With the emergence and long-term Impact of COVID-19, the Global Solar Encapsulation Market is to reach USD 5.52 Billion by 2029
Bizwit Research & Consulting LLP’s Recent Analysis on Global Solar Encapsulation Market is poised to raise up to USD 5.52 Billion by 2029. Solar photovoltaic technology is a technology that converts sunlight into direct current electricity by using electronic components such as semiconductors. There is a number of layers in solar cell and among those layers, one is encapsulation film that protects the solar cell from discoloration, moisture etc. and ensures its reliability and performance. It provides optical and electrical transmissivity. Rising demand for electricity worldwide, cost reduction potential of solar PV and the development in PV technology are the factors driving the growth of market over the forecast years.
Over the years the demand for electricity has significantly increased due to increased commercial and industrial demand as well as growing adoption of electric vehicles. Hence, with rising electricity demand the adoption of alternative energy sources such as solar energy has rapidly increased creating lucrative demand for solar encapsulation worldwide. For instance – according to International Energy Agency (IEA) estimates – in 2019, the global electricity demand was estimated at approximately 24000 terawatt-hours, and the demand for electricity is projected to reach 27500 terawatt-hours by 2026, and further 30,000 terawatt-hours in 2030.
Thus, the rise in global electricity demand indicates the rise in electricity production propels the growth of global solar encapsulation market over the forecast years. Also, introduction of organic solar technology and economical encapsulation techniques and increasing demand for solar lights for road dividers would create lucrative growth prospectus for the global solar encapsulation market throughout the projected period. However, degradation of EVA solar encapsulation materials hinders the market growth throughout the forecast period of 2022-2029.
Geographically, the global Solar Encapsulation Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific is estimated as the dominant and fastest-growing region worldwide due to factors such as increasing number of initiatives from government authorities to promote adoption of solar energy and growing investment in solar parks as well as the region being one of the largest producers of solar energy worldwide.
The global Solar Encapsulation Market is highly competitive owing to the presence of several key manufacturers such as 3M Company, AKCOME, STR Holding Inc., Bridgestone Corporation, DNP solar, Dow Inc., Dupont De Nemours Inc, and others.
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Key findings of the study suggest:
- Global Solar Encapsulation Market is anticipated to grow with a healthy growth rate of more than 8.7% over the forecast period 2022-2029.
- In the material segment, ethylene vinyl acetate emerged as the leading market segment in 2021.
- Asia Pacific is anticipated to drive regional growth owing to the increasing number of initiatives from government authorities.
- Asia Pacific is expected to grow at a high CAGR during 2022-2029.
Bizwit Research & Consulting has considered the following segments for the study:
By Material
- Ethylene Vinyl Acetate
- Non-ethylene Vinyl Acetate
- UV Curable Resin
- Others
By Technology
- Polycrystalline Silicon Solar
- Cadmium Telluride
- Copper Indium Gallium Selenide
- Amorphous Silicon
By Application
- Construction
- Electronics
- Automotive
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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