The Solar Backsheet Market is estimated to be USD 1.71 billion in 2018 and is projected to reach USD 2.40 billion by 2023, at a CAGR of 7.02%, from 2018 to 2023. The market growth for solar backsheet is mainly driven by increasing 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.
The solar backsheet market is dominated by players with established brand names with a wide regional presence and local and regional players in emerging economies. The leading global players in the solar backsheet industry include Cybrid (China), Jolywood (China), Coveme (Italy), Krempel (Germany), and Hangzhou First (China).
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.
Based on type, the solar backsheet market has been segmented into fluoropolymer and non-fluoropolymer. The non-fluoropolymer segment is expected to grow at the faster rate during the forecast period. This growth can be attributed to its cost-effectiveness as compared to fluoropolymer-based backsheet.
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The report also segments the solar backsheet market, by installation, 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 is a major hurdle in ground-mounted solar installations.
The solar backsheet market has been segmented, by region, into Asia Pacific, Europe, North America, and the rest of the world. Asia Pacific is projected to grow at the fastest rate, from 2018 to 2023, followed by North America. China, which is the global leader in solar photovoltaic generation, dominates the solar backsheet market in Asia Pacific. India is expected to be the fastest-growing market for solar backsheet. 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.
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