Solar Encapsulation Market Size

Solar Encapsulation Market size was valued at USD 5.6 billion in 2023 and is poised to reach USD 16.7 billion by the end of 2036, growing at a CAGR of 9.2% during the forecast timeline, i.e., 2024-2036. In 2024, the industry size of solar encapsulation is assessed at USD 6.1 billion.

The increasing adoption of solar energy as a sustainable and renewable power source is driving the solar encapsulation market. The International Energy Agency (IEA) reported that global annual renewable capacity additions increased by almost 50% to around 510 gigawatts (GW) in 2023, the highest growth rate in the last 20 years.  As governments and organizations around the world promote cleaner energy solutions and offer incentives for solar energy projects, the demand for efficient and durable solar panels rises. Moreover, advancements in encapsulation technology, such as the development of more durable and efficient materials, also contribute to market expansion.