#Solar Photovoltaic Market Trends

[vipinmishra]

Solar Photovoltaic Market is expected to grow at a CAGR of 15.33% By 2029

Global Solar Photovoltaic Market is expected to grow owing to ongoing advancements in solar PV technology improving the efficiency, durability, and affordability of solar panels throughout the forecast period.

According to TechSci Research report, “Solar Photovoltaic Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029”, the Global Solar Photovoltaic Market is expected to register robust growth during the forecast period. As the world grapples with the consequences of excessive greenhouse gas emissions, there is a growing awareness of the need to mitigate climate change. The burning of fossil fuels for electricity generation is a major contributor to carbon emissions. Solar PV technology, by contrast, generates electricity without direct emissions or air pollutants during operation. This eco-friendly aspect of solar PV makes it an attractive choice for both governments and individuals looking to reduce their carbon footprint.

The decreasing cost of solar PV technology is making it increasingly cost-competitive with conventional energy sources in many regions. Grid parity, where the cost of solar electricity is equal to or lower than that of fossil fuels, is a significant opportunity. As solar energy becomes more affordable, it becomes an attractive choice for both residential and commercial customers, further driving market growth.

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Based on type, the AR Coated Solar PV Glass segment is expected to dominate the market during the forecast period. AR coatings contribute to a lower levelized cost of electricity (LCOE) for solar power systems. By improving the energy yield of solar panels, AR coated glass helps reduce the cost per unit of electricity generated. This cost reduction is attractive to both solar project developers and end-users, making solar energy more competitive with other forms of energy generation. AR coated solar PV glass aligns with the industry's sustainability goals. By increasing energy production without the need for additional solar panels, it reduces the overall environmental footprint of solar installations. This technology promotes the use of clean energy and contributes to greenhouse gas reduction. The trend of bifacial solar panels, which can capture sunlight from both the front and rear sides, has a synergistic relationship with AR coatings.

Combining bifacial technology with AR coatings enhances the energy yield even further, making this a compelling solution for various solar projects. AR coated solar PV glass is becoming more customizable and adaptable to different panel sizes and shapes. This trend allows for greater flexibility in solar PV system design and promotes the use of solar technology in various applications, from utility-scale projects to building-integrated photovoltaics (BIPV). In conclusion, the AR Coated Solar PV Glass segment is a vital component of the global solar PV market, contributing to increased energy efficiency and environmental sustainability. As technology advances and costs are further optimized, the adoption of AR coatings is expected to continue to grow, improving the performance of solar PV systems worldwide.

Based on end-user, the Crystalline Silicon PV Module segment is projected to dominate the market throughout the forecast period. Crystalline Silicon PV modules have a proven track record of durability and longevity. They are known to have a lifespan of 25 years or more, with minimal degradation in performance over time. This reliability is crucial for both solar project developers and investors, as it ensures a stable return on investment. The cost of manufacturing crystalline silicon modules has been steadily decreasing over the years. Economies of scale, improved production processes, and increased competition in the solar industry have contributed to cost reductions. This trend has made solar energy more accessible and competitive with conventional energy sources.

These innovations in c-Si module design help reduce the impact of shading, minimize electrical losses, and enhance the overall reliability of the modules. Half-cut and shingled cell designs are increasingly being used to improve the performance and robustness of solar panels. Some c-Si module manufacturers are incorporating smart features, such as integrated power optimizers or microinverters, into their modules. These features can enhance the overall efficiency of the system and provide more granular monitoring and control options. In conclusion, Crystalline Silicon PV modules are a cornerstone of the global solar PV market, offering high efficiency, reliability, and cost-competitiveness. As technology and manufacturing processes continue to evolve, these modules are expected to maintain their dominance while addressing sustainability concerns and embracing innovative design trends to further enhance their performance and market presence.

Key market players in the Global Solar Photovoltaic Market are:

Xinyi Solar Holdings Ltd.

IRICO Group New Energy Co., Ltd.

Flat Glass Group Co., Ltd

Qingdao Jinxin Glass Co., Ltd.

Dongguan CSG Solar Glass Co., Ltd.

Nippon Sheet Glass Co., Ltd.

