Solar Encapsulant Industry Set to Exhibit Huge Expansion in Future

The widescale installation of photovoltaic (PV) modules, continuous research and development (R&D) in solar cell technologies, and advent of crystalline silicon solar technology are expected to drive the market for solar encapsulant at a CAGR of 28.4% during the forecast period (2018–2023). The market generated a revenue of $1,036.0 million in 2017 and it is projected to generate $4,555.4 million by 2023. Moreover, the escalating awareness among people regarding the benefits of the solar cell technologies will propel market growth in the coming years.

One of the prominent trends currently being observed in the solar encapsulant market is the rising incorporation of thin-film solar cell technology. This is mainly credited to the fact that the conventionally used crystalline silicon solar technology-based solar modules have high production costs and fragile nature. In addition to this, the thin-film solar cell technology has lower costs than the crystalline silicon solar technology and the modules made from the thin-film technology are flexible in nature.

Geographically, the Asia-Pacific region registered the highest utilization of solar encapsulant technology-based materials during the historical period (2013–2017) and is also predicted to observe the highest growth in the usage of solar encapsulant materials during the forecast period. This is primarily attributed to the surging production capacity of the solar modules by the major solar module manufacturing companies in the region. As per the Energy Trend, the Photovoltaic (PV) installation production capacity of China was 31% of the total production capacity in the world (70.3 GW) in 2017.

Therefore, it can be said without any hesitation that due to the rising adoption of renewable energy and soaring usage of PV modules, the demand for solar encapsulant technology will surge throughout the world in the coming years.

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