Solar Encapsulation Market
Growing demand of solar PVs and other applications with increasing investment in modernization of infrastructure will drive the global solar encapsulation market to 1,357.2 million by 2018, with a CAGR of 10.2% from 2013 to 2018. Asia, with its thriving economies and rapidly expanding manufacturing bases, is expected to experience highest revenue growth during the next five years. The factors driving growth in the solar encapsulation market are global electricity demand which is expected to double by 2030, cost reduction potential of solar PV, and PV technology developments. Solar encapsulation is a moderately developing market with no other substitute that makes it a backbone of PV modules’ manufacturing. Thus, the market is expected to continue the steady growth rate in future also. Solar encapsulation manufacturers mainly focus on R&D in order to develop new and improved encapsulants for upcoming PV technologies, which offer more distinguished and revolutionary features such as efficiency, resistance against heat & moisture, flexibility, etc. Expansion and mergers & acquisitions into new and emerging markets such as Asia, Europe, and North America has been and will be the key for success for solar encapsulant manufacturers to increase their overall sales and revenue.
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