The global market for solar encapsulation is expected to witness a CAGR of 24.3% during the forecast period due to the increasing electricity demand, rising demand for solar PV modules and the growing awareness towards renewable energy resources.
As per the research, the global market for solar encapsulation is likely to grow from USD1,142.7 million in 2016 to USD5,167.3 by 2023. With the widespread adoption of renewable energy sources and increasing government initiatives to maximize the solar potential, the global solar encapsulation market is gaining traction.
Additionally, increasing solar PV installations, growing applications of PV modules, rising power demands and technological advances made in the field of encapsulation material is expected to further spur the demand for solar encapsulation during the forecast period.
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As per the findings of research, the construction industry emanated the largest demand for solar encapsulation.
Based on technology, single crystal/polycrystalline silicon technology dominated the global solar encapsulation market.
Asia-Pacific accounted for the largest region in the global solar encapsulation market, where China contributed to the largest revenue. The U.S. was the major market for solar encapsulation in the North America, whereas Germany contributed to the largest revenue in the European region.
Brazil was the largest market for solar encapsulation in Latin America, whereas the UAE generated the largest revenue in the Rest of the World market, which also includes Saudi Arabia, Algeria, South Africa and Egypt.
The factors driving the growth of the global solar encapsulation market include negligible product substitutes and the increasing demand for electricity due to the rapidly growing population. Despite being in nascent stage, solar encapsulation market poses great potential for growth in the near future owing to negligible substitutes available in the global market.
Additionally, government initiatives such as tax benefits, market assessing programs and various renewable targets are expected to further spike the demand for solar encapsulation during the forecast period.
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Asia-Pacific emerges as the largest market for solar encapsulation due to the increasing government focus towards increasing the solar potential through feed-in tariffs and anti-import duties. China and India contributes significantly to the global solar encapsulation market on account of increasing demand in PV installations and rising applications in the residential sector.
Some of the key players in the global solar encapsulation market include Bridgestone Corporation, STR Holdings, Inc., E. I. du Pont de Nemours and Company, First Solar, Inc., 3M Company, Solutia Inc., The Dow Chemical Company, Mitsui Chemicals Tohcello.Inc., Lucent CleanEnergy and Wacker Chemie AG.
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