Taiwan Glass Ind. Corp.

Borosil Renewables Ltd.

Nanhai Co., Ltd.

Hecker Glastechnik Gmbh & Co. Kg 

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“The Global Solar Photovoltaic Market in Asia Pacific is poised to be the dominant force in the industry. The adoption of rooftop solar panels in residential and commercial buildings is on the rise, driven by favorable policies and the desire for energy independence. Australia, Japan, and South Korea, among others, have seen substantial growth in distributed solar PV. Countries with limited available land, such as Japan and some parts of Southeast Asia, are turning to floating solar PV installations on bodies of water to maximize space usage and energy production.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Solar Photovoltaic Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029  Segmented By Application (Residential, Non-Residential and Utility), By Type (AR Coated Solar PV Glass, Tempered Solar PV Glass, TCO Coated Solar PV Glass and Others), By End-User (Crystalline Silicon PV Module, Thin Film PV Module and Perovskite Module), By Installation (Float Glass Technology and Patterned Glass Technology), By Region, and By Competition,” has evaluated the future growth potential of Global Solar Photovoltaic Marketand provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Solar Photovoltaic Market.

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[karan777]

[mordormr]

Solar Photovoltaic Glass Market Analysis: Key Players, Growth Drivers, and Future Outlook

As the world embraces renewable energy sources, solar power is taking center stage. But what makes solar panels function effectively? It's not just the photovoltaic cells themselves; the transparent shield protecting them plays a critical role. This blog post dives into the Solar Photovoltaic Glass Market Analysis: Key Players, Growth Drivers, and Future Outlook, based on insights from Mordor Intelligence's market research report. Here, we'll explore the key players shaping the industry, the drivers propelling market growth, and the exciting possibilities that lie ahead for solar photovoltaic glass.

The Players Behind the Panels: Key Participants in the Solar Photovoltaic Glass Market

The solar photovoltaic glass market boasts a dynamic landscape with established industry leaders and innovative newcomers:

Leading Manufacturers: Major players like Schott AG (Germany), Asahi Glass Co., Ltd. (Japan), Corning Incorporated (US), Saint-Gobain (France), and Nippon Sheet Glass Co., Ltd. (Japan) dominate the global market.

Emerging Players: Start-ups and companies from developing economies are entering the market, contributing to increased competition and innovation.

Strategic Partnerships: Collaboration between glass manufacturers and solar panel producers fosters technological advancement and product development.

This mix of established and emerging players creates a competitive environment where continuous innovation drives the development of high-performance, cost-effective solar photovoltaic glass solutions.

Shining a Light on Growth: Factors Propelling the Market Forward

Several key trends are fueling the growth of the solar photovoltaic glass market:

Surging Demand for Solar Energy: The increasing focus on clean energy and government initiatives promoting solar installations drive the demand for solar panels, and consequently, PV glass.

Technological Advancements: Manufacturers are constantly developing new technologies for PV glass, focusing on improved light transmittance, anti-reflective coatings, and self-cleaning properties to enhance energy generation.

Cost Reduction Strategies: Efforts to optimize production processes and utilize recycled materials are making PV glass more affordable, further expanding market reach.

Growth of Utility-Scale Solar Projects: Large-scale solar farms require vast amounts of high-quality, durable PV glass, creating a significant market opportunity.

These drivers paint a picture of a market driven by the booming solar energy sector, technological advancements, and a focus on cost reduction. As solar energy becomes increasingly accessible, the demand for solar photovoltaic glass is expected to rise steadily.

A Brighter Future: The Outlook for Solar Photovoltaic Glass

The future of the solar photovoltaic glass market holds exciting possibilities:

Advanced Materials and Coatings: The development of new materials and coatings with superior light transmission and self-cleaning capabilities will further optimize solar energy capture.

Integration with Smart Technologies: PV glass integrated with sensors and data analytics can enable real-time monitoring and optimize energy production in solar farms.

Sustainability Focus: The use of recycled materials, combined with the inherent environmental benefits of solar energy, aligns with the growing focus on sustainable practices.

