Solar Encapsulation Market to reach US$ 6.1 billion by the year 2027 The Solar Encapsulation Market has been valued at US$ 2.6 billion in the year 2021, and it is estimated to reach US$ 6.1 billion by the year 2027, with a CAGR of 8.7% from 2022 to 2027. A single solar cell is not sufficient to meet electricity demands. Therefore, solar cells must be enclosed as solar modules to improve their output power. The solar cell's encapsulation extends its lifespan and strengthens its ability to launch attacks. The key to achieving customer satisfaction is excellent product quality and durability; hence solar module encapsulation quality is crucial. Solar encapsulation is done for various reasons, such as preventing solar cells from getting damaged or failing and meeting the required load capacity. Solar cells are linked together in series to create a unit that can operate independently as a power source. Solar cells are enclosed between the glass covers of the solar module and the glass cover of the solar cell inside the module. This process is used to increase the lifespan of these PV installations. Moreover, encapsulants give the prospect of higher manufacturing efficiency for modules. Such encapsulation typically takes a lot of effort and resources to complete and is challenging to automate. During the forecasted period, several industries will increasingly use encapsulants, including construction and the automobile. Urbanization and increasing awareness have increased the demand for solar panels, which in turn has led to growth in the solar encapsulation market. Moreover, governments are also promoting renewable energy, boosting the market's growth during the anticipated period. Market Drivers and Restraints: During the forecasted period, the market for solar encapsulation is expected to grow significantly for several reasons. The anticipated increase in the use of solar as a reliable source of electricity and growing awareness of renewable energy sources will lead to a high demand for solar PV. Aside from that, government programs in several developed and developing nations are driving up demand for solar PV modules. Moreover, energy demands and significant technological breakthroughs in the solar PV module sector have led to lower pricing, boosting the market growth even further. The market will continue to grow even though the industry is still in its early stages due to increased acceptance and a lack of product alternatives. As organic solar technology advances, more investment will be attracted to the solar encapsulation industry. Apart from all this, specific factors might hinder the solar encapsulation market growth. As governments and environmental protection organizations impose numerous limitations, it is expected that this will limit the use of volatile organic compounds restricting the global market growth. A further factor limiting demand for solar encapsulating materials is the high cost of solar cell production and installation and the high cost of solar panel installation and maintenance. To know more, read:
Solar Encapsulation Market to reach US$ 6.1 billion by the year 2027
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