Global Solar Encapsulation Market

Solar Encapsulation Market Size, Share, Growth Analysis, By Material(Ethylene vinyl acetate (EVA), polyvinyl butyral (PVB), polydimethylsiloxane (PDMS), and others.), By Application(Construction, Electronics, Automotive, and Others.), By Region - Industry Forecast 2024-2031


Report ID: SQMIG55F2035 | Region: Global | Published Date: March, 2024
Pages: 182 | Tables: 65 | Figures: 75

Solar Encapsulation Market News

  • To promote the commercial deployment of state-of-the-art perovskite solar cells, Verde Technologies Inc., a leader in perovskite thin-film solar solutions, formed a strategic alliance with Northern Illinois University (NIU) and the National Renewable Energy Laboratory (NREL) of the U.S. Department of Energy in August 2023. By working together, Verde and NIU hope to gain access to a collection of NREL-owned patents on perovskite solar technology, as well as an exclusive agreement.

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    In August 2023, Alishan Green Energy will introduce the Alishan BackPro back sheets, a cutting-edge line of photovoltaic cell encapsulants that combine fluoro and non-fluoro choices, transforming the solar industry. These back sheets are made at Alishan's manufacturing facility in Raipur and have a special, proprietary coating that greatly improves both their performance and longevity. A monument to their constant commitment to top-tier quality and customer satisfaction, Alishan BackPro's unique multi-layer composition produces remarkable electrical insulation, moisture barrier qualities, and resistance against mechanical stress and partial electrical discharges.

     

  • First Solar, Inc., a US-based solar firm, paid $38 million to acquire Evolar AB in May 2023. First Solar hopes to accelerate the development of the upcoming generation of photovoltaic (PV) technologies, particularly highly efficient tandem devices, with this acquisition. The objective is to combine Evolar's experience in scaling thin-film PV systems for commercial applications with its ongoing R&D initiatives, intellectual property holdings, and research and development capabilities. Supplier of solar technologies, including solar encapsulation, with headquarters in Sweden is Evolar AB.

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Solar Encapsulation Market size was valued at USD 3.13 Billion in 2022 and is poised to grow from USD 3.40 Billion in 2023 to USD 6.63 Billion by 2031, at a CAGR of 8.7% during the forecast period (2024-2031).

The solar encapsulation market is highly competitive, with numerous players operating in the industry. The market is characterized by a mix of established companies, emerging players, and regional manufacturers. These companies focus on developing and offering a wide range of solar encapsulation materials and solutions to cater to the diverse needs of solar panel manufacturers and end-users. Competition in the market is primarily driven by factors such as product innovation, performance, reliability, pricing, and customer service. 'DuPont - USA', 'STR Holdings, Inc. - USA', 'Mitsui Chemicals Tohcello, Inc. - Japan', 'Coveme - Italy', 'Bridgestone Corporation - Japan', 'Solutia (Eastman) - USA', 'Krempel GmbH - Germany', 'Hangzhou First PV Material Co., Ltd. - China', 'Toyo Aluminium K.K. - Japan', 'Toppan Printing Co., Ltd. - Japan', 'Folienwerk Wolfen GmbH - Germany', '3M - USA', 'Jolywood (Suzhou) Sunwatt Co., Ltd. - China', 'Mitsubishi Polyester Film, Inc. - USA', 'Targray - Canada', 'Changzhou Sveck Technology Co., Ltd. - China', 'Zhejiang Feiyu New Energy Co., Ltd. - China', 'Hangzhou Zhongtian Microelectronics Co., Ltd. - China', 'Hangzhou First Applied Material Co., Ltd. - China', 'Jinko Solar - China'

The demand for environmentally sustainable solutions and the imperative to reduce carbon emissions has increased significantly. This has led to a notable shift towards renewable energy sources due to growing environmental concerns and the depletion of conventional energy sources. Consequently, the solar encapsulation market is experiencing a surge in demand as it plays a vital role in facilitating the adoption of solar energy during the projected period. Additionally, the process of urbanization has contributed to the increased need for solar panels, consequently driving the demand for solar encapsulation. This factor is anticipated to be a major driver in the market. Furthermore, the solar encapsulation market is expected to witness substantial growth due to the rising awareness of the benefits of renewable energy and the desirable properties offered by solar encapsulation, such as excellent insulation, mechanical durability, and superior light transmission, throughout the forecast period.

Transition to Non-EVA Encapsulation Materials: Ethylene vinyl acetate (EVA) has been traditionally used as the primary encapsulant material in solar modules. However, there is a growing shift towards non-EVA encapsulation materials, such as polyolefin-based films, polyvinyl butyral (PVB), and thermoplastic polyurethane (TPU). These alternative materials offer improved long-term performance, higher adhesion, and enhanced resistance to potential-induced degradation (PID).

Asia-Pacific is expected to maintain its dominant position in the solar encapsulation market in terms of both market share and revenue. This region's continued growth can be attributed to the expanding applications of solar energy in power generation, construction, and agriculture. The increasing adoption of solar energy within the Asia-Pacific region contributes significantly to the market's overall progress.

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Global Solar Encapsulation Market

Report ID: SQMIG55F2035

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