Portland, OR, June 01, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global solar encapsulation market generated $2.6 billion in 2020, and is projected to reach $6.1 billion by 2030, growing at a CAGR of 8.7% from 2020 to 2030.The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Significant surge in demand for solar lights for road divider and streets, remarkable perks of encapsulation of solar cells such as enhanced attack strength, increased longevity of solar cell, enhanced efficiencies of encapsulants in module manufacturing processes, and rapid urbanization across the globe are predicted to drive the growth of the global solar encapsulation market. On the other hand, degradation issues of solar encapsulating material hinder the growth of the market to some extent. However, increasing adoption of solar as a viable and inexhaustible source of energy and growing awareness toward renewable sources of energy among people are expected to create tremendous opportunities for the growth of the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the global solar encapsulation market, owing to the presence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of all manufacturing facilities of solar encapsulation.
- This was done to curb the spread of the virus during the pandemic. As a result of this, sales of the solar encapsulation during the pandemic.
- However, the market is expected to recoup soon.
The report offers a detailed segmentation of the global solar encapsulation market based on material, technology, application and region.
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Based on material, the ethylene vinyl acetate segment held the largest market share in 2020, garnering more than two-thirds of the total market. The UV curable resin segment, on the other hand, is expected to cite the fastest CAGR of 9.1% during the forecast period.
Based on application, the construction segment held the majority share in 2020, holding more than two-fifths of the total market. The electronics segment, on the other hand, is expected to exhibit the fastest CAGR of 9.2% during the forecast period.
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Based on region, the market across North America held the lion’s share in 2020, garnering nearly one-fifths of the total market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 9.1% during the forecast period.
The key players of the market analyzed in the global solar encapsulation report include 3M Company, AKCOME, STR Holding Inc., Bridgestone Corporation, DNP solar, Dow Inc., Dupont De Nemours Inc, First Solar, Hangzhou First PV Material Co. Ltd., and JGP Energy.
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