Encapsulation of solar cells is done between the solar module glass cover and the glass cover of the solar cell located inside the module. Encapsulations are usually done in order to extend the useful life of such PV installations. Materials selected for encapsulations usually possess corrosion resistant, flame retardant or hard wearing properties. Generally such encapsulation cannot be easily automated and requires significant energy and material resources. The use of such encapsulants is growing steadily in multiple industries such as construction and automotive among others. Encapsulation ensures safe working of solar PV modules which enables consumers to reduce the maintenance costs. The construction industry is one the largest consumers of this segment. The growth of construction industry in the future will encourage companies to invest in R&D activities associated with solar encapsulation technology. The market for solar encapsulation is anticipated to grow at a substantial rate in the future owing to increased adoption of solar PV modules. Currently, there are no substitutes available for solar encapsulation technology, thus the growth of PV modules will directly enhance the growth rate of this technology.
Growing awareness towards renewable energy resources and increased adoption of solar as a viable form of energy is bolstering the demand for solar PV modules. Many government agencies in developed counties have set targets to ensure maximum adoption of solar technology. Such government initiatives and growing demand of solar PV modules will encourage investment in solar encapsulation market. Other driving factors include growing energy requirements and immense technological proliferation in the solar PV module industry resulting in plummeting prices. Even though the market is at a nascent stage of development, growing acceptance and negligible product substitutes will ensure steady growth of the market in future. Constant R&D initiatives by existing PV module manufacturers will drive down encapsulation prices in the future as well as develop newer encapsulants for future PV technologies. The development of organic solar technology in the future will attract further investment in solar encapsulation market.
The encapsulants can be segmented on the basis of technology and materials used. Segmentation on the basis of technology can be done as polycrystalline silicon solar technology and thin film solar technology. On the basis of material used for encapsulation, segmentation may be done as Polydimethylsiloxane (PDMS), Ethylene Vinyl Acetate (EVA), Polyvinyl Butyral (PVB) and Ionomers among others. The material to be used for construction of solar encapsulation depends on the requirements of the consumer.
Asia is emerging to be the market leader in terms of adoption of such encapsulation technologies. This is mostly due to aggressive renewable energy targets and growing energy requirements of the Asian economies. Countries such as India and China have intensively invested in this technology. Significant adoption is also observed in both North America and Europe. The national governments in these regions have announced several tax benefits to encourage adoption of solar technology which positively impacts the solar encapsulation market. Rest of the World has a comparatively lower market share in the overall installation market.
Some of the key players competing in solar encapsulation market include Bridgestone, STR Holdings Inc., DuPont, First Solar GmBH, Dow Corning Corporation, KURARAY EUROPE GMBH and Hangzhou First PV Material Co. Ltd. among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.