Solar Encapsulation Market Top Industry Players
The key players operating and profiled in the solar encapsulation market 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.
The solar encapsulation market size is projected to exceed $6.1 billion by 2030, growing at a CAGR of 8.7% from 2021 to 2030.
The development of PV storage systems is essential to increase the ability of PV systems to replace the existing conventional sources. With rise in demand for PV installations, the adoption of storage grid is projected to increase, which fuels the demand for solar encapsulation and may act as the major driving factor for the market.
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Depending on material, the market is categorized into ethylene vinyl acetate, non-ethylene vinyl acetate, UV curable resin, and others.
According to technology, it is fragmented into polycrystalline silicon solar, cadmium telluride, copper indium gallium selenide, and amorphous silicon.
As per the application, it is classified into construction, electronics, automotive, and others.
Important Factors:
Depending on material, ethylene vinyl acetate segment holds the largest market share in 2020.
As per the technology, the polycrystalline silicon solar segment accounted for the largest market share in 2020.
By application, the construction segment accounted for the largest market share in 2020.
Region wise, Asia-Pacific accounted for the largest market share in 2020.
COVID-19 impact on the solar encapsulation market
The manufacturing of solar encapsulation was halted for a specific period due to high peak of COVID-19 situation, which impacted the sales of solar encapsulation.
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Sales of solar encapsulation is directly proportional to the demand for solar panels. Solar projects has been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in solar encapsulation.
COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to less workforce. However, there is a sluggish decline in the global solar encapsulation market due to impact of COVID-19.
The COVID-19 pandemic negatively impacted the integrated construction industry. Factors include disruption due to migration of workers and unavailability of material. However, decrease in construction activity significantly impacted solar encapsulation market.
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