Newly-released PV Module Encapsulant Film analysis report by Future Market Insights reveals that global sales of PV Module Encapsulant Film in 2022 were held at USD 2.5 Billion. With a 4.7% projected CAGR from 2023 to 2033, the market is expected to reach a valuation of USD 4.2 Billion by the end of the forecast period. Ethyl Vinyl Acetate-based PV Module Encapsulant Film is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 5.1% from 2023 to 2033.
| Attributes | Details |
|---|---|
| Global PV Module Encapsulant Film Market Size (2023) | USD 2.6 Billion |
| Global PV Module Encapsulant Film Market Size (2033) | USD 4.2 Billion |
| Global PV Module Encapsulant Film Market CAGR (2023 to 2033) | 4.7% |
| USA PV Module Encapsulant Film Market CAGR (2023 to 2033) | 4.6% |
| Key Companies Covered | 3M; Borealis; Changzhou Betterial Film Technologies Co., Ltd.; Jiangsu Sveck Photovoltaic New Material; Hangzhou First Applied Material; Shanghai HIUV New Materials; Mitsui Chemicals Company; Arkema; Cybrid Technology; Topray Solar; Coveme; RenewSys; H.B. Fuller; TPI Polene; Guangzhou Lushan New Materials |
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As per the PV Module Encapsulant Film Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2018 to 2022, the value of the PV Module Encapsulant Film Market increased at around 4.4% CAGR. With an absolute dollar opportunity of USD 1.6 Billion, the market is projected to reach a USD 4.22 Billion valuation by 2033.
With the development of new technologies and materials that increase the robustness and efficiency of solar photovoltaic modules, the market for photovoltaic encapsulant film is continuously changing. For instance, the reliability and efficiency of modules have increased as a result of the creation of a thinner and more flexible encapsulant film.
These material advancements are stronger and more affordable. The cost of solar energy has been dropping. By giving the photovoltaic cell endurance and protection, encapsulant film significantly lowers the cost of solar photovoltaic modules by minimizing replacement and maintenance costs over the module's lifespan. Efforts to cut costs, technological developments, and market expansion in emerging areas all contribute to the solar photovoltaic encapsulant film industry's overall growth. During the anticipated period, these elements are anticipated to continue fuelling the market for solar PV encapsulant film.
The usage of solar energy, which is quickly growing, is helping to cut down on the consumption of fossil fuels. Many sectors worldwide have received government assistance, while early commercial initiatives in various nations have benefited from private finance. The federal government of the United States has funded general research and the fundamental framework for industrial processes. National governments have pledged hundreds of millions of dollars to fund research institutes in the United Kingdom, Netherlands, Germany, and Finland. Rapid technological development and government subsidies for solar panel installation are two elements that drive an increase in the use of solar photovoltaic modules.
Solar photovoltaic modules’ benefits, such as their high dependability, endurance, minimal fuel use, low maintenance requirements, and reduced noise pollution, have drawn a lot of attention. The most economical method for producing electricity is solar photovoltaic, and solar energy is one of the most widely available sources of renewable energy. To achieve global energy and environmental goals, solar photovoltaic module deployment has consequently expanded significantly. Sunlight-derived clean, renewable, and sustainable energy is produced in large part by PV modules.
The typical solar panel generates between 200 and 400 watts per hour under ideal circumstances, with photovoltaic solar cells having a maximum efficiency of roughly 33%. As a result, more and more businesses, including those in agriculture, healthcare, and transportation, are using solar modules.
Building-integrated photovoltaics are photovoltaic modules that are mounted on surfaces like walls, windows, roofs, and balconies. The market for PV module encapsulant films is anticipated to experience growth during the forecast period due to the rise in government efforts for the development of solar photovoltaic panels and rising demand for solar photovoltaic modules.
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Europe had a PV Module Encapsulant Film market size of USD 903 Million in 2022. It is projected that the regional market will reach USD 1.5 Billion by 2033.
The development of new and advanced encapsulant material is expected to drive market growth. One of the key drivers of this market is the increase in demand for renewable sources in the region. Governments in many European countries have set ambitious targets to increase the shares of renewable energy in their energy mix. It is estimated that by 2050, Europe will also account for 41% of total renewable energy consumption. This will significantly impact the demand for PV module encapsulant films.
The market in China is expected to grow to be worth USD 674 Million with an absolute dollar growth of USD 319 Million from 2023 to 2033. The market in China has grown at a CAGR of 6% from 2018 to 2022 and is expected to grow at a CAGR of 5.9% from 2023 to 2033.
China is the world’s largest producer of PV Modules, accounting for over 51% of the global PV module encapsulant film in 2022. The growth of the Chinese solar industry has been driven by strong government support and incentives, as well as the availability of low-cost labor and materials.
PV module encapsulant film is an essential component of PV modules, which is used to protect solar cells from environmental factors such as moisture and heat. The Chinese government has been actively promoting the use of renewable energy and has set ambitious targets for solar installation, which is expected to drive the demand for PV module encapsulant film in the coming years.
The United States PV Module Encapsulant Film market is expected to grow to be worth USD 609 Million by 2033, with an absolute dollar growth of USD 235 Million from 2023 to 2033. The market in the United States has grown at a CAGR of 3.3% from 2018 to 2022 and is expected to grow at a CAGR of 4.6% from 2023 to 2033.
