Global Solar Energy Surge Propels PV Module Encapsulant Film Market to US$ 2.6 Billion in 2023

PV module encapsulant film is a crucial component in solar panel manufacturing. This specialized film safeguards photovoltaic cells from external elements while optimizing light transmission for efficient energy conversion. By providing mechanical support and protection against moisture and UV exposure, encapsulant film ensures the longevity and reliability of solar panels, contributing to sustainable renewable energy generation.

Rapid shift towards renewable energy sources such as solar energy is a key factor that will drive the global market forward. The global PV module encapsulant film market revenues are estimated to reach US$ 2.6 Billion in 2023. Over the projection period, global module film sales are likely to soar at 4.7% CAGR. By the end of 2033, the market is expected to reach a valuation of US$ 4.2 Billion. Energy consumption is rising dramatically, particularly in developing nations. According to the International Energy Agency (IEA), more than 1.3 Billion people lack access to electricity because of a lack of infrastructure.There is an urgent need for more energy to support strong and competitive economic development and growth. This is prompting countries to develop and expand their renewable energy sources.

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To reduce interdependence on fossil fuels, various countries are planning the deployment of multi-gigawatt (GW) solar power plants. High adoption of photovoltaic modules or solar panels will in turn elevate demand for PV module encapsulant films.

The benefits of solar photovoltaic (PV) modules, including their high dependability, lack of fuel use, low maintenance requirements, and reduced noise pollution, have drawn significant attention.

Thanks to its wider availability, solar photovoltaic technology is currently the most economical method of producing power. To achieve global energy and environmental goals, the use of solar photovoltaic modules is drastically increasing.

The generation of clean, sustainable, and renewable energy from sunlight is mostly dependent on PV modules. As the demand for PV modules is increasing, so will the demand for PV module encapsulant films. This will expand the global PV module encapsulant film industry.

Key Takeaways from the PV Module Encapsulant Film Market Study:

- The global market for PV module encapsulant films is forecast to reach a valuation of 4.2 Billion by 2033.
- Global sales of PV module encapsulant films are likely to surge at 4.7% CAGR through 2033.
- Based on material, ethyl vinyl acetate segment is set to exhibit a CAGR of around 5.1% through 2033.
- China's PV module encapsulated film market is expected to exceed a valuation of US$ 674 million by 2033.
- PV module encapsulant film demand in Italy is likely to increase at 5.6% CAGR through 2033.
- The United States PV module encapsulant films market value is forecast to reach around US$ 609 million by 2033.

"Rapid shift towards renewable energy sources such as solar power will generate high demand for PV module encapsulant films during the next ten years. Favorable government and regulatory environment are expected to provide massive growth opportunities to manufacturers that can innovate to meet the demands of sustainability from various consumer sectors." says an analyst from Future Market Insights (FMI).

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Competitive Landscape Analysis

Leading PV module encapsulant film manufacturers profile in the reports include 3M, Borealis, Changzhou Betterial Film Technologies Co., Ltd., Jiangsu Sveck Photovoltaic New Material, Hangzhou First Applied Material, Shanghai HIUV New Materials Co, Mitsui Chemicals Company, Arkema, Cybrid Technology, Topray Solar, Coveme, RenewSys, H.B. Fuller, TPI Polene, and Guangzhou Lushan New Materials Co., Ltd.

New product development, investments in research & development, partnerships, agreements, and collaborations are few of the key strategies employed by leading companies.

Recent developments:

- In November 2022, a joint innovation signing ceremony was held by Jiangsu Sveck New Materials Co., Ltd., Changzhou EGING PV Technology Co., LTD., and China Quality Certification Center.

The aim was to promote the integrated development of the photovoltaic industry and innovative chain, with a focus on the new corrosion-resistant encapsulant film of the Sveck 'TS' series and the photovoltaic module of the 'Star Pro' series.

- In May 2022, Sveck New Materials Co., Ltd. started promoting the use of POE-based encapsulate solutions for bifacial applications. The company has developed a multilayer EVA-POE-EVA co-extruded film structure for bifacial modules as a supplier of EVA and POE encapsulation materials.

Segmentation of the Global PV Module Encapsulant Film Market

By Weight:

Below 400 g/m2
400-475 g/m2
Above 475 g/m2

By Material Type:

Ethyl Vinyl Acetate (EVA)
Transparent EVA
White EVA
Anti-PID EVA
Polyolefin Elastomer (POE)
Thermoplastic Polyolefin (TPO)
Polyvinyl Butyral (PVB)

By Application:

Monofacial PV Module
Bifacial PV Module

By Thickness:

0.20-0.40 mm
0.40-0.60 mm
0.60-0.80 mm

By End-Use:

Commercial
Industrial
Residential

By Region:

North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa

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About Future Market Insights, Inc. (FMI)

Future Market Insights, Inc. (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

This release was published on openPR.