Press release
Solar Encapsulation Market Size to Hit $6.1 billion by 2030, at a CAGR of 8.7%
The solar encapsulation market size is projected to reach $6.1 billion by 2030, growing at a CAGR of 8.7% from 2021 to 2030. Encapsulation on solar photovoltaic (PV) modules includes insulation and protection, which alters the device performance as a function of wavelength of incoming light. In addition, PV technology has evolved as the major renewable power resource in the worldwide green energy sector to meet the future challenge of energy needs. The main barrier for the commercialization of this technology, which is even estimated to contribute about 20% of the global energy supply by 2050 is the poor performance and stability of the PV modules in the outdoor climate. Encapsulation of PV modules is one among the multiple ways to mitigate these stability issues and it plays an important role in the enhancement of the device lifetime by providing a barrier structure to restrict the penetration of oxygen and moisture.Download Sample Report: https://www.alliedmarketresearch.com/request-sample/422
The development of PV storage systems is essential to increase the ability of PV systems to replace the existing conventional sources. With rise in demand for PV installations, the adoption of storage grid is projected to increase, which fuels the demand for solar encapsulation and may act as the major driving factor for the market.
For the purpose of analysis, the solar encapsulation market is segmented on the basis of material, technology, application, and region. Depending on material, the market is categorized into ethylene vinyl acetate, non-ethylene vinyl acetate, UV curable resin, and others. According to technology, it is fragmented into polycrystalline silicon solar, cadmium telluride, copper indium gallium selenide, and amorphous silicon. As per the application, it is classified into construction, electronics, automotive, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The global solar encapsulation market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the solar encapsulation industry report include 3M Company, AKCOME, STR Holding Inc., Bridgestone Corporation, DNP solar, Dow Inc., Dupont De Nemours Inc., First Solar, Hangzhou First PV Material Co. Ltd., and JGP Energy
Key Findings Of The Study
Depending on material, ethylene vinyl acetate segment holds the largest market share in 2020.
As per the technology, the polycrystalline silicon solar segment accounted for the largest market share in 2020.
By application, the construction segment accounted for the largest market share in 2020.
Region wise, Asia-Pacific accounted for the largest market share in 2020.
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COVID-19 impact on the market
The manufacturing of solar encapsulation was halted for a specific period due to high peak of COVID-19 situation, which impacted the sales of solar encapsulation.
Sales of solar encapsulation is directly proportional to the demand for solar panels. Solar projects has been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in solar encapsulation.
COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to less workforce. However, there is a sluggish decline in the global solar encapsulation market due to impact of COVID-19.
Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using solar encapsulation, and thereby affecting the global solar encapsulation market.
According to the UNIDO, 30.0%-70.0% of pre-COVID-19 workforce of various industries, such as chemical, petrochemical, oil & gas, HVACR, food & beverage, power generation, and other third-party vendors migrated to their hometowns, due to uncertainties and loss of income during the lockdown. This unavailability of workforce directly affected the production and manufacturing activities, thereby resulting in decline in demand for raw materials used in solar encapsulation. This is expected to decline the growth of the market during the forecast period.
The COVID-19 pandemic negatively impacted the integrated construction industry. Factors include disruption due to migration of workers and unavailability of material. However, decrease in construction activity significantly impacted solar encapsulation market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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