The ballooning requirement for photovoltaic (PV) modules that convert solar energy into electrical energy via solar cells, is boosting the demand for solar encapsulants across the globe. Due to their various benefits such as their ability to offer eco-friendly solutions and economic viability, several countries have augmented their PV module manufacturing capacities. For example, as per the China Photovoltaic Industry Association (CPIA), the solar panel manufacturing capacity of China grew to 48 gigawatts (GW) in 2016.
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Furthermore, the organization estimates the solar panel production capacity of China to rise to 110 gigawatts (GW) by 2020. In the solar energy sector, there have been various research and development (R&D) activities, especially in the domain of solar cell technology regarding improvements in the durability and efficiency of solar cells, during the last few years. This has fueled the development of modern third-generation photovoltaics that have the ability to overcome the current performance and efficiency limits.
Moreover, the rising technological advancements and energy requirements in the solar photovoltaic module industry have caused a massive fall in the prices of these items over the last few years. Besides these factors, the growing public awareness about the various benefits of solar cell technology is also powering the demand for solar encapsulants all over the world. This is, in turn, driving the progress of the global solar encapsulant market.
According to the estimates of P&S Intelligence, a market research firm based in India, the solar encapsulant market will demonstrate the highest growth in the Asia-Pacific (APAC) region in the forthcoming years. This will be due to the soaring solar module manufacturing capacity of major solar module manufacturing companies operating in the region. Furthermore, many manufacturers are rapidly shifting their production facilities and plants from Europe to China, because of the rising costs of solar products in the European countries.
Thus, it can be safely concluded that the demand for solar encapsulants will boom all over the world in the coming years, mainly because of the growing usage of solar energy for power generation in various countries.
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