Expanding Applications: Beyond solar panels, PV glass may find uses in building materials and energy-efficient windows, contributing to eco-friendly architecture.

These advancements highlight the evolving nature of the solar photovoltaic glass market. As technology advances and sustainability remains a priority, we can expect even more innovative and versatile PV glass solutions to emerge. This will undoubtedly play a crucial role in shaping the future of clean energy generation and building a more sustainable tomorrow.

Conclusion

Mordor Intelligence's market research report paints an optimistic picture for the future of the solar photovoltaic glass market. Driven by the growth of the solar energy sector, technological advancements, and a focus on cost reduction and sustainability, the market is positioned for continued expansion. As solar energy continues its ascent, solar photovoltaic glass will remain a critical component, paving the way for a brighter, more sustainable future powered by clean energy.

[marketinsight12]

The Global Solar Photovoltaic (PV) Market size was valued at USD 282200 Million in 2023 and is projected to reach USD 1000000 Million by 2030, growing at a CAGR of 17.20% from 2023 to 2030.

Solar Photovoltaic (PV) Market Research Report 2023

[roseaa11]

Global Solar Photovoltaic (PV) Mounting Systems Market was valued at USD 511.21 million in 2021 and is expected to reach USD 727.00 million by 2029, registering a CAGR of 4.50% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes technological advancements, regulatory framework, PESTEL, porter's five forces analysis, industry standards-at a glance, raw material costs/ operational expenditure-overview, supply chain analysis, vendor selection criteria, pricing analysis, production analysis, and climate chain scenario.

[energy-5]

Incorporating Renewable Energy into Your EV Charging Routine

The shift towards electric vehicles (EVs) has been a significant stride in the collective effort to reduce carbon emissions and combat climate change. As the electric vehicle market continues to grow, with global sales hitting over 6.6 million in 2021, a 108% increase from the previous year, the focus now turns to how we power these vehicles. Transitioning from fossil fuels to renewable energy sources for EV charging is the next critical step in ensuring that the benefits of EVs are fully realized. This article explores the ways in which individuals and communities can incorporate renewable energy into their EV charging routines.

Firstly, the concept of 'green charging'—the process of using renewable energy to charge electric vehicles—is not only environmentally sound but also increasingly economically viable. The cost of solar photovoltaic (PV) systems has dropped by about 90% since 2010, making it an accessible option for many. Homeowners with EVs can install solar panels to capture energy during the day, which can then be used to charge their vehicles in the evening. For those without the option to install solar panels, choosing a green energy provider for their home charging setup that sources electricity from renewables is an effective alternative.

In addition to solar power, wind energy is another potent source for EV charging. Wind energy has experienced a dramatic increase in its adoption, with the global wind power capacity reaching 837 GW in 2021, an increase of 93% from the capacity in 2016. EV owners can tap into this resource by purchasing wind energy credits or by selecting energy plans that prioritize wind-sourced electricity. This ensures that the energy used for charging their EVs comes from clean sources, even if they are not directly connected to a wind farm.

The integration of smart chargers has made it easier for EV owners to charge their vehicles when renewable energy production is at its peak. Smart chargers can be programmed to operate when renewable energy generation is high, which usually coincides with low demand periods such as mid-day for solar or night-time for wind. By doing so, EV owners ensure their vehicles are charged using the cleanest energy possible while also taking advantage of lower energy prices during these off-peak times.

Another key element in aligning EV charging with renewable energy is the development of a robust public charging infrastructure that is powered by renewables. Governments and private companies are investing in the installation of public EV charging stations that are directly connected to renewable energy sources. For instance, in California, which leads the US with over 39% of the country's EV sales, there is a plan to install 250,000 charging stations by 2025, many of which will be powered by renewables.

On a larger scale, energy storage systems play a vital role in matching renewable energy supply with EV charging demand. Energy storage solutions, like lithium-ion batteries or pumped hydro storage, can store excess renewable energy generated during peak production times. This stored energy can then be used to provide a consistent and reliable source of green electricity for EV charging, regardless of the time of day or weather conditions.

