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Premium Report Details
Base Year: 2024
Companies covered: 13
Tables & Figures: 34
Countries covered: 24
Pages: 120
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Solar Encapsulation Market
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Solar Encapsulation Market Size
The global solar encapsulation market size was valued at USD 34.7 billion in 2024 and is estimated to grow at a CAGR of 6.1% from 2025 to 2034. The shift toward localized solar manufacturing under national incentive programs will contribute to encapsulation material demand. Increasing push across countries for self-reliance in PV production will augment the adoption for high-quality encapsulants across domestic supply chains.
Growing installation of solar PV modules, driven by rising global clean energy targets, will foster demand for solar encapsulation materials. As of March 31, 2025, India’s Ministry of New and Renewable Energy reported a cumulative installed solar capacity of 107.95GW, comprising 81.01GW from ground-mounted (including floating/hybrid), 17.02GW from grid-connected rooftop, and 4.74GW from off-grid systems. Additionally, the expanding PV deployment will create significant demand for high-performance encapsulants, thereby augmenting the industry landscape.
Expanding solar module manufacturing capacity across developing and developed economies is anticipated to influence encapsulation material consumption. Governments are focusing on strengthening domestic module production to reduce import dependency, which in turn will accelerate demand for key PV components including encapsulants. Additionally, growing presence of vertically integrated manufacturers will further drive large-scale material sourcing, positively impacting the industry growth.
Increasing efforts to reduce the Levelized Cost of Electricity (LCOE) by improving module reliability will augment encapsulation material deployment. In June 2023, JinkoSolar announced its Tiger Neo N-type TOPCon module line using improved encapsulation materials, designed for a 30-year performance warranty. Additionally, these materials offer better light transmission and thermal stability, directly supporting the goal of long-term energy yield, hence fostering product adoption across utility scale projects.
Growing investments in solar projects across emerging economies will foster the penetration of robust encapsulation materials. Large scale installations require components that can withstand harsh environmental conditions over extended periods. This will further push developers to adopt encapsulants that ensure long-term protection and efficiency, thereby supporting large-volume procurement, positively influencing the market growth.
Solar Encapsulation Market Trends
Solar Encapsulation Market Analysis
The U.S. solar encapsulation market was valued at USD 4.7 billion, USD 7.6 billion, and USD 9.5 billion in 2022, 2023, and 2024, respectively. The North American industry held a market share of 29.8% in 2024.
Solar Encapsulation Market Share
Solar Encapsulation Market Companies
Eminent players operating in the solar encapsulation industry are:
Solar Encapsulation Industry News
The solar encapsulation market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in “USD Billion” from 2021 to 2034, for the following segments:
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Market, By Panel Type
Market, By Material Type
Market, By Application
Market, By End Use
The above information has been provided for the following regions and countries: