The global solar backsheet market is estimated to be USD 1.71 Billion in 2018 and is projected to reach USD 2.40 Billion by 2023, growing at a CAGR of 7.02%, from 2018 to 2023. An increase in solar PV installation along with policy support from governments for the adoption of renewable technologies would contribute to the growth of the solar backsheet market. Asia Pacific would continue to be the largest market for solar backsheet, followed by North America, during the forecast period.
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.
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Utility segment is expected to be the largets segment for solar backsheet market
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.
Asia Pacific is expected to be the largest solar backsheet market
Asia Pacific is expected to be the largest 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.
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North America is expected to be the second largest solar backsheet market
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.
Some of the leading players in the Solar Backsheet Market include Cybrid (China), Jolywood (China), Coveme (Italy), Krempel (Germany), and Hangzhou First (China).