There is also a growing trend towards vehicle-to-grid (V2G) systems, where EVs do not just consume power but also have the capability to return energy to the grid. This technology allows for a dynamic energy exchange where EVs can be charged during renewable energy peak production and then supply energy back to the grid when it's needed the most. This not only ensures optimal use of renewable energy but also provides stability to the energy grid and potentially offers financial benefits to EV owners.

Finally, to truly capitalize on renewable energy for EV charging, there needs to be increased collaboration between policymakers, renewable energy providers, and the automotive industry. Incentives for residential and commercial solar installations, tax benefits for purchasing green energy, and subsidies for smart chargers are just a few of the ways that can accelerate the adoption of renewable-powered EV charging.

[poojascmi]

Global Thin film Solar Cell Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Renewable Energy Sources

The global Thin film Solar Cell Market is estimated to be valued at US$ 33.01 Bn in 2022 and is expected to exhibit a CAGR of 19.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. A) Market Overview: Thin film solar cells are made from semiconductor materials that convert sunlight into electrical energy. These solar cells offer various advantages such as flexibility, lightweight, and superior aesthetics compared to traditional solar panels. The need for clean and sustainable energy sources is driving the demand for thin film solar cells as they provide an efficient way to generate electricity from the sun. With the increasing focus on reducing carbon emissions and combating climate change, the demand for renewable energy sources like thin film solar cells is expected to witness significant growth. B) Market Key Trends: One key trend in the thin film solar cell market is the increasing investment in research and development activities to enhance the efficiency of these solar cells. Researchers and manufacturers are investing in developing new materials and technologies to improve the conversion efficiency of thin film solar cells. For example, Oxford Photovoltaics, one of the key players in the market, is developing perovskite-based solar cells that have shown promising results in terms of efficiency and cost-effectiveness. This trend is driving innovation in the market and is expected to lead to the commercialization of more efficient thin film solar cell products. C) PEST Analysis: Political: Governments around the world are implementing favorable policies and incentives to promote the adoption of renewable energy sources. This is creating a conducive environment for the growth of the thin film solar cell market. Economic: The declining cost of thin film solar cells, coupled with the increasing demand for clean energy, is driving the economic feasibility of these solar cells. This is attracting investments from both government and private entities. Social: The increasing awareness about the environmental impact of traditional energy sources is driving the social acceptance and demand for renewable energy solutions like thin film solar cells. Additionally, the aesthetics and design flexibility offered by these solar cells are appealing to consumers. Technological: Advances in thin film solar cell technologies are improving their efficiency and performance. New materials and manufacturing processes are being developed, leading to the commercialization of more efficient and cost-effective products. D) Key Takeaways: Paragraph 1: The Global Thin Film Solar Cell Market Demand is expected to witness high growth, exhibiting a CAGR of 19.4% over the forecast period, due to increasing adoption of renewable energy sources. The need for clean and sustainable energy solutions is driving the demand for thin film solar cells. Paragraph 2: The Asia Pacific region is expected to dominate the thin film solar cell market, with countries like China, India, and Japan leading the way in terms of installation and production capacity. The region's favorable government policies, abundant solar resources, and growing energy demand are contributing to its fast-paced growth in the market. Paragraph 3: Key players operating in the global thin film solar cell market are Ascent Solar Technologies, Inc., FIRST SOLAR, Kaneka Corporation, MiaSolé Hi-Tech Corp., and Oxford Photovoltaics. These companies are investing in research and development activities to improve the efficiency and performance of their thin film solar cell products. They are also focusing on strategic collaborations, partnerships, and mergers and acquisitions to expand their market presence.

[mordormr]

Unveiling the Growth of the Europe Solar Photovoltaic (PV) Market

Introduction

The installed base of the Europe Solar Photovoltaic Market is projected to grow from 294.70 gigawatts in 2024 to 526.15 gigawatts by 2029, with a compound annual growth rate (CAGR) of 12.30% during the forecast period (2024-2029).

As Europe marches toward a greener, more sustainable future, the solar photovoltaic (PV) industry is playing a vital role in transforming the region’s energy landscape. With ambitious climate goals, favorable policies, and advances in solar technology, the solar PV market in Europe is growing at an impressive rate. In this blog, we explore the dynamics driving the Europe Solar PV market, the key challenges, and the opportunities that lie ahead based on recent market research insights.

