The North America Solar Encapsulation Market would witness market growth of 7.7% CAGR during the forecast period (2022-2028).
The solar module's glass covers and the solar cells housed inside are separated by the solar cells. Encapsulations are frequently used to extend the useful life of these PV installations. Materials with properties such as flame retardancy, corrosion resistance, or toughness are frequently chosen for encapsulations. Generally speaking, such encapsulation is labor and resource-intensive to automate. Such encapsulants are increasingly being used in a variety of sectors, including the building and automotive industries. Encapsulation ensures the safe operation of solar PV modules, enabling users to spend less on maintenance.
Businesses will be motivated to invest in research and development related to solar encapsulation technology by the expansion of the construction industry in the future. The market for solar encapsulation is predicted to expand significantly over the projected period as a result of the rising popularity of solar PV modules. Since there are currently no alternatives to solar encapsulation technology, its growth rate will be directly boosted by the expansion of PV modules.
The automobile sector in the US plays a significant role in economic expansion and is intricately woven into the country's industrial and cultural landscape. The industry also consumes a significant amount of goods and services from numerous other industries, including those that deal with raw materials, building, manufacturing, law, finance, advertising, and healthcare. Electric vehicles are now the focus of the automotive industry as a way to reduce vehicle emissions, which is driving the market.
The US market dominated the North America Solar Encapsulation Market by Country in 2021; thereby, achieving a market value of $919 million by 2028. The Canada market is experiencing a CAGR of 10.2% during (2022 - 2028). Additionally, The Mexico market is exhibiting a CAGR of 9.2% during (2022 - 2028).
Based on Material, the market is segmented into Ethylene Vinyl Acetate, Non-ethylene Vinyl Acetate, UV Curable Resin, and Others. Based on Technology, the market is segmented into Polycrystalline Silicon Solar, Cadmium Telluride, Copper Indium Gallium Selenide, and Amorphous Silicon. Based on Application, the market is segmented into Construction, Electronics, Automotive, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Solar Encapsulation Market is Estimated to reach $4.4 Billion by 2028, at a CAGR of 8.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 3M Company, Dupont De Nemours, Inc., First Solar, Inc., Dai Nippon Printing Co., Ltd. (dnpSolar), Dow, Inc., Hangzhou First PV Material Co. Ltd., Kuraray Co., Ltd.
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