NEWARK, Del, April 25, 2023 (GLOBE NEWSWIRE) -- NEWARK, Del: The global PV module encapsulant film market revenues are estimated to reach US$ 2.6 Billion in 2023. Over the projection period, global module film sales are likely to soar at 4.7% CAGR. By the end of 2033, the market is expected to reach a valuation of US$ 4.2 Billion.
Rapid shift towards renewable energy sources such as solar energy is a key factor that will drive the global market forward.
Energy consumption is rising dramatically, particularly in developing nations. According to the International Energy Agency (IEA), more than 1.3 Billion people lack access to electricity because of a lack of infrastructure.
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There is an urgent need for more energy to support strong and competitive economic development and growth. This is prompting countries to develop and expand their renewable energy sources.
To reduce interdependence on fossil fuels, various countries are planning the deployment of multi-gigawatt (GW) solar power plants. High adoption of photovoltaic modules or solar panels will in turn elevate demand for PV module encapsulant films.
The benefits of solar photovoltaic (PV) modules, including their high dependability, lack of fuel use, low maintenance requirements, and reduced noise pollution, have drawn significant attention.
Thanks to its wider availability, solar photovoltaic technology is currently the most economical method of producing power. To achieve global energy and environmental goals, the use of solar photovoltaic modules is drastically increasing.
The generation of clean, sustainable, and renewable energy from sunlight is mostly dependent on PV modules. As the demand for PV modules is increasing, so will the demand for PV module encapsulant films. This will expand the global PV module encapsulant film industry.
Key Takeaways from the PV Module Encapsulant Film Market Study:
- The global market for PV module encapsulant films is forecast to reach a valuation of 4.2 Billion by 2033.
- Global sales of PV module encapsulant films are likely to surge at 4.7% CAGR through 2033.
- Based on material, ethyl vinyl acetate segment is set to exhibit a CAGR of around 5.1% through 2033.
- China's PV module encapsulated film market is expected to exceed a valuation of US$ 674 million by 2033.
- PV module encapsulant film demand in Italy is likely to increase at 5.6% CAGR through 2033.
- The United States PV module encapsulant films market value is forecast to reach around US$ 609 million by 2033.
“Rapid shift towards renewable energy sources such as solar power will generate high demand for PV module encapsulant films during the next ten years. Favorable government and regulatory environment are expected to provide massive growth opportunities to manufacturers that can innovate to meet the demands of sustainability from various consumer sectors.” says an analyst from Future Market Insights (FMI).
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Who is Winning?
Leading PV module encapsulant film manufacturers profile in the reports include 3M, Borealis, Changzhou Betterial Film Technologies Co., Ltd., Jiangsu Sveck Photovoltaic New Material, Hangzhou First Applied Material, Shanghai HIUV New Materials Co, Mitsui Chemicals Company, Arkema, Cybrid Technology, Topray Solar, Coveme, RenewSys, H.B. Fuller, TPI Polene, and Guangzhou Lushan New Materials Co., Ltd.
New product development, investments in research & development, partnerships, agreements, and collaborations are few of the key strategies employed by leading companies.
Recent developments:
- In November 2022, a joint innovation signing ceremony was held by Jiangsu Sveck New Materials Co., Ltd., Changzhou EGING PV Technology Co., LTD., and China Quality Certification Center.
The aim was to promote the integrated development of the photovoltaic industry and innovative chain, with a focus on the new corrosion-resistant encapsulant film of the Sveck ‘TS’ series and the photovoltaic module of the ‘Star Pro’ series.
- In May 2022, Sveck New Materials Co., Ltd. started promoting the use of POE-based encapsulate solutions for bifacial applications. The company has developed a multilayer EVA-POE-EVA co-extruded film structure for bifacial modules as a supplier of EVA and POE encapsulation materials.
More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the PV module encapsulant film market, presenting historical market data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in PV module encapsulant film in terms of weight (below 400 g/m2, 400 to 475 g/m2, above 475 g/m2), material type (ethyl vinyl acetate, polyolefin elastomer, polyvinyl butyral), application (mono facial PV module, bifacial PV module), thickness (0.2 to 0.4mm, 0.4 to 0.6mm, 0.6 to 0.8mm), and end use (commercial, industrial, residential) across various regions.
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The Chemicals and Materials division of FMI offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling, renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
Table of Content (ToC):
1. Executive Summary | PV Module Encapsulant Film Market
1.1. Key Findings
1.1.1. Overall Market
1.1.2. Segment Overview
1.1.3. Regional Overview
1.1.4. Competitor’s Focus
1.1.5. End User’s Perception
1.2. Summary of Statistics
1.3. Market Characteristics and Attributes
1.4. Market Size (2023 E), CAGR and Forecast (2033), By Country
1.5. Scenario-Based Forecast
1.6. TAM, SAM, and SOM Analysis
2. Market Overview
2.1. Introduction and Definition
2.2. Research Scope
3. Market Background
3.1. Unit Production Of Solar Panels In Different Countries
3.2. Global power generation through renewable sources
3.3. Electricity Generation From Solar In Different Countries
3.4. Energy Transition In Key Countries
3.5. Funding Programs For Solar R&D
3.6. Renewable Energy Utilization in Key Sectors
3.6.1. Transport Sector
3.6.2. Building Sector
3.6.3. Power Sector
3.6.4. Industrial Sector
3.7. List of Renewable Energy Policies by Countries
3.8. Investment Feasibility Assessment
3.9. Forecast Factors- Relevance and Impact
3.10. Market Dynamics
3.7.1. Market Drivers
3.7.1.1. Growing Demand for Solar Photovoltaic Modules Driving Sales of PV Encapsulant Films
3.7.1.2. Market Benefitting from Cost-reduction Efforts, Technological Advancements, and Growth in Emerging Market
3.7.1.3. Government Initiatives Supporting Development of Solar Photovoltaic Panels Fueling Sales of PV Encapsulant Films
3.1.1.4. Growing Demand for Temperature-resistant Flexible Solar Cells
3.7.2. Market Restraints
3.7.2.1. Degradation Mechanism of Solar Photovoltaic Encapsulant Material Restricting Its Adoption
3.7.2.2. High Cost of PV Module Installation Limiting Product Adoption
3.7.3. Market Opportunities
3.7.3.1. Increasing Investments in Manufacturing Facilities
3.7 3.2. Increasing Adoption of Two-in-one Approach For Encapsulation of PV Module Using Multilayer EPE Film
3.7.4. Market Trends
3.7.4.1. Wide Availability of Financial Incentives for Solar Panel Installation
3.7.4.2. Growing Demand for Energy Fueling Production of Photovoltaic Modules
3.7.4.3. Increasing Use of Recycling Technology in Production of Solar Photovoltaic Modules
3.7.4.4. Stable Supply of Raw Materials
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