Market Overview

The Europe Solar Photovoltaic (PV) market has experienced remarkable growth over the past decade, solidifying its position as one of the leading renewable energy sectors in the region. As countries within the European Union (EU) aim to meet stringent carbon reduction targets, solar power has become a cornerstone of the continent’s renewable energy strategy.

The market is not only driven by the need to combat climate change but also by increasing energy demand and a desire for energy independence. With a growing emphasis on decarbonization, Europe’s solar PV market is projected to see significant expansion, supported by both government initiatives and private sector investments

Key Market Trends Driving Growth

EU’s Green Deal and Renewable Energy TargetsOne of the most significant drivers of growth in Europe’s solar PV market is the European Union’s Green Deal. The ambitious plan sets forth goals for Europe to become climate-neutral by 2050, with intermediate targets to cut greenhouse gas emissions by at least 55% by 2030. Solar energy is seen as a key contributor to achieving these targets, and EU countries are rolling out favorable policies, subsidies, and incentives to boost solar adoption.In 2022, the European Commission also announced its REPowerEU initiative, aimed at reducing reliance on Russian energy imports by increasing the deployment of renewable energy sources, with solar PV being a major focus.

Technological Advancements in Solar PVThe rapid advancement of solar PV technology has been another key factor in driving market growth. Innovations in PV panel efficiency, bifacial modules, and thin-film solar cells are making solar energy more cost-effective and accessible. As the cost of solar technology continues to fall, more households, businesses, and utility-scale projects are being developed across Europe.Additionally, the integration of solar PV with energy storage systems has made solar energy a more reliable option, ensuring energy can be stored and used during non-sunny periods, further enhancing grid stability and energy independence.

Rise of Rooftop Solar InstallationsEurope has witnessed a surge in rooftop solar installations, particularly in residential and commercial buildings. With rising energy prices and growing environmental consciousness, consumers and businesses are increasingly opting for rooftop solar PV systems to reduce electricity costs and carbon footprints. Countries like Germany, Spain, and the Netherlands have seen substantial growth in this segment, aided by supportive government policies and incentives for decentralized solar energy generation.

Utility-Scale Solar FarmsAlongside rooftop solar, utility-scale solar farms are contributing significantly to Europe’s renewable energy mix. Several large-scale solar projects have been developed across Southern European countries like Spain, Italy, and Greece, where abundant sunlight offers ideal conditions for large solar farms. Utility companies and governments are investing heavily in expanding solar power capacity, further boosting the market.

Challenges Facing the Europe Solar PV Market

Supply Chain Disruptions and Raw Material ShortagesWhile demand for solar PV systems has surged, supply chain disruptions, particularly during the COVID-19 pandemic, have posed challenges for the market. Shortages of key raw materials like polysilicon, which is crucial for the production of solar panels, have led to price fluctuations and project delays. These supply chain issues are being gradually resolved, but they remain a challenge for large-scale solar deployment in the near term.

Grid Integration and Infrastructure ConstraintsAs solar PV capacity expands, there are growing concerns over the ability of existing electricity grids to integrate increasing amounts of intermittent renewable energy. Grid modernization and energy storage solutions are essential to ensuring the stability and reliability of power supply, especially as solar power generation increases across Europe.

Regulatory Hurdles and Policy VariabilityWhile the EU has set overarching renewable energy goals, the regulatory framework for solar PV can vary significantly from country to country. Navigating local policies, permitting processes, and grid connection requirements can be cumbersome for developers. Ensuring consistency in regulations and reducing bureaucratic barriers are crucial for fostering faster solar PV adoption across all member states.

Opportunities for Growth in the Solar PV Market

Emerging Markets in Eastern EuropeWhile Western European countries like Germany, Spain, and Italy have historically led solar PV adoption, Eastern European nations are now emerging as promising markets for solar energy. Countries like Poland, Romania, and Hungary are ramping up their solar investments to diversify their energy portfolios and reduce dependence on fossil fuels. These emerging markets offer significant growth potential for solar developers and investors.

