Global Solar Encapsulation Market: Overview
Solar encapsulation is used to protect the solar panels and they are used in various equipment. In order to protect solar panel, various solutions are used. Solar encapsulation enhances the efficiency of solar panels and prevents them from external hazards. Good quality of solar panels and other solar equipment are susceptible to adverse environmental and physical threats. The associated risk can be reduced with the help of solar encapsulations. The materials that are selected for solar encapsulation should be flame retardant and corrosion resistant. This selection of materials depends on the requirements of the consumer. Encapsulation requires significant energy and material resources. The trend of solar encapsulation is growing in multiple industries such as automotive, construction and others. Encapsulation in the solar PV modules ensures safe working and reduces maintenance costs.
Global Solar Encapsulation Market: Growth Factors
Growing acceptance of the solar encapsulation and the increasing awareness towards renewable energy are reinforcing the demand for solar PV modules. Many government agencies are ensuring higher adoption of the solar encapsulation technology which is positively impacting the global solar encapsulation market. Escalating demand for solar PV modules and the rising government initiatives will boost the global market growth. Immense proliferation of technology and the increasing energy requirements contribute to the market growth. High investments in the R&D by PV module manufacturers encourage the development of newer encapsulants. The emergence of the innovative organic solar technology will enhance the investments in the global market. There is a hike in demand for electricity owing to the rapidly increasing population which in turn will result in a rise in demand for the solar equipment. It is expected that economic solar equipment will be available in the future. Conversely, the high cost of solar equipment may restrain the global solar encapsulation market growth to some extent.
Global Solar Encapsulation Market: Segmentation
The global solar encapsulation market is segmented based on the technology as thin film solar technology and polycrystalline silicon solar technology. Based on the material used, the global market is classified as ethylene vinyl acetate, polydimethylsiloxane, ionomers and polyvinyl butyral. Furthermore, the global solar encapsulation market is segregated on the basis of application as automotive, construction, electronics and others. The construction industry is one of the largest consumers of solar encapsulation market.
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Global Solar Encapsulation Market: Regional Analysis
Asia Pacific is emerging as prominent region due to the adoption of solar encapsulation technologies. Growing energy requirements in this region are fostering the global solar encapsulation market growth. Economically developing countries such as India and China are heavily investing in this technology. Significant adoption of the solar encapsulation can also be seen in the North American region. National governments in the various regions have announced several tax benefits in order to encourage adoption of solar technology which is influencing the global market in a positive way. Moreover, aggressive renewable energy targets and increasing installation of the solar encapsulation boost the growth of the global solar encapsulation market.
Global Solar Encapsulation Market: Competitive Players
Major key players in the global solar encapsulation market are Hangzhou First PV Material Co. Ltd., Bridgestone, Kuraray Europe GmbH, DuPont, STR Holdings Inc., Dow Corning Corporation and First Solar GmBH.