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MarketsandMarkets, an international market research institution, recently released a report that from 2018 to 2023, the global solar backsheet market is expected to grow at a compound annual growth rate of 7.
02%, reaching a market size of $2.
4 billion by 2023, and an estimated market size of $1.
71 billion
in 2018.
The global market growth is driven by the increase in solar photovoltaic installations across the globe and government policy support driving the adoption of renewable energy technologies and the increasing
need to reduce carbon emissions.
From the perspective of the application market, it is mainly divided into utilities, industrial, commercial, residential and military
.
The utilities sector is expected to be the largest market, mainly due to the increase in installed solar power plant capacity globally, including large-scale utilities and distributed generation applications to meet global power demand
.
From the perspective of installation types, it is mainly divided into roof installation, ground installation and floating power station
.
The floating power plant market is expected to grow at the highest CAGR during the forecast period, mainly attributed to the ability of power plants to
generate more energy due to the cooling nature of water.
Floating power plants also address land constraints, which are a major barrier
to ground-based installation of solar installations.
From the perspective of material type, it is mainly divided into fluoropolymers and non-fluoropolymers
.
The non-fluoropolymer segment is expected to grow
at the fastest rate.
This growth compared to fluoropolymer substrates can be attributed to their cost-effectiveness
.
From the perspective of the regional market, Asia Pacific is expected to dominate the global solar backsheet market
during the forecast period due to the significant increase in solar PV installations in China and India.
China is the largest market in the Asia-Pacific region and is investing heavily in solar PV to reduce carbon emissions and meet its electricity needs
.
Asia Pacific is also expected to be the fastest growing market, followed by North America
.
It is worth noting that the major factor restraining the growth of the solar backsheet market is the high
installation and storage cost of solar photovoltaics.
According to the report, SaiWu Applied Technology (China), Jolywood (China), Coveme (Italy), Kermpel (Germany) and Hangzhou Foster Applied Materials (China) will become the world's leading solar backsheet suppliers
.
MarketsandMarkets, an international market research institution, recently released a report that from 2018 to 2023, the global solar backsheet market is expected to grow at a compound annual growth rate of 7.
02%, reaching a market size of $2.
4 billion by 2023, and an estimated market size of $1.
71 billion
in 2018.
The global market growth is driven by the increase in solar photovoltaic installations across the globe and government policy support driving the adoption of renewable energy technologies and the increasing
need to reduce carbon emissions.
From the perspective of the application market, it is mainly divided into utilities, industrial, commercial, residential and military
.
The utilities sector is expected to be the largest market, mainly due to the increase in installed solar power plant capacity globally, including large-scale utilities and distributed generation applications to meet global power demand
.
From the perspective of installation types, it is mainly divided into roof installation, ground installation and floating power station
.
The floating power plant market is expected to grow at the highest CAGR during the forecast period, mainly attributed to the ability of power plants to
generate more energy due to the cooling nature of water.
Floating power plants also address land constraints, which are a major barrier
to ground-based installation of solar installations.
From the perspective of material type, it is mainly divided into fluoropolymers and non-fluoropolymers
.
The non-fluoropolymer segment is expected to grow
at the fastest rate.
This growth compared to fluoropolymer substrates can be attributed to their cost-effectiveness
.
From the perspective of the regional market, Asia Pacific is expected to dominate the global solar backsheet market
during the forecast period due to the significant increase in solar PV installations in China and India.
China is the largest market in the Asia-Pacific region and is investing heavily in solar PV to reduce carbon emissions and meet its electricity needs
.
Asia Pacific is also expected to be the fastest growing market, followed by North America
.
It is worth noting that the major factor restraining the growth of the solar backsheet market is the high
installation and storage cost of solar photovoltaics.
According to the report, SaiWu Applied Technology (China), Jolywood (China), Coveme (Italy), Kermpel (Germany) and Hangzhou Foster Applied Materials (China) will become the world's leading solar backsheet suppliers
.