Floating Solar PV ProjectsFloating solar PV, which involves installing solar panels on bodies of water, is an emerging trend gaining traction in Europe. Countries with limited land space, such as the Netherlands, are exploring the potential of floating solar farms on lakes, reservoirs, and coastal areas. This innovative approach not only saves land but also enhances the efficiency of solar panels due to the cooling effect of water.

Corporate Power Purchase Agreements (PPAs)With an increasing number of corporations committing to renewable energy targets, corporate power purchase agreements (PPAs) are emerging as a powerful driver for solar PV development. Under these agreements, companies directly purchase electricity from solar projects, helping to secure long-term revenue for solar developers while enabling businesses to meet their sustainability goals.

Energy Storage IntegrationAs the integration of solar PV with energy storage solutions becomes more widespread, the ability to store excess solar energy and use it during periods of low sunlight will unlock new opportunities for growth. Europe’s energy storage market is rapidly evolving, with advancements in battery technology, particularly in lithium-ion batteries, expected to drive further adoption of solar-plus-storage systems.

Conclusion

The Europe Solar Photovoltaic market is set for robust growth as the continent accelerates its transition to a sustainable, low-carbon future. Driven by ambitious climate policies, technological advancements, and increased investment in solar infrastructure, the solar PV industry is poised to expand rapidly over the coming years.

While challenges such as supply chain disruptions and grid integration issues persist, the opportunities for growth are vast. Emerging markets in Eastern Europe, floating solar projects, and corporate PPAs represent promising avenues for future expansion.

As the demand for clean, renewable energy continues to rise, the solar PV market in Europe will remain at the heart of the region’s energy transformation, offering enormous potential for innovation, investment, and long-term sustainability.

[tritonmarketresearch]

BIPV Market: Trends Supplement Large-Scale Solar Systems Adoption

As per the International Energy Outlook, the global power demand is expected to rise by 80%, requiring an investment of around $19.7 trillion by 2040. Also, the Paris Agreement set a target of limiting global warming temperature below 2° Celsius, preferably 1.5° Celsius. This has influenced governments to seek innovative ways to reduce emissions while meeting energy demand, which has paved the way for photovoltaic materials in buildings. Triton’s analysis estimates that the global building integrated photovoltaics market will propel at a CAGR of 17.31% during the forecast period 2023-2030.

Building integrated photovoltaics serves the dual purpose of being the outer layer of a building and a power generator. This, in turn, has opened a new frontier in green infrastructure, influencing architects to develop energy-efficient and aesthetically appealing buildings. For instance, Ubiquitous Energy’s transparent solar window panels, UE Power, have emerged as an aesthetically appealing power-generating alternative to conventional windows.

BIPV Revolution: Trends Reshape Energy Landscape

According to the International Renewable Energy Agency (IRENA) , around 90% of the world’s power can be generated with renewable energy by 2050. Since buildings consume high amounts of energy, BIPV integration will facilitate their transition from energy users to producers. On that note, the notable trends reshaping the market are:

Governments perceive investing in green energy solutions as an opportunity to attain GHG reduction targets. Hence, over the past few years, authorities worldwide have employed various measures to stimulate the adoption of sustainable technologies, including BIPV modules, across residential, commercial, and industrial sectors. For example:

As per the Indian Ministry of New & Renewable Energy (MNRE) , the government has implemented the production-linked incentive (PLI) scheme for high-efficiency solar PV modules with an outlay of INR 24,000 crore, to achieve domestic manufacturing capacity of solar PV cells and modules.

In 2021, the German government amended the Renewable Energy Act by establishing grid priority to drive the onshore wind, solar PV, and biogas growth. The government proposed to increase its solar capacity installations to 100 GW by 2030.

The Chinese government also formulated a policy that requires all new buildings to conform to energy guidelines modeled after LEED specifications. This policy combines a recent initiative to reconstruct 50% of residential high-rise buildings. The country is anticipated to add more than 600 GW of solar power by 2030.

Reaping the benefits from such incentives, the industrial sector leads the BIPV market at 39.54%. However, over the forecast period 2023-2030, the commercial sector is expected to witness the fastest growth at 17.38%.

