Environmental degradation owing to power generation through non-renewable resources is impelling governments to implement policies on renewable energy resources. For instance, the government of India has initiated the Grid Connected Solar Rooftop Programme to achieve a cumulative rooftop solar (RTS) capacity of 40,000 megawatts (MW) by the end of 2022. Similarly, the Solar Energy Technologies Program of the United States Environmental Protection Agency (EPA) focuses on the low-cost production of photovoltaics (PVs) and other solar power products and increased solar deployment in the country.
Thus, the surging government focus on clean energy and rising public awareness on the advantages of the solar cell technology will help the solar encapsulant market advance at a healthy CAGR of 28.4% during 2018–2023. According to P&S Intelligence, the market was valued at $1,036.0 million in 2017, and it is expected to reach $4,555.4 million by 2023. People across the world are focusing on constructing green buildings, owing to which they are consuming power from solar energy sources due to the low maintenance cost, environment friendliness, and high state tax credits associated with them.
Moreover, the advent of the thin-film solar cell technology has encouraged the integration of solar encapsulants in solar modules. Traditionally, the crystalline silicon solar technology has been used in PV modules. Nowadays, the thin-film technology is being preferred over the crystalline silicon technology due to the high manufacturing cost and fragile nature of solar modules based on the latter. Thin-film-based modules are available at a low cost, and they are flexible, owing to which individuals and organizations are deploying them in abundance.
Globally, Asia-Pacific (APAC) dominated the solar encapsulant market in the preceding years, and it is expected to retain its dominance in the forthcoming years. This can be owed to the surging production of solar modules by the leading manufacturers in the region. Additionally, the increasing presence of solar module manufacturers in China, owing to the price inflation of solar products in Europe, augments the production of solar encapsulants here. Moreover, the increasing implementation of favorable government policies on solar energy will boost the usage of solar encapsulants in solar cells in APAC.
Therefore, the rising government support toward solar energy and mounting public awareness on the solar cell technology will fuel the adoption of solar encapsulants globally.
Global Encapsulant Market was valued at 1.40 billion in 2018 and is anticipated to reach 2.17 billion by 2026 at a CAGR of 5.6%.Encapsulant MarketEncapsulant offers additional protection to the electronics components.
Encapsulant is considered to be the better alternative in manufacturing processes used through automated dispensing equipment.
Expanding consumer demand for electronics equipment and accumulative reach of technology in everyday life are factors for the growth of the encapsulant market.
The rapid growth of solar photovoltaic panel market provides an opportunity for encapsulant market.In the encapsulant market, silicone within chemistry segment will grow at the highest CAGR.
Demand for electronic devices as well as commercialization of electric vehicles is driving the silicone segment in encapsulant market.
By curing type room temperature segment is projected to grow at the highest rate.
