With the increase in the demand for renewable energy and the government encouraging the designers and users to use these energies, the solar market is, globally, acquiring traction.
Technological advancements, an increase in the understanding of installation and the benefits are some of the factors which have contributed to its immense popularity amongst the general masses. Ethylene Vinyl Acetate (EVA) has contributed the most in terms of revenue generation in the global market for solar encapsulation. Single crystal/polycrystalline silicon technology dominates the global solar encapsulation market, thanks to its technology. China has come out to have contributed the most in terms of revenue in the Asia-Pacific market, with U.S. in the North America, and Germany in the European region. Owing to the various feed-in tariffs and anti-import duties brought forth by various governments, the PV market is only expected to increase. China and India are the two markets contributing to this sector the most, with growing economic conditions which boost the way of living, hence making the residential and commercial markets an easy target.
With the current trend and growing at a CAGR of 24.3% during 2017 – 2023, the global market for solar encapsulation is projected to reach USD5.17 billion by 2023.