The United States is a prominent market for photovoltaic modules, with the solar energy sector experiencing strong growth in recent years, the market for encapsulant film in the united states is also expected to grow alongside the increasing demand for photovoltaics. The growth of the US solar industry has been driven by declining costs of solar PV systems and increasing demand for clean energy. Additionally, the government has set ambitious targets for clean energy deployment, including a goal of achieving 100% clean electricity by 2033, which is expected to drive the demand for PV module encapsulant film and other solar-related components in the coming years.
The market in Italy is expected to grow to be worth USD 444 Million with an absolute dollar growth of USD 199 Million from 2023 to 2033. The market in the country has grown at a CAGR of 5.5% from 2018 to 2022 and is expected to grow at a CAGR of 5.6% from 2023 to 2033.
Some of the key players in Italy includes Coveme, Mitsui Chemicals. The demand of the PV module encapsulant film market is expected to continue growing as the country seeks to increase its renewable energy capacity. The development of the new encapsulation material and technology as well as increasing competition among key players in the market will boost the demand in the market.
The market in Germany is expected to grow to be worth USD 241 Million with an absolute dollar growth of USD 105 Million from 2023 to 2033. The market in Germany has grown at a CAGR of 4.6% from 2018 to 2022 and is expected to grow at a CAGR of 5.4% from 2023 to 2033.
Germany is one of the leading markets for renewable energy and photovoltaic modules in Europe, with a well-established solar industry and a strong focus on sustainability and environmental protection. The market for encapsulant film in Germany is also growing the demand for PV modules. The German market for encapsulant film is relatively larger compared to other European countries with several key players operating in the market including Mitsui Chemicals, Borealis, and Coveme.
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PV Module Encapsulant Film based on EVA material is projected to witness the fastest growth as it has grown at a CAGR of 5.4% from 2018 to 2022 and is expected to grow at a CAGR of 5.1% from 2023 to 2033.
Ethyl Vinyl Acetate is the most commonly used material for encapsulant films in photovoltaic modules. The growing demand for EVA-based encapsulant film is being driven by several factors including the growing adoption of solar energy as a sustainable energy source, government initiatives promoting the use of renewable energy, and the development of new technologies that required more efficient and durable encapsulation materials.
Key players in the PV Module Encapsulant Film Market are 3M, Borealis, Changzhou Betterial Film Technologies Co., Ltd., Jiangsu Sveck Photovoltaic New Material, Hangzhou First Applied Material, Shanghai HIUV New Materials Co, Mitsui Chemicals Company, Arkema, Cybrid Technology, Topray Solar, Coveme, RenewSys, H.B. Fuller, TPI Polene, and Guangzhou Lushan New Materials Co., Ltd.
Some of the recent developments in the PV Module Encapsulant Film Market are
The market is worth USD 2.6 billion in 2023.
The market is anticipated to rise at a 4.6% CAGR from 2023 to 2033.
The market is anticipated to reach USD 1.5 billion by 2033.
Italy is set to rise at a 5.6% CAGR from 2023 to 2033.
The EVA material segment leads the market, with a CAGR of 5.4% through 2033.
1. Executive Summary | PV Module Encapsulant Film Market 2. Market Overview 3. Market Background 4. Global Market Pricing Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material Type 6.1.1. Ethyl Vinyl Acetate (EVA) 6.1.1.1. Transparent EVA 6.1.1.2. White EVA 6.1.1.3. Anti-PID EVA 6.1.2. Polyolefin Elastomer (POE) 6.1.3. Thermoplastic Polyolefin (TPO) 6.1.4. Polyvinyl Butyral (PVB) 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1.1. Monofacial PV Module 7.1.2. Bifacial PV Module 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Thickness 8.1.1. 0.20-0.40mm 8.1.2. 0.40-0.60mm 8.1.3. 0.60-0.80mm 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Weight 9.1.1. Below 400 g/m2 9.1.2. 400-475 g/m2 9.1.3. Above 475 g/m2 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use 10.1.1. Commercial 10.1.2. Industrial 10.1.3. Residential 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 11.1.1. North America 11.1.2. Latin America 11.1.3. Europe 11.1.4. East Asia 11.1.5. South Asia and Oceania (SAO) 11.1.6. Middle East & Africa (MEA) 12. North America Market Analysis and Forecast 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. SAO Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 18. Key Countries Market Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1. 3M 20.2. Borealis 20.3. Changzhou Betterial Film Technologies Co., Ltd. 20.4. Jiangsu Sveck Photovoltaic New Material 20.5. Hangzhou First Applied Material Co.,Ltd 20.6. Shanghai HIUV New Materials Co 20.7. Mitsui Chemicals Company 20.8. Arkema 20.9. Cybrid Technology 20.10. Topray Solar 20.11. Coveme 20.12. RenewSys 20.13. H.B. Fuller 20.14. TPI Polene 20.15. Guangzhou Lushan New Materials Co., Ltd 20.16. Other Recent Developments by Tier 2 and Tier 3 Companies 20.17. Companies and Their Offerings 21. Appendix 22. Definitions and Analytical Frameworks 23. Sources and References
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PV Module Encapsulant Film Market
