The solar encapsulation market will register a CAGR of about 10% by 2023
NEW YORK, June 12, 2019 /PRNewswire/ -- About this market
The growing adoption of renewable energy is one of the prominent growth drivers expected to impact the solar encapsulation market during the forecast period. Renewable energy plays a vital role in the global aim toward attaining a sustainable and less carbon-intensive environment, which, in turn, requires a significant change in the global energy mix. The adoption of renewables has increased mainly due to these changes. Globally, the renewable energy sector is growing significantly due to the competitive price of power generation, subsidies provided by various governments, and favorable regulations. Our analysts have predicted that the solar encapsulation market will register a CAGR of about 10% by 2023.
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Market Overview
Supportive government policies and regulations
The inclusion of renewables to bring about a change in the energy mix worldwide is a crucial step toward ensuring emission-free energy generation. Governments around the world are supporting the adoption of renewable technologies, inducing solar energy by providing subsidies, incentives, and tax benefits to both producers and consumers. Governments are also introducing separate policies for different types of solar PV installations, such as installations on buildings, roof-mounted installations, and the installation of free-standing facilities. Thus, supportive government policies have contributed in a significant way to the growth of solar encapsulation globally.
Challenges associated with recycling solar PV module scrap
Solar PV systems generate waste, including solar PV modules that have either reached their end-of-life or are damaged or broken and cannot be used further. However, there are no standards or policies for the safe disposal of solar PV waste. The disposal of the solar waste in landfills is considered unsafe especially if the solar PV module is broken as the toxic materials can contaminate the soil and water, and thus, their disposal remains a significant issue. The challenges surrounding the proper disposal of solar PV system wastes will affect the adoption of solar PV modules which will lead to a shift in consumer preference toward other alternative sources of energy generation, thus hampering the growth of the global solar encapsulation market.
For the detailed list of factors that will drive and challenge the growth of the solar encapsulation market during 2019-2023, view our report.
Competitive Landscape
The market appears to be highly fragmented. The presence of several companies, including 3M Co. and Arkema Group, the competitive environment is quite intense. Factors such as the growing adoption of renewable energy coupled with supportive government policies and regulations will provide significant growth opportunities to solar encapsulation manufactures. E. I. du Pont de Nemours and Co., HANGZHOU FIRST APPLIED MATERIAL Co. Ltd., and STR Holdings Inc. are some of the major companies covered in this report.
Read the full report: https://www.reportlinker.com/p05778676/?utm_source=PRN
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