Global Solar Encapsulation Materials Market is expected to grow at a significant CAGR in the upcoming years. Sustainable and renewable energy market is expected to witness high growth owing to exhausting conventional sources, coupled with environmental concerns and increasing cost of production. The growing electricity demand across the globe is expected to be the major driving factor for the global market over the forecast period. The other major contributor fueling the growth of the solar encapsulation market is. Increasing awareness leading to more investment in modern infrastructure is anticipated to make it an important for manufacturing PV technology. This method refers to the process of safeguarding the expensive solar panels and equipment’s that are vulnerable to various environmental and physical threats.
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Solar Encapsulation is carried out between the glass cover of outer part of solar panel and solar cell located inside the panel. This process is usually done to extend the life of PV panels. Materials used in this process consist several properties including flame retardant, and corrosion resistant. High energy and material resources and required to compile the entire process. Automotive and construction industries are also expected to adopt this process. This technology offers safe and efficient operation of solar PV modules thus enabling the consumers to reduce their maintenance and repair costs. The construction industry is expected to be the largest consumers of this segment. The growth of this industry is expected to encourage companies to invest in Research and development activities that involve solar encapsulation technology.
The market is highly dominated by PV material as they are major components used in the manufacture of encapsulations. The major properties exhibited by them are good mechanical resistance, good insulation, adhesion property, good light transmittance and outstanding long-term performance. Increasing adoption of solar panels across various demographic regions is expected to be the key driving factor owing to their high benefits. Solar panels are considered to be the most efficient way to generate electricity through sunlight. It reduces the amount of electricity coming from fossil fuels thereby reducing the harmful gases released into the environment. Absence of proper substitutes for solar encapsulation technology is expected to be an opportunity for the growth of solar modules that will directly enhance the market growth rate.
Many government organizations in emerging economies have set their objectives to ensure adoption of solar technology across the countries. These factors coupled with growing demand of solar modules are expected to encourage investment in solar encapsulation market. Growing energy requirements and enormous technological development in solar industry is expected to bolster the growth over the forecast period. Insignificant substitutes present for the PV module provides opportunities for the market growth. Continuous R&D activities by industry players is expected to develop new encapsulate.
On the basis of technology, encapsulants have been segmented into polycrystalline silicon solar, monocrystalline and thin film solar technology. Monocrystalline technology is the largest segment and is used widely in many applications including residential, corporate, and industries. These panels have the highest efficiency rate owing to the presence of highest grade silicon material. Based on the material used in encapsulation process, the global solar encapsulation materials market can be segmented into Polyvinyl Butyral (PVB), Ethylene Vinyl Acetate (EVA), Ionomers and Polydimethylsiloxane (PDMS). Polyvinyl butyral is expected to dominate the global market owing to its adhesive properties This material is a resin mostly used in applications which need optical clarity, strong binding, adhesion to many surfaces, flexibility, and toughness.
A major constraint in the growth of this sector is the expensive solar equipment’s and solar panels. The major focus of solar encapsulation manufacturers is on R & D to develop new encapsulants for emerging PV technologies. Asia pacific is expected to be the key region in the market Rapid development, high investments in the market coupled with mergers and acquisitions are expected to be the driving factors for the market growth in this region. Reduction in carbon footprint by adopting conventional energy sources in emerging economies including India and China is expected to boost the market.
Feed in tariff policy introduced in various countries to encourage investments in renewable energy sources can be attributed to the growth of encapsulation market over the forecast period, this policy is introduced to accelerate and initiate the investment in renewable resource technologies. Long term contracts are provided to renewable energy producers proportional to rate of generation of each technology. Germany is anticipated to be the world leader in production of electricity through solar technology owing to increasing awareness of PV technology and better financing from government organizations.
Key players in the solar encapsulation materials market include Hangzhou First PV Material CoSolutia and STR Holdings Inc. Other industry participants are Jura-plast, Dow Corning, Bridgestone, and Trosifol. The development and advancements in organic solar equipment in the future is expected to further attract more investments in solar encapsulation market.
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