The global solar PV backsheet market is estimated to garner a notable revenue by growing at ~9% CAGR over the forecast period, i.e., 2022–2030. Solar PV backsheet is the polymer-based protective layering for the solar modules, against the dust particles, weather, chemical reactions, and UV rays, among others. The growth of the market can be attributed to the increasing installation of solar power plants, as solar PV backsheets are a vital part of the set-up. Growing environmental awareness amongst people, adoption of renewable energy, and government subsidy and incentives for solar farms are some of the factors encouraging the adoption of solar panels on the residential level, which is estimated to promote the market growth. According to the statistics by the International Energy Agency (IEA), solar PV power generation has increased by 22% in 2019, which equals to over 720 TWh energy. Moreover, he rising emphasis on utility-scale projects, along with innovation in technology are also anticipated to fuel the market growth. According to a report by the U.S. Energy Information Administration (EIA), more than 2,500 utility scale solar power plants were functioning in the U.S. in 2018.
The global solar PV backsheet market is segmented by end-user into residential, industrial, utility and others, out of which, the utility segment is anticipated to hold the largest share in terms of revenue during the forecast period on account of rapid commercialization of solar plants, and increasing investment in renewable energy sources by government and major private companies. On the basis of installation, the market is segmented into roof mounted, ground, and floating, out of which, the rooftop segment is anticipated to hold the significant market share throughout the forecast period, as installation of roof is feasible, especially for residential application. It is easier, less costly, and feasible, which is estimated to drive the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Regionally, the global solar PV backsheet market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to garner largest share over the forecast period on the back of the immense growth potential, backed by the abundance of sunlight all around the year in countries, such as, China, Japan, Viet Nam, India, and others. The solar power production in China increased over 550% in the past 5 years, from 39 TWh in 2015 to 260 TWh in 2020. Similarly, the production of solar power in Japan increased by 143%, in India by 750%, and in Singapore by 525% in 5 years. China currently is the largest producer of solar energy in APAC region.
The market in the North America region is estimated to witness significant CAGR over the forecast period owing to the technological advancement, growing public awareness, increasing adoption of solar farms as a commercial activity, and growing government investment in renewable energy sources. According to the data by IEA, in the United States 13.2 GW of solar PV were installed in 2019, which was 25% higher than 2018. Government policies, such as, federal tax incentives and state-level policies, favoring the installation of solar panels, is also estimated to boost the market growth.
The global solar PV backsheet market is further classified on the basis of region as follows:
Our in-depth analysis of the global solar PV backsheet market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing government initiatives to promote the use of solar energy, and installation of utility-scale solar panels globally are the major factors driving the market growth.
The market is anticipated to attain ~9% CAGR over the forecast period, i.e., 2022-2030.
Lack of proper infrastructure is one of the factors estimated to hamper the market growth.
The market in North America is estimated to garner the largest market share owing to the large number of commercial utility-scale solar farms already functioning in the region.
The major players in the market are Trina Solar Co., Ltd, TATA Power Solar Systems Limited, JA Solar Technology Co., Ltd., ISOVOLTAIC AG, The Dow Chemical Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, installation, end-user, and by region.
The roof mounted segment is anticipated to hold largest market over the forecast period on the back of ease of installation for residential end-users.
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