As per IEA, the global solar PV generation reached around 821 TWh in 2020, a whopping 23% increase from 2019. The energy association also stated that next to utility-scale deployment, distributed applications on buildings contribute to around 40% of PV use globally. In this regard, rooftop-based applications are alleviating the burden on the distribution grids, enabling companies and households to pay lesser energy bills while reducing emissions. Moreover, the cost of installing rooftop PV systems reached around $1 per watt. Hence, roofing captures the majority of the market share at 55.69% in terms of application.

China drives the global market, followed by the US, European nations, and Japan playing a major role. The rise in installations from around 19.4 GW in 2017 to 27.3 GW in 2021 was the key aspect that made China a leader in rooftop installations. For instance, Shanghai and Dezhou have acquired the title of ‘Solar City’, which features a large fleet of rooftop solar water heaters. Besides, the Net Zero Energy Building mandate across China is expected to accelerate the PV roofing segment, with solar tiles gaining major traction. Hence, these developments are expected to widen the scope of the Asia-Pacific BIPV market over the forecast period 2023-2030.

IEA projects that photovoltaic systems are estimated to account for approximately 14% of the total power generation by 2050, owing to the rising detrimental impact of fossil fuels. In fact, the organization stated that PV systems saved more than 860 million tons of C02 in 2020. The construction industry is highly innovative in the commercial sector owing to the development of cost-effective zero-emission green facilities.

As per IRENA, Germany ranks fourth in solar energy production globally. In 2021, the nation installed solar capacities of almost 60 GW, an increase of 5.3 GW from 2020. These actions are based on the country’s aim to obtain a 65% share of the renewable energy sector by 2030. Moreover, the Energy Efficiency Strategy for Building suggested advanced technology development to achieve the goal of a virtually climate-neutral building stock by 2050. Hence, the growing focus on sustainable energy sources fuels the overall Europe BIPV market, spearheaded mainly by Germany.

PV Cost Reduction: A Driving Force for Market Players

Since photovoltaic systems generate energy with around 42% efficiency using multi-junction cells, they have emerged as an ideal alternative over complex installations, such as wind turbines. As per the UN, between 2010 to 2020, the cost of power from solar systems plummeted by around 85%. This highlights the question:

What induced PV cost reduction?

The significant cost decline is mainly because of overproduction and higher investment in PV modules. Another factor is the efforts by Chinese suppliers and wholesalers to reduce the stock held in European warehouses to prevent anti-dumping and anti-subsidy tariffs. This oversupply, from China to Europe thus shrunk the cost of silicon. Such developments led energy solutions supplier Sungrow to supply products to the world’s largest BIPV plant (120 MW) in Central China’s Jiangxi Province. Therefore, the increasing efficiency, ease of installation, and decreasing cost of PV modules over conventional sources like coal and natural gas are expected to open new avenues for players in the building integrated photovoltaics market.

[industryinsightsandanalysis]

Thin-Film Encapsulation Market: Current Analysis and Forecast (2024-2032)

According to the Univdatos Market Insights analysis, growing demand for flexible OLED displays and electronics, which require advanced protection from moisture and oxygen to ensure durability & performance would drive the global scenario of the Thin-Film Encapsulation market. As per their “Thin-Film Encapsulation Market” report, the global market was valued at USD 121.3 Million in 2023, growing at a CAGR of 15.7% during the forecast period from 2024 - 2032.   

The major factors that has been even fuelling the growth of the Thin-Film Encapsulation (TFE) market are the rising use of flexible OLED displays in portable devices including the smartphones, tablets, and wearable devices. Despite attempting to develop thinner, lighter and stronger components, thin film electroluminescence or TFE has been deemed important to guard against elements such as moisture and oxygen that could otherwise affect the efficiency and lifespan of these sensitive electronics. With major manufacturers including Samsung and Huawei now incorporating foldable phones to their portfolios and OLED technology gaining growing acceptance for premium TVs and smartwatches, the demand for accurate encapsulation solutions has been boosted even more. The constant advancements of wearables such as health and fitness trackers also prop the market forward, as such technologies need flexibility and resilience, both of which TFE provides. TFE is not limited to consumer electronics’ applications; the renewable energy market is a recent domain that applies TFE for thin-film photovoltaic solar cells, where its function is the protection of solar cells from degradation trough environmental impacts, thus enhancing PV performance. Also, the growth of OLED lighting and displays in automotive vehicles is increasing the application of TFE even more since manufacturers are in constant search of perfect and efficient solutions. Such trends along with the continuous advancement in technology and the increasing focus on flexible and foldable electronic devices shall keep the TFE market moving forward.

