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. 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.
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Governments and private enterprises across the world are constantly focusing on R&D activities to enhance the solar energy sector. These activities are directed at improving the durability and efficiency of solar cells. These efforts have resulted in the development of third-generation PV modules that have the potential to overcome current performance and efficiency limits. Constant technological innovations in solar cell technology along with surging energy need have led to the significant decline in the cost of PV modules in recent years.
Globally, the Asia-Pacific region led the market during 2014–2019, and the regional market will also register the fastest growth during the forecast period. This can be primarily owed to the surging production capacity of solar modules by leading manufacturers in the region. Over the years, manufacturers have shifted their production base from European nations to China, on account of price inflation of solar products in Europe. Moreover, easy availability of low-cost skilled labor and favorable government policies in APAC will also account for the increasing penetration of solar encapsulants.
Additionally, North America is also expected generate considerable revenue in the solar encapsulant market in the coming years. This can be attributed to the widescale installation of solar panels in commercial and residential buildings, largescale establishment of solar cell production units, and strong presence of established players in the region. Furthermore, Europe will also account for significant market share, on account of the increasing presence of encapsulate film manufacturers, surging investments in solar cell technologies, and growing support from governments to strengthen the solar energy ecosystem in the region.
Thus, the constant developments in solar cell technologies and the gradual shift toward solar energy will accelerate the consumption of solar encapsulants in the coming years.
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