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Solar Encapsulation Market - Industry Insights by Materials, Technology, Application, Market Growth Factors and Demand Forecast to 2023
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With the widespread adoption of renewable energy sources and increasing government initiatives to maximize the solar potential, the global solar encapsulation market is gaining traction. Additionally, increasing solar PV installations, growing applications of PV modules, rising power demands and technological advances made in the field of encapsulation material is expected to further spur the demand for solar encapsulation during the forecast period.
The solar encapsulation market is in its nascent stage and the PV modules are used across various end-use industries such as construction, electronics and automotive. Ethylene Vinyl Acetate (EVA) has been the largest revenue generator in the global market for solar encapsulation.
Asia-Pacific accounted for the largest region in the global solar encapsulation market, where China contributed to the largest revenue. The U.S. was the major market for solar encapsulation in the North America, whereas Germany contributed to the largest revenue in the European region. Brazil was the largest market for solar encapsulation in Latin America, whereas the UAE generated the largest revenue in the Rest of the World market, which also includes Saudi Arabia, Algeria, South Africa and Egypt.
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The factors driving the growth of the global solar encapsulation market include negligible product substitutes and the increasing demand for electricity due to the rapidly growing population. Despite being in nascent stage, solar encapsulation market poses great potential for growth in the near future owing to negligible substitutes available in the global market. Additionally, government initiatives such as tax benefits, market assessing programs and various renewable targets are expected to further spike the demand for solar encapsulation.
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Some of the key players in the global market for solar encapsulation include Bridgestone Corporation, STR Holdings, Inc., E. I. du Pont de Nemours and Company, First Solar, Inc., 3M Company, Solutia Inc., The Dow Chemical Company, Mitsui Chemicals Tohcello.Inc., Lucent CleanEnergy and Wacker Chemie AG.
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