Solar Encapsulant Market : Global Market Size, Competitive Benchmarking of Key Players and Forecast By 2024 | Major Key Players are RenewSys India Pvt. Ltd. (RIPL), STR Holdings Inc., Encapsulantes de Valor Añadido S.A. (EVASA), E.I. du Pont de Nemours a

Crystalline silicon solar technology is commonly used in building crystalline silicon solar modules. However, the high production cost and the fragile nature of crystalline silicon-based solar modules have led to the need for cost-efficient solar module production technologies. Thus, manufacturers are focusing on developing less expensive and improved technologies for solar module production. An emerging technology in the solar encapsulant market is the thin-film solar cell technology. The major advantage of the thin-film solar cell technology over the crystalline silicon solar technology is its cost. Mass production of solar cells is more economical using the thin-film solar cell technology.

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The global solar encapsulant market is estimated to be valued at $1,036.0 million in 2017 and is projected to reach $4,555.4 million by 2023, witnessing a CAGR of 28.4% during the forecast period. The growing demand for rooftop photovoltaic (PV) modules and rising awareness about the advantages of the solar cell technology are some of the factors driving the market growth of solar encapsulants. Solar encapsulant is a thin-film sheet that protects a solar cell or module from external moisture, dust, and air. It also provides optical and electrical transmissivity to solar modules.

The most widely used solar cell technology is PV, wherein there is direct conversion of sunlight into electrical energy through a device called solar cell. Solar encapsulating materials are used to provide adhesion between the top and the rear surfaces of the PV module in order to protect the module from high temperature, moisture, and external stress. The demand for PV modules is growing owing to their benefits such as economic viability, environmental sustainability, and clean green energy.

During the forecast period, the thin-film solar technology is expected to be the faster-growing technology in the solar encapsulant market, registering CAGRs of 23.0% and 28.7% in terms of volume and value, respectively. Increasing focus of key players on production capacity expansion for thin films to meet the growing demand is expected to boost the use of the thin-film solar technology.

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Geographically, Asia-Pacific (APAC) is expected to continue being the largest and fastest-growing solar encapsulant market in the coming years. The market in the region is driven by an increase in the production capacity for solar modules by key manufacturers in China and India. For instance, according to the National Energy Board data for the year 2016, China expanded its installation capacity for PV power generation by 34.54 gigawatt (GW).

Some of the major players operating in the global solar encapsulant market are Hangzhou First Applied Material Co. Ltd., Changzhou Sveck Technology Co. Ltd. (Sveck), RenewSys India Pvt. Ltd. (RIPL), STR Holdings Inc., Encapsulantes de Valor Añadido S.A. (EVASA), E.I. du Pont de Nemours and Company, Jiangsu Akcome Science & Technology Co. Ltd., Saint-Gobain S.A., ISOVOLTAIC AG, Eastman Chemical Company, Bridgestone Corporation, Mitsui Chemicals Inc., and 3M Company.

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