Global Solar Encapsulation Market to Reach US$ 7,802.7 Million by 2032, Catalyzed by Increasing Installation of Solar Panels

February 18, 2022 | Energy & Mining

The latest report by IMARC Group, titled "Solar Encapsulation Market Report by Material (Ethylene Vinyl Acetate, Non-Ethylene Vinyl Acetate, UV Curable Resins), Technology (Single-crystal/Polycrystalline Silicon Solar Technology, Thin-film Solar Technology), Application (Construction, Electronics, Automotive, and Others), and Region 2024-2032," finds that the global solar encapsulation market size reached US$ 2,701.0 Million in 2023. Solar encapsulation is a technique used to encapsulate photovoltaic (PV) cells with a polymeric material, such as ethylene-vinyl acetate (EVA) film. It provides adhesion between the solar cells, the top surface, and the rear surface of the PV module. It also offers protection against corrosion, ultraviolet (UV) radiation, delamination, mechanical stress, and temperature changes. Moreover, it assists in enhancing the overall performance, durability, efficiency, and cost-effectiveness of solar modules. In recent years, solar encapsulation has gained immense traction to protect solar panels and equipment against degradation due to various physical and environmental factors.

Global Solar Encapsulation Market Trends:

Solar encapsulation helps extend the life of solar cells, eliminate stability issues, and improve the output power of PV modules. As a result, the increasing installation of solar panels across the residential and commercial sectors and the escalating electricity demand represent the primary factors driving the market growth. Besides this, the shifting inclination toward renewable energy sources due to the depleting conventional resources and rising environmental concerns is another major growth-inducing factor. Additionally, governments of various countries are introducing favorable policies and subsidies to promote the installation of solar panels. Along with this, the rising investments toward the modernization of existing infrastructure have catalyzed the market growth. Furthermore, several key players are engaging in research and development (R&D) activities to introduce new encapsulants for emerging PV technologies. This, in line with the launch of low-cost encapsulant materials, such as cadmium telluride, amorphous silicon cells, thermoplastic polyurethane (TPU), and polyvinyl butyral (PVB), has augmented the product demand. Other factors, including the surging demand for clean and sustainable energy, technological advancements, and emerging solar energy applications for power generation, architecture and agriculture, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 7,802.7 Million by 2032, expanding at a CAGR of 12.3% during the forecast period (2024-2032).

Market Summary:

  • Based on the material, the market has been divided into ethylene vinyl acetate, non-ethylene vinyl acetate, and UV curable resins. 
  • On the basis of technology, the market has been bifurcated into single-crystal/polycrystalline silicon solar technology and thin-film solar technology (cadmium telluride (CdTe), copper indium gallium selenide (CIGS), and amorphous silicon (a-Si)).
  • The market has been classified based on the application into construction, electronics, automotive, and others.
  • Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been examined with some of the key players being 3M Company, Bridgestone Corporation, dnpSolar (Dai Nippon Printing Co., Ltd.), Dow Inc., Dupont De Nemours Inc., Eastman Chemical Company, First Solar Inc., Kuraray Co. Ltd., Mitsubishi Chemical Holdings Corporation, Mitsui Chemicals Inc., RenewSys India Pvt. Ltd. (Enpee Group), and STR Holdings Inc.

Report Scope:

Report Features Details
Base Year of the Analysis 2023 
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Material, Technology, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 3M Company, Bridgestone Corporation, dnpSolar, Dow Inc., Dupont De Nemours Inc., Eastman Chemical Company, First Solar Inc., Kuraray Co. Ltd., Mitsubishi Chemical Holdings Corporation, Mitsui Chemicals Inc., RenewSys India Pvt. Ltd. and STR Holdings Inc.
Customization Scope 10% Free Customization
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Global Solar Encapsulation Market to Reach US$ 7,802.7 Million by 2032, Catalyzed by Increasing Installation of Solar Panels
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