Global Solar Encapsulation market is valued approximately USD 1357.2 Million in 2018 and is anticipated to grow with a growth rate of more than 10% over the forecast period 2019-2026.
Solar photovoltaic technology is a technology that converts sunlight into direct current electricity by using electronic components such as semiconductors. There are number of layers in solar cell and among those layers one of which is encapsulation film that protects the solar cell from discolouration, moisture etc. and ensure its reliability and performance. It provides optical and electrical transmissivity. Rising demand of global electricity , cost reduction potential of solar PV and development in PV technology are the factors driving the growth of market over the forecast years.
For instance: According to the International Energy Agency (IEA), solar, wind and geothermal energy accounts for 9.6% of total energy in 2017 and increase with 10.4% till 2018. Thus, the rise in global electricity demand indicates the rise in electricity production propel the growth of global solar encapsulation market over the forecast years. Whereas, degradation of EVA solar encapsulation materials are the factors hampering the growth of market over the upcoming years. However, Introduction of organic solar technology and economical encapsulation techniques are the lucrative opportunity for the growth of global solar encapsulation market.
The regional analysis of global Solar Encapsulation market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe accounts for the largest share in the global solar encapsulation market due to the rapid development, merger and acquisition and investment in R&D. Asia Pacific is the fastest growing region in the global solar encapsulation market over the forecasting yeas due to the rising government initiative and investment in renewable energy in the growing economies.