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Solar Encapsulation Global Market Report 2024 To 2033 | Minnesota Mining and Manufacturing Company, Akcome Science and Technology Co. Ltd
Solar Encapsulation Market Segments
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According to The Business Research Company's, The solar encapsulation market size has grown exponentially in recent years. It will grow from $3.34 billion in 2023 to $4.18 billion in 2024 at a compound annual growth rate (CAGR) of 25.3%. The growth in the historic period can be attributed to increased government incentives and subsidies for solar energy adoption, increased awareness and concern for environmental sustainability, growing demand for clean and renewable energy sources, reduction in the cost of solar energy production, growing popularity of solar pv modules.
The solar encapsulation market size is expected to see exponential growth in the next few years. It will grow to $9.3 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. The growth in the forecast period can be attributed to expanding solar energy sector in emerging economies, rising demand for photovoltaic solar systems, implementation of transparent conductive materials, integration of energy storage solutions with solar encapsulation systems. Major trends in the forecast period include innovations in encapsulation materials, research and development in advanced encapsulation materials, development of lightweight and flexible solar encapsulation materials, emergence of smart encapsulation technologies for real-time monitoring and maintenance, customization of encapsulation materials for specific climate conditions.
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Market Drivers and Trends:
The rising demand for rooftop photovoltaics (PV) installations in developing economies is driving the growth of the solar encapsulation market. A PV system is an electric power system designed to supply usable solar power through photovoltaics (PV) and consists of an arrangement of components, including solar panels, to absorb and convert sunlight into electricity. Due to growing environmental concerns and depleting conventional energy sources, there has been a substantial shift toward renewable energy sources such as solar energy and the installation of PV systems, including rooftop PV installations. The demand for solar encapsulation increases in response to the rising rooftop PV installations in developing economies, as solar encapsulation is a mandatory process to ensure that PVs are reliable and to enable a longer life. For instance, according to a 2021 report by Indian leading research and consulting firm Mercom India Research, India, a developing economy installed 1.7 GW of rooftop solar in 2021, showing an increase of 210% year on year, whereas the residential segment accounted for 35% and the commercial segment accounted for 33% of all installed rooftop solar capacity. Furthermore, the Environment and Trade Ministries of Japan aim to have 108 gigawatts of solar capacity online by 2030, which is 1.7 times higher than the nation's previous target. It indicates that every building, parking lot, and farm in Japan will be fitted with rooftop panels. Thus, the rising demand for solar PV installations will raise the demand for solar encapsulations and hence drive the solar encapsulation market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Minnesota Mining and Manufacturing Company, Akcome Science and Technology Co. Ltd., STR Holding Inc., Bridgestone Corporation, Dow Inc., Du Pont De Nemours and Company, Trosifol India Pvt. Ltd., First Solar Inc., Ai Technology Inc., Celanese Corporation, Eastman Chemical Company, Momentive Performance Materials Inc., Hangzhou First PV Material Co. Ltd., Changzhou Sveck Technology Co. Ltd., Coveme SpA, Encapsulantes de Valor Agregado S. A. de C. V., Eva SA, Folienwerk Wolfen GmbH, Guangzhou Baiyun Chemical Industry Co. Ltd., Henkel AG & Co. KGaA, Hiuv New Materials Co. Ltd., Isovoltaic AG, Jolywood Sunwatt Co. Ltd., Kansai Paint Co. Ltd., Krempel GmbH, Kuraray Co. Ltd., Madico Inc., Mitsui Chemicals Inc., Nippon Sheet Glass Co. Ltd., Renolit SE, Saint-Gobain SA, Sekisui Chemical Co. Ltd., Solutia Inc., Taiflex Scientific Co. Ltd., Toppan Printing Co. Ltd., Toray Industries Inc., UBE Industries Ltd., Wacker Chemie AG, Zhejiang Reisun Solar Energy Co. Ltd., PVB Interlayer Products Inc.
Solar Encapsulation Market 2024 Key Insights:
• The solar encapsulation market size is expected to see exponential growth in the next few years. It will grow to $9.3 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%.
• The Surge In Rooftop Photovoltaic Installations Boosts The Solar Encapsulation Market
• Advances In Solar Encapsulation Technology Drive Market Growth
• Asia-Pacific was the largest region in the solar encapsulation market in 2023
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