The Business Research Company's solar encapsulation market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Aug. 24, 2022 /PRNewswire/ -- The rising demand for rooftop photovoltaic (PV) installations in developing economies is driving the solar encapsulation market growth. 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. 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 longer life.
For instance, according to a 2021 report by leading research and consulting firm Mercom India Research, India, a developing economy, installed 1.7GW 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.
The global solar encapsulation market size is expected to grow from $2.15 billion in 2021 to $2.58 billion in 2022 at a compound annual growth rate (CAGR) of 19.89%. The global solar encapsulation market share is expected to grow to $5.30 billion in 2026 at a compound annual growth rate (CAGR) of 19.69%.
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Technology Advancement Is A Key Trend In The Market - (https://www.thebusinessresearchcompany.com/report/solar-encapsulation-global-market-report)
As per the solar encapsulation industry overview, technology advancement is a key trend gaining popularity in market. Major players in the market are focusing on launching and implementing advanced encapsulation technology for solar modules. The advanced encapsulation technologies replace the gaps between solar cells and improve the efficiency of PV modules while incorporating modular designs. For instance, in May 2019, LONGi Solar, a Chinese leading global solar technology company, developed the "Seamless Soldering" module encapsulation technology, which eliminates the gap between cells and increases the efficiency of PV modules.
Solar Encapsulation Market Segmentation - (https://www.thebusinessresearchcompany.com/report/solar-encapsulation-global-market-report)
The global solar encapsulation market forecast is segmented -
- By Material: Non-Ethylene Vinyl Acetate, UV Curable Resin, Others
- By Solar Module: Polycrystalline Silicon Cells, Cadmium Telluride, Amorphous Silicon Cells, Others
- By Application: Automotive, Electronics, Others
Key Players And Their Strategies In The Solar Encapsulation Industry
Major players in the solar encapsulation market are 3M Company, Akcome, STR Holding Inc, Dow Inc, Dupont De Nemours Inc, First Solar Inc, Mitsubishi Plastics Inc, Hiuv, Changzhou Bbetterfilm, DNP Solar, Hangzhou First PV Material Co Ltd, SKC, and Lucent.
In October 2020, Mitsubishi Chemical Corporation, a Japanese company that supports the foundations of all types of industries with a wide range of products ranging from materials to functional products, acquired Gelest Inc. for an undisclosed amount. With this acquisition, Mitsubishi Chemical will use each organization's technology and competencies to improve the value offered to customers and the company's performance. Gelest Inc. is a US-based company that offers a variety of precursors for the various types of solar cells as well as for anti-reflection and surface modification coatings.
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