycrystalline Silicon Solar, Cadmium Telluride, Copper Indium Gallium
Selenide, and Amorphous Silicon), by Application (Construction, Electronics,
Automotive, and Others), By Region, Competition 2018-2028 has evaluated the future growth
potential of Global Solar Encapsulation Market
and provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Solar Encapsulation Market.
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