he global solar encapsulation market is suggested to have reached a value of around $834 million at the beginning of 2013, and is forecast to hit a total of $1.36 billion by the end of 2018. This suggests a CAGR growth rate of 10.2% between 2013 and 2018. The industry will be driven by a number of key factors including the growth in demand for solar PVs, and increased investment in infrastructure modernization. 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.
STR Holdings Inc. (U.S.) is the leader in solar encapsulant market. It holds majority of the global solar encapsulation market followed by Hangzhou First PV Material Co. Ltd. (China) and Solutia (U.S.). Rest of the market share is occupied by other players such as Bridgestone (Japan), Dow Corning (U.S.), DuPont (U.S.), etc.
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