Solar Encapsulation Market Target $9.31 Billion By 2032,CAGR:6.8%

Solar Encapsulation Market Size Worth $9.31 Billion By 2032 | CAGR: 6.8%


The global solar encapsulation market size is expected to reach USD 9.31 billion by 2032, according to a new study by Polaris Market Research. The report Solar Encapsulation Market Share, Size, Trends, Industry Analysis Report, By Material (Ethylene Vinyl Acetate, Non-ethylene Vinyl Acetate, UV Curable Resin and others); By Technology; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The solar enclosure protects the solar panels against weather variations and rust. The solar cells within the module are enclosed by the glass covers of the individual solar cells as well as the glass cover of the solar module.

The demand for solar PV modules is being driven by the growing adoption of solar encapsulation and the growing consciousness of renewable energy sources. The global market for solar encapsulation is benefiting from the increased implementation of solar encapsulation technology, which is being ensured by numerous government bodies.

Growing government initiatives and the increasing demand for solar PV modules will propel the expansion of the global market. The market is growing as a result of the enormous development of technology and the rising energy requirements. Newer encapsulants are developed as a result of PV module manufacturers' high R&D investments. The advent of cutting-edge organic solar technology will boost investments in the international market. This expansion anticipates the solar encapsulation market to grow during the forecast period.

The advent of cutting-edge organic solar technology will boost investments in the international market. The world's population is growing at an accelerated rate, which is driving up demand for electricity and, consequently, solar technology. Future solar equipment is anticipated to be reasonably priced. On the other hand, the high price of solar equipment can impede the growth of the worldwide solar encapsulation market.

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The development of non-EVA-based encapsulations, such as thermoplastic polyurethane (TPU) and polyvinyl butyral (PVB), and low-cost encapsulant materials, like cadmium telluride and amorphous silicon cells, is anticipated to expand further profitable opportunities for the market players in the anticipated period. Additionally, governments throughout the world are expected to continue to offer prospects for growth in the solar encapsulation market through the introduction of advantageous regulations and subsidies on the installation of solar panels.

Solar Encapsulation Market Report Highlights

  • In 2023, the Ethylene Vinyl Acetate (EVA) segment held the largest revenue share, due to its superior barrier protection against humidity, UV radiation, and harsh environmental conditions, ethylene-vinyl acetate solar encapsulation increases the efficiency of solar modules.
  • The construction segment accounted for the highest market share in 2023. Ongoing development in the countries, increasing industrialization, urbanization, constructions, electric vehicles and other such developments have anticipated the market share to grow.
  • In 2023, Asia Pacific dominated the largest market due to increasing population, and use of electric vehicles to suppress carbon emission. The charging station for electric vehicles installed over countries like India, China and Japan are solar module, this generates electricity through solar panels.
  • The North America region is expected to witnesses fastest market during the forecast period, due to increasing urbanization, increasing use of electrical vehicles, active development for renewable resources.
  • The global key market players include First Solar, Mitsubishi Chemical Corporation, Cambiosolar , Kuraray Europe Gmbh, 3M, and more.

Polaris Market Research has segmented the solar encapsulation market report based on material, technology, application and region:

Solar Encapsulation, Material Outlook (Revenue - USD Billion, 2019 - 2032)

  • Ethylene Vinyl Acetate
  • Non-ethylene Vinyl Acetate
  • UV Curable Resin
  • Others

Solar Encapsulation, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

  • Polycrystalline Silicon Solar
  • Cadmium Telluride
  • Copper Indium Gallium Selenide
  • Amorphous Silicon

Solar Encapsulation, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Construction
  • Electronics
  • Automotive
  • Others

Solar Encapsulation, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Solar Encapsulation Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 5.46 billion

Revenue forecast in 2032

USD 9.31 billion

CAGR

6.9% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024– 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Material, By Technology, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

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  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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