Solar encapsulation is used to protect the solar panels from corrosion, and changing weather conditions. In addition, it also improves efficiency of solar panels. Polymers such as ethylene vinyl acetate, polyvinyl butyral (PVB), ionomers, polyolefin, and thermoplastic polyurethanes are used as solar encapsulates.
Rising demand for renewable energy sources coupled with increasing adoption of solar photovoltaic (PV) technology is a key factor driving growth of the global solar encapsulation market. In addition, increasing awareness towards benefits of renewable energy, and presence of properties such as good insulation, mechanical resistance, good light, and transmittance are other factors expected to propel growth of the global solar encapsulation market over the forecast period.
Current trend in market is development of low cost solar panel materials such as amorphous silicon cells, and cadmium telluride, which is further expected to drive growth of the global solar encapsulation market.
However, high costs of installation associated with solar equipment is a key factor restraining growth of the global solar encapsulation market. Additionally, weather conditions especially during monsoons is hindering the acceptance of solar power systems, which is another factor expected to hamper growth of the global solar encapsulation market over the forecast period.
Increasing market demand of solar glass panels due to its excellent adhesive bonding is expected to generate opportunities for market players in the global solar encapsulation market in the next few years. Moreover, introduction of non-EVA (Ethyl Vinyl Acetate) based encapsulation such as polyvinyl butyral (PVB), and thermoplastic polyurethane (TPU) is expected to create growth opportunities for market players.
The global solar encapsulation market is segmented on the basis of material, technology, application, and region. On the basis of region, the global solar encapsulation market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Asia Pacific market is expected to account for largest share in terms of revenue in the global solar encapsulation market followed by market in North America, owing to rising renewable energy requirements and increasing awareness regarding benefits of PV technology in countries in the region. The market in Europe is expected to register significant growth over the forecast period, owing to increasing applications of solar energy for power generation, construction, and agriculture.
Prominent players in the global solar encapsulation market include STR Holdings, Inc., Hangzhou First Applied Material Co., Ltd., Solutia Inc., Bridgestone Corporation, Dow Corning Corporation, DuPont, First Solar, Inc., Mitsui Chemicals Tohcello, Inc., 3M Company, and Wacker Chemie AG.
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