- Asia Pacific is expected to be the fastest-growing market for solar backsheet.
- The floating power plant segment of the solar backsheet is expected to grow at the highest growth rate from 2018 to 2023.
- Utility segment is expected to be the largest segment for solar backsheet.
The solar backsheet market is expected to grow from an estimated $1.71 billion in 2018 to $2.40 billion by 2023, at a CAGR of 7.02%, from 2018 to 2023. This market growth is driven by increasing global solar PV installations as well as policy support from governments to enable the adoption of renewable technologies. Another factor driving the demand for solar backsheet is the need to reduce carbon emissions.
Asia Pacific is expected to be the fastest-growing market for solar backsheet
Asia Pacific is expected to be the largest and the fastest-growing market followed by North America, by region, during the forecast period. This is due to the significant increase in solar PV installation in China and India. China is the largest market in Asia Pacific and is heavily investing in solar PV to reduce carbon emissions and fulfill its power needs. The other key markets in Asia Pacific are India, South Korea, and Australia. Asia Pacific accounted for more than 50% of the solar backsheet market in 2017. North America is expected to be the second fastest-growing market for solar backsheets.
North America is the second-largest market, with the US being the largest contributor to the demand in the region. With an increasing emphasis on power generation from renewable sources, the US alone is responsible for over 80% of the total electrical power generation in North America.
The floating power plant segment of the solar backsheet is expected to grow at the highest growth rate from 2018 to 2023.
The solar backsheet installation segments into roof-mounted, ground-mounted, and floating power plant. The floating power plant market is expected to grow at the highest CAGR during the forecast period. The growth of the market can be attributed to the ability of these plants to generate more power due to the cooling nature of water. Floating power plants also solve land constraint issues which are major hurdles in ground-mounted solar installations.
Utility segment is expected to be the largets segment for solar backsheet
The solar backsheet market segmented by application, into utility, industrial, commercial, residential, and military. The utility segment is expected to be the largest market. This segment is driven mainly by the global increase in installations of solar power plants, both for utility and distributed power generation applications, to meet the global power demand.
The industrial segment is estimated to be the fastest-growing solar backsheet market, by application, from 2018 to 2023. This segment is driven mainly by the industrial requirement of cutting down electricity expenses, as well as avoiding grid outage situations. Solar power is highly advantageous for many industrial applications because of the high-energy consuming nature of these businesses.
The solar backsheet market ecosystem comprises raw material suppliers such as DowDuPont (US) and Arkema (France). It includes solar backsheet manufacturers such as Cybrid (China), Jolywood (China), Hangzhou (China), and ISOVOLTAIC (Austria). It also comprises solar panel manufacturers such as JinkoSolar (China), Trina Solar (China), Canadian Solar (Canada), and JA Solar (China).