The Solar Backsheet market is estimated to register a CAGR of 13.2% during the forecast period of 2023 to 2030.
MRFR recognizes the following companies as the key players in the global Solar Backsheet market— DuPont, 3M, Honeywell, Taiflex Scientific Co., Ltd., Krempel GmbH, Targray, Arkema, DUNMORE, Astenik Solar Inc., Coveme S.p.A.
The global Solar Backsheet market is accounted for to register a CAGR of 13.2% during the forecast period and is estimated to reach USD 5,188.9 Million by 2030.
Today, Electrical energy is a basic need and as the carbon emissions have been rising over the last few years, there has been a need for an alternate source of energy. Solar power is a renewable energy source that supports governments with their green energy goals and is a major attraction among investors. Over the past decade, countries such as China, Germany, and the United States have emerged as solar powerhouses and increased electricity generation using solar energy, ultimately contributing to the growth of solar back sheet market. The solar cell back sheet is the outermost layer of a solar PV module, so every solar panel installation needs a back sheet. The main purpose of the back sheet is to protect the photovoltaic components from ultraviolet rays, moisture, the electrical insulation of the system and the durability of the solar photovoltaic components.
The significant increase in the number of solar panel installations worldwide is one of the major factors driving the market growth. In addition, the implementation of government policies promoting various solar energy projects is also driving the growth of Solar Backsheet market. Moreover, increasing demand for sustainable energy sources and increasing utility projects are driving the demand for efficient solar roofs and backsheet in the residential, commercial, and industrial sectors. In the end, it creates a good market view. Additionally, various product innovations such as the development of advanced fluoropolymer backsheet are also acting as growth drivers. These variants provide better hydrolytic stability and weather resistance. Other factors, including the growing development of micro-grid networks to meet the growing demand for off-grid electricity and research and development activities are needed to further develop the market.
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The global Solar Backsheet market is segmented based on Type, Installation, Thickness, Application and Region. The global Solar Backsheet Market segmentation, based on Type is segmented as Fluoropolymer and Non-fluoropolymer. Among these, the Fluoropolymer segment is anticipated to dominate the global Solar Backsheet market revenue through the projected period as estimated by MRFR analysts.
The demand for Fluoropolymer Solar Backsheet has significantly been driven Due to its excellent and advanced features, such as high resistance and insulating properties. Moreover, growing demand for fluoropolymer backsheets among various developers across the globe is also driving the growth of this segment in the target markets.
In the Installation segment, the market is categorized as Roof-Mounted, Ground-Mounted, and Floating Power Plant. Out of which the Floating Power Plant segment held the maximum share in the base year market and is also expected to be holding a significant share in the forecasted period as well. The growth of this sector is due to the power plants' ability to produce more energy compared to the other two options. The use of floating power plants to cope with land limitations is one of the main reasons currently preventing the adoption of ground-mounted solar installations.
In the Thickness segment, the market is categorized as Less than 100mm, 100-500mm and Greater than 500mm. Out of which the Less than 100mm segment held the maximum share in the base year market and is also expected to be holding a significant share in the forecasted period owing to low production cost and extensive use in small-scale solar applications.
In the Application segment, the market is categorized as Utility, Industrial, Commercial and Residential. Out of which the Utility segment held the maximum share in the base year market and is also expected to be holding a significant share in the forecasted period owing to the increasing adoption of solar power on a global scale.
By Region, the Solar Backsheet market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Asia Pacific Solar Backsheet Market holds a considerable market share and is also forecasted to hold the largest share during the forecast period.
The Asia Pacific region leads the global fund market. The region has the largest market share, due to the large investments in renewable green energy and solar energy projects that are now being built in the region. Most of the local solar energy capacity is in China and India. China has the largest solar power capacity in the world, with approximately 253 GW of installed capacity, and plans to add 1200 GW of total solar power capacity by 2030. Some of the world’s largest solar parks are Huanghe Golmund Solar Park, the Longyangxia Dam Solar Park, and Tengger Desert Solar Park.
India is another country that has invested heavily in solar energy development. India's total solar power capacity was 50 GW by 2022, with a capacity expansion of 450 GW expected by 2030. Bhadla Solar Power Plant, with a capacity of 2,245 MW, is the largest power plant in the world, located in India. Pavagada Solar Power Plant is another major solar power plant in India. India and China's investments in solar energy will lead Asia Pacific to take the largest share of the global solar energy market.
Key Findings of the Study
- The global Solar Backsheet market is expected to reach USD 5,188.9 Million by 2030, at a CAGR of 13.2% during the forecast period.
- The Asia Pacific region accounted for the fastest-growing global market.
- Based on Type, the Fluoropolymer segment was attributed to holding the largest market in 2022.
- Based on Installation, the Floating Power Plant segment was attributed to holding the largest market in 2022.
- Based on Thickness, the Less than 100mm segment was attributed to holding the largest market in 2022.
- Based on Application, the Utility segment was attributed to holding the largest market in 2022.
- DuPont, 3M, Honeywell, Taiflex Scientific Co., Ltd., Krempel GmbH, Targray, Arkema, DUNMORE, Astenik Solar Inc., Coveme S.p.A. are the key market players.