New York, March 31, 2022 (GLOBE NEWSWIRE) -- The demand for energy worldwide has witnessed massive growth over the past few years. According to the statistics by the International Energy Agency (IEA), the total final consumption of oil products, electricity, and coal increased from 129979163.0 TJ, 45707689.0 TJ, and 22689352.0 TJ respectively in the year 2000 to 168375005.0 TJ, 82251570.0 TJ, and 39786218.0 TJ respectively in the year 2019. Moreover, with the growing population globally, which according to the World Bank reached 7.762 Billion in the year 2020, up from 6.114 Billion in the year 2000, the demand for energy is projected to grow massively in the coming years. According to the United Nations, if the global population reached the predicted figure of 9.6 Billion by the end of 2050, it is then expected that natural resources equivalent to almost three planets would be required to sustain the current lifestyles of individuals.
Kenneth Research has recently released a report on “Global Solar PV Backsheet Market” which is studied for the forecast period, i.e., 2022-2031. The market research report which is studied by using primary and secondary research processes includes the product portfolio analysis of the key players operating in the market, along with the growth factors, recent trends, opportunities, and challenges that are associated with the market growth in the coming years. Additionally, the report also includes the regulatory & standards landscape and the industry value chain analysis, along with the impact of COVID-19 on the market growth during the forecast period.
Despite the rising demand for energy worldwide, there is a growing concern about the depleting sources of fossil fuels, which is a major non-renewable energy source, and the increasing CO2 emissions generated from these fossil fuels. According to the statistics by the World Bank, the CO2 emissions around the world grew from 23311805.661 kt in the year 2000 to 34041045.974 kt in the year 2018. On the other hand, the rising concern for the surge in the number of deaths caused due to air pollution from the burning of fossil fuels, which registered close to 9 Million deaths worldwide in the year 2018, is raising the need amongst the government of nations worldwide to shift their focus towards renewable energy sources, such as solar, wind, and hydropower among others. This has resulted in the rise in the deployment of renewable energy capacity globally for different end-use purposes. For instance, according to the statistics by the International Renewable Energy Agency (IRENA), the solar energy capacity for the generation of electricity around the globe increased from 40334 MW in the year 2010 to 709674 MW in the year 2020. The surge in the adoption of renewable energy capacity is also expected to drive the demand for solar panels worldwide, and in turn, raise the need amongst the solar panel manufacturers to increase the production of these modules. Such a factor is therefore expected to drive the demand for solar PV backsheets amongst the solar panel manufacturers, and in turn, contribute to the market growth.
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The global solar PV backsheet market registered a revenue of USD 2478.8 Million in the year 2021 and is further expected to touch a revenue of USD 4898.8 Million by the end of 2031, by growing with a CAGR of 7.1% during the forecast period. The market growth can also be attributed to the rising initiatives of the government of nations worldwide to achieve Net Zero Scenario. The United Nations has laid down 17 Sustainable Development Goals (SDGs), also known as Global Goals, that were set up in the year 2015 by the United Nations General Assembly (UN-GA) and are included in an UN-GA Resolution, colloquially known as Agenda 2030 or 2030 Agenda. These SDGs are intended to be achieved by 2030 and are designed to be a blueprint to achieve a better and more sustainable future for all. Out of the 17 SDGs, the 7th SDG focuses on ensuring access to affordable, reliable, sustainable, and modern energy for all. With a similar aim to achieve net-zero emissions, the International Energy Agency (IEA), has set a roadmap for the Global Energy Sector by defining the Net Zero Scenario, which is aimed to be achieved by 2050. The IEA stated that in the year 2020, power generation from solar PV is estimated to have increased by a record 156 TWh, marking a growth of 23% from the previous year. However, to reach the annual solar PV generation level of around 6970 TWh by the end of 2030 from 820 TWh generated in the year 2020, the yearly average generation growth required would be 24% during 2020-2030, thereby raising the need for the deployment of solar panels in huge quantity. On the other hand, the declining solar component cost is also expected to boost market growth in the coming years.
