Solar Encapsulant Market 2020: Explore the Future Opportunity with Growth Demand | Top Players are Hangzhou First Applied Material Co. Ltd., Changzhou Sveck PV New Material Co., Ltd., EVASA, RenewSys India Pvt. Ltd., and STR Holdings Inc.
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In 2017, the global solar encapsulant market reached a value of $1,036.0 million and is expected to attain $4,555.4 million in 2023, advancing at a 28.4% CAGR during the forecast period (2018-2023). The market is growing due to the advancements in the solar cell technology, increasing awareness regarding advantages of the solar cell technology, and rising requirement of photovoltaic (PV) modules. A thin film which protects a solar cell or module from external air, moisture, and dust and provides protection and durability against delamination and corrosion is referred to as solar encapsulant.
In terms of application, the solar encapsulant market is divided into automotive, electronics, construction, and others (which include defense and aerospace). Out of these, the construction division accounted for the major share of the market during the historical period and is further predicted to account for the largest share of the market during the forecast period, both in terms of value and volume. The reason for this is the surging demand for PV modules from the commercial and residential sectors.
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The emergence of thin-film solar cell technology is a key trend that is being witnessed in the solar encapsulant market. The crystalline silicon solar technology is generally utilized for producing crystalline silicon solar modules. However, the fragile nature and high production cost of crystalline silicon-based solar modules have resulted in the need for cost-efficient solar module production technologies. Attributed to this, the manufacturers are focusing on developing improved and cost-efficient technologies. One such technology is thin-film solar cell technology, which is cost-effective and helps reduce the consumption of raw material during the production of solar cell.
The solar encapsulant market is consolidated in nature with the presence of established companies, such as Hangzhou First Applied Material Co. Ltd., Changzhou Sveck PV New Material Co., Ltd., EVASA, RenewSys India Pvt. Ltd., and STR Holdings Inc.
In July 2016, Suzhou Zhongkang Power, a subsidiary of Jiangsu Akcome Science & Technology Co. Ltd., invested $150.57 million (RMB 1 billion) for the building of three PV power stations, with a combined installed capacity of 110 MW. The investment aimed at expanding the company's solar power business in the country and increasing its presence at the global level.
Some of the other key players present in the solar encapsulant market are Jiangsu Akcome Science & Technology Co. Ltd., Saint-Gobain S.A., ISOVOLTAIC AG, Eastman Chemical Company, Bridgestone Corporation, and Mitsui Chemicals Inc.
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