Global Solar Encapsulation Market Analysis

Solar Encapsulation Market is projected to be worth USD 11.37 billion by 2028, registering a CAGR of 14.5% during the forecast period (2021 - 2028)

The global solar encapsulation market is witnessing significant traction. Solar encapsulation is crucial to make solar panels non-conductive. Therefore, increasing installations of solar panels worldwide and technological advances improving functionalities of solar modules contribute to the market growth. Besides, initiatives to encourage renewable and energy-saving resources are major trends increasing the market prominence of solar encapsulation. 

With the growing PV installations in residential rooftop applications, the market is projected to witness a significant rise in its revenues during the years to come. According to Market Research Future (MRFR), the global solar encapsulation market is projected to garner tremendous traction by 2028, posting an impressive CAGR during the forecast period (2021-2028).

Segmentation

The market is segmented into technologies, materials, end-uses, and regions. The technology segment is sub-segmented into thin-film solar technology and polycrystalline silicon. Among these, the polycrystalline silicon segment accounts for the largest market share. The material segment is sub-segmented into ethylene-vinyl acetate, polydimethylsiloxane, ionomers, polyvinyl butyral, and others. 

Among these, the ethylene-vinyl acetate segment holds a larger market share as it has good radiation transmission and low degradability to sunlight.  The end-use segment is sub-segmented into automotive, electronics, construction, and others. The region segment is bifurcated into Asia Pacific, Americas, Europe, and rest-of-the-world.

COVID-19 Impacts on the Market

The onset of COVID-19 could hardly affect the solar encapsulation industry. Industry players faced major challenges, including disrupted supply chains, attracting workers from quarantines, and logistic issues in delivering end products. 

At the same time, the pandemic reassured a robust rise in the renewable energy market, continually propelling energy demand. The solar encapsulation market value is projected to pick up further, following lockdown mandates relaxed in many countries. 

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Competitive Analysis

Manufacturers strive to increase production capacities of encapsulation resins with improved cost efficiency and digitalization. They also explore the possibility of new product development after mastering the existing ones.

For instance, recently, on August 10, 2021, Researchers at Institute for Solar Energy Research Hamelin (ISFH - Germany) announced the development of two different techniques integrating stone veneers in conventional solar modules to make them suitable for BIPV projects in stone facades.

All panels are bifacial heterojunction solar cells encapsulated between two sheets of polyolefin encapsulation film. These panels are considered an ideal solution for aesthetically demanding applications in buildings with stone facades.

Improvements in Solar Encapsulation Techniques & Materials Boost Market size

The market outlook appears promising mainly due to the continually growing energy demand worldwide. Rise in solar panel installations in residential as well as commercial sectors drives the solar encapsulation market growth. Additionally, increasing government initiatives and awareness for solar encapsulation benefits influence market revenues. Also, the vast uptake of thin-film solar and cadmium telluride (CDTE) technology fosters the market's size. 

Increasing installations of rooftop and ground-mounted solar panels in industrial sectors and utility-scale systems are other significant trends influencing the market growth. Substantial investments by industry players to drive technology upgrades and improve materials, alongside declining prices of essential raw materials and components, push the solar encapsulation market growth. 

EVA has long been the key material for the encapsulation of silicon PV modules. The vast availability of cheap & easy to process EVA from an established, cost-optimized supply chain positively impacts market growth. Furthermore, increasing research activities for specialized application of various vital raw materials in PV modules creates vast market opportunities.  

Prohibitive Costs Restrict Market Growth

High costs related to the production and maintenance of solar encapsulation are significant factors obstructing market growth. Nevertheless, rising electricity prices and the availability of cost-competitive solar encapsulation techniques would support the market growth throughout the assessment period. Recent developments in module technology have created major opportunities for the use of another class of materials, polyolefins (POEs).

Regional Analysis

Europe dominates the global solar encapsulation market, heading with the rapid development and R&D investment in solar energy. Moreover, long-term contracts offered to renewable energy producers that are proportionate to the cost of generation of each technology boost the solar encapsulation market size. 

Favorable government policies aimed to promote solar energy influence the region's solar encapsulation market share. Additionally, considerable investments in solar energy due to the rising focus on developing renewable energy sources increase the solar encapsulation market value.

Key players involved in the market are Mitsubishi Plastics Inc., First Solar Gmbh, Evasa, Cambiosolar, Kuraray Europe Gmbh, Dow Corning Corporation, Renewsys, Solutia Inc., Specialized Technology Resources Inc., E.I. Dupont De Nemours & Co., Hangzhou First PV Material Co. Ltd., and Sanvic Inc., among others.