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The global solar PV backsheet market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in the Asia Pacific generated the largest revenue of USD 1532.7 Million in the year 2021 and is further expected to touch USD 2895.7 Million by the end of 2031. The growth of the market in the region can primarily be attributed to the increasing initiatives by the government of nations in the region to promote the adoption of solar panels by providing incentives or subsidies through the feed-in tariff (FIT) policy mechanism. For instance, with the help of the FIT scheme, the solar PV capacity addition in China made a rebound to reach 48GW in the year 2020 after the slowdown in 2018-2019. Similarly, in Vietnam, spurred by the expiration of the country’s FIT scheme, the solar PV deployment in the nation resulted in 11GW of capacity additions, which was more than twice as much as in the previous year. Besides this, other initiatives of the government in these nations, such as the 14th Five-Year Plan of the Government of China, which focuses on cost reduction of solar panels, is also expected to strongly boost the expansion of PVs in the nation. The market in the region is further segmented by country into China, Vietnam, Japan, South Korea, Australia, India, and the Rest of Asia Pacific. Amongst the market in these nations, the market in China registered the largest revenue of USD 843.5 Million in the year 2021 and is further expected to touch USD 1480.3 Million by the end of 2031. Further, the market in South Korea is expected to grow with the highest CAGR of 9.4% during the forecast period and touch revenue of USD 175.2 Million by the end of 2031.
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On the other hand, the solar PV backsheet market in North America generated the second-largest revenue of USD 425.6 Million in the year 2021 and is further anticipated to touch USD 881.8 Million by the end of 2031. Supportive incentive initiatives, such as the planned phaseout of the production tax credit for the manufacturers of solar panels, followed by the higher corporate demand for solar panels through power purchase agreements, and the decreasing price of solar panels are some of the major factors anticipated to drive the demand for solar panels in the region, and in turn, contribute to the market growth. The IEA, in its other statistics, stated that in the year 2020, in the United States, the solar PV capacity increased by 45% and reached 19GW, breaking its 2015 record of 15GW. On the other hand, according to the statistics by the Solar Energy Industries Association (SEIA), the blended average price of solar PV systems decreased from USD 5.79/Watt in the year 2010 to USD 1.38/Watt in the year 2021. The market in the region is further segmented by country into the United States and Canada. Amongst these countries, the market in the United States is anticipated to generate the largest revenue of USD 447.1 Million by the end of 2023, while the market in Canada is expected to grow with the highest CAGR of 8.9% during the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global solar PV backsheet market is segmented by type into non-fluoropolymer, single fluoropolymer, and double fluoropolymer. Amongst these segments, the single fluoropolymer segment generated the largest revenue of USD 1049.6 Million in the year 2021 and is further expected to touch USD 1976.4 Million by the end of 2031. In the Asia Pacific, the segment is expected to touch the largest revenue of USD 1169.9 Million by the end of 2031, up from a revenue of USD 648.3 Million in the year 2021. On the other hand, in North America, the segment is expected to grow with a CAGR of 7.0% during the forecast period and touch the largest revenue of USD 354.7 Million by the end of 2031, up from a revenue of USD 180.7 Million in the year 2021.
The global solar PV backsheet market is further segmented by installation into roof mounted, ground, and floating. Amongst these segments, the ground segment generated the largest revenue of USD 1683.6 Million in the year 2021 and is further expected to reach a revenue of USD 3223.8 Million by the end of 2031. In the Asia Pacific, the segment is projected to grow with a CAGR of 6.2% during the forecast period and touch the largest revenue of USD 1908.5 Million by the end of 2031, up from a revenue of USD 1046.8 Million in the year 2021. On the other hand, in Europe, the segment generated the largest revenue of USD 246.6 Million in the year 2021 and is further projected to reach a revenue of USD 514.8 Million by the end of 2031.
The global solar PV backsheet market is also segmented on the basis of end-user.
Global Solar PV Backsheet Market, Segmentation by End-User
- Residential
- Industrial
- Utility
- Others
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Some of the prominent industry leaders in the global solar PV backsheet market that are included in our report are Cybrid Technologies Inc., DuPont de Nemours, Inc., Targray Technology International Inc., COVEME s.p.a., Toyo Aluminium K.K., TORAY INDUSTRIES INC., DUNMORE, KREMPEL GmbH, TAIFLEX Scientific Co. Ltd., HANGZHOU FIRST APPLIED MATERIAL CO. LTD., and others.
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