Solar PV Backsheet Market Segmentation by Type (Non-Fluoropolymer, Single-Fluoropolymer, and Double Fluoropolymer); by Installation (Roof Mounted, Ground, and Floating); by End-User (Residential, Industrial, Utility, and Others) – Global Demand Analysis & Opportunity Outlook 2031
Buy Now Report ID: 3347 | Published Date: Feb 09, 2023
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 revenue of near to USD 2900 Million by the end of 2031 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 a CAGR of 7.6% 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.
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The global solar PV backsheet market is further classified on the basis of region as follows:
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.
Our in-depth analysis of the global solar PV backsheet market includes the following segments:
By Type
By Installation
By End-User
Growth Drivers
Challenges
January 14, 2021: Trina Solar Co. Ltd., announced the launch of Trina Tracker Vanguard 600+ Series which aims to increase solar panel efficiency by 2%-8%.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: 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.
Ans: The market is anticipated to attain ~7% CAGR over the forecast period, i.e., 2022–2031.
Ans: Lack of proper infrastructure is one of the factors estimated to hamper the market growth.
Ans: The market in Asia Pacific region is estimated to garner largest revenue of near to USD 2900 Million by the end of 2031 and provide more business opportunities in the near future.
Ans: 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.
Ans: 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.
Ans: The market is segmented by type, installation, end-user, and by region.
Ans: The ground segment is anticipated to hold the largest revenue of more than USD 3200 Million by the end of 2031, up from about USD 1700 Million in the year 2021, as installation of roof is feasible, especially for residential application.
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