April 30, 2020
According to the research report titled ‘Global Solar Backsheet Market Research Report 2020’, available with Market Study Report LLC, global solar backsheet market was worth USD 2040 million in 2020 and is expected to amass USD 3164.4 million by 2026, expanding with a CAGR of 6.4% during the study period.
For the record, a solar backsheet is applied to the outer most layer of a solar PV module. It helps in protecting the inner parts of the PV module such as electrical components and PV cells.
Increasing popularity of solar PV cells and rising dependency on electricity are major factors driving the solar backsheet market growth. The product plays a vital role in protecting solar panels from environmental damage, further ensuring that the panels remain electrically insulated and have longer lifespan.
Shifting focus towards reducing carbon footprint and growing inclination toward renewable sources of energy are fostering the demand for solar PV cells, in turn propelling the market size. Rising consciousness regarding environmental conservation and favorable government subsidies to promote the use of solar panels are stimulating the industry outlook.
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Based on type, non-fluoropolymer segment accounted for 56% revenue share as of 2020 and is expected to register significant growth during the forecast period. Although non-fluoropolymer solar backsheets are vulnerable to environmental deterioration, they are widely used across various sectors due to low cost.
Elaborating on the application landscape, ground-mounted segment held 76% market share while the roof-mounted accounted for 24% share in solar backsheet market as of 2020.
As per the regional scope, Asia-Pacific solar backsheet industry is presumed to expand substantially during the estimated timeframe. Factors such as rapid industrialization & urbanization, growing population and increasing consumption of electricity are augmenting the regional demand. Favorable regulatory scenario which promote the use of sustainable sources of energy in order to reduce the carbon footprint are also swaying the business dynamics in Asia-Pacific.
The prominent companies operating in global solar backsheet market are Vishakha Renewables, SFC, HuiTian, Ventura, Toyal, Krempel GmbH, Hangzhou First PV Materia, Fujifilm, Crown Advanced Material, Zhongtian Technologies Group, Toppan, Taiflex, Luckyfilm, Coveme, Jolywood and Cybrid Technologies. The report states that in 2018, Cybrid Technologies accounted for 14.16% share while Jolywood and Coveme held 8.62% and 6.70% market share respectively.
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