Solar power generation has emerged as one of the cheapest renewable sources of clean energy. Factors such as increased competition among market vendors, low cost of components, and a relatively low weighted average cost of capital are significantly contributing to the declining prices in solar tender bids. This, along with government initiatives and subsidies is helping to reduce the cost of solar energy generation. As a result, solar PV panel installations are increasing significantly across the world, which will subsequently contribute to the growth of the solar encapsulation market during the forecast period.
As per Technavio, the growing adoption of polyolefin encapsulants will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global solar encapsulation market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global solar encapsulation market: Growing adoption of polyolefin encapsulants
For a long time, EVA has been the most preferred material for encapsulants in solar panels as it is durable, cross-linkable, and highly transparent. However, EVA encapsulants cannot resist UV rays, which can lead to performance degradation. EVA encapsulants also have low PID resistance, which is resulting in the growing preference for encapsulant materials with higher resistance to PID to improve the output of solar PV systems. Thus, the adoption of PO-based encapsulants is growing significantly owing to their advantages including improved thermo-mechanical properties, PID resistance for performance upgrades, and UV cut-off to reduce the damage caused by UV rays among others.
“Apart from the growing adoption of polyolefin encapsulants, factors such as the growing adoption of renewable energy, developments pertaining to solar PV modules, and supportive government policies and regulations will significantly impact the growth of the solar encapsulation market during the forecast period,” says a senior research analyst at Technavio.
Global solar encapsulation market: Segmentation analysis
This market research report segments the global solar encapsulation market by application (crystalline silicon PV module, and thin film PV module) and geographic regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018, followed by EMEA, and the Americas respectively. The solar encapsulation market in APAC will continue to grow rapidly during the forecast period, mainly driven by increasing installations in China, India, Japan, and South Korea as the region has the highest adoption of solar PVs. The presence of financial incentive programs, such as FiTs in China and Japan, has resulted in strong demand for solar PV systems and subsequently, for solar encapsulants.
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Five Forces Analysis
- Regional comparison
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- Vendors covered
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- Competitive scenario
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