Thin-Film Encapsulation Overview in APAC

The Asia-Pacific is the largest and fastest growing market for Thin-Film Encapsulation due to the region’s high concentration and growth rate in the electronics and display industries. APAC is indeed the global leader in OLED including the major players of OLED displays and the market for organic electronics is boasting a steady growth. South Korea, Japan, Taiwan and China are some of the countries of significant importance in this environment.

Key Drivers in APAC:

Presence of Leading OLED Manufacturers: The major player in the OLED market is Samsung from South Korea and Sony and Panasonic from Japan. These companies have been going all out in the investment on the TFE technology in a bid to improve on the durability and flexibility of their display related technologies.

Technological Advancements: Additional differentiation in flexible and foldable displays along with the TFE material that is used to defend the organic layer is driving growth in the region. Being a popular hub for MOCVD, R&D for other related advanced deposition technologies such as PECVD and ALD has also emerged in the APAC region.

Rising Consumer Electronics Market: APAC is the global largest consumer electronics market attributed by the high demand of the Smartphone, wearable devices, tablets, and TVs. Thus, the increasing incorporation of OLED displays in the mentioned products puts TFE at the center of product durability.

Government Support and Investment: A lot of attention has been paid to the development of electronics and semiconductors industry as the Chinese and South Korean markets push for the advancement of encapsulation technologies.

Emerging Organic Electronics: APAC is witnessing increasing demand for organic electronics like OPVs and OTFTs where TFE has a key role in boosting its functionality and sturdiness.

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Thin-Film Encapsulation Market in China

Especially, China, which owns vast investments in OLED manufacturing as well as becoming more significant in the display and semiconductor industry, have a large impact on the Thin-Film Encapsulation market. China also has the objective to dominate the OLED display market in the coming future, and going by this prospect then the Country is well positioned in the TFE industry.

Key Market Insights for China:

Rapid Expansion of OLED Manufacturing: It has been observed that companies in China are increasing productions such as BOE Technology and TCL, which are some of the reasons behind the growing need for TFE technology. Among these players, BOE, has reported impressive progresses in both flexible and foldable OLED displays.

Government Incentives: China’s government continues to pour a lot of capital into display and semiconductor industries as strategies under Made in China 2025 program. This include providing for high tech product such as OLED display that have a direct knock on effect on the consumption of TFE.

Focus on Flexible Displays: Flexible and foldable OLED displays are also prominent a technology which is widely adopted by firms in China; in this process, TFE is crucial in creating a barrier against moisture and oxygen.

Cost-Effective Manufacturing: Furthermore, China has remained strong in the electronics supply chain hence its capability of manufacturing OLED and flexible electronics at cheaper prices makes it a global competitor. This is providing a competitive edge to the TFE market as more and more customers look for better encapsulation techniques.

Growing R&D and Innovation: Not only large Chinese companies are shifting their concern from mere manufacturing but are also expanding their spending on the research and development of the next-generation display solutions and organic electronics. While examining other applications of OLEDs and organic devices, TFE continues to be a key aspect to safeguard all these inventions.

China’s strategic focus on developing its global display and electronics markets will sustain TFE’s growth in the years to come as the country advances as the electronic and innovation hub.

Conclusion

Thin film encapsulation market is believed to grow rapidly in the Asia-Pacific region and particularly in China due to dominance in OLED display and organic electronics industries. Taking the and consideration that South Korea, Japan Taiwan and China are currently among the leaders in OLED and flexible display technologies the demand for TFE is expected to rise. China is also the one that is gradually becoming a world giant with the support of the state, large investments in OLED production, and flexible and foldable displays.

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