“The solar backsheet market is projected to grow at a CAGR of 7.02%, from 2018 to 2023.”
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. Increasing solar PV installation and policy support from governments to enable the adoption of renewable technologies are driving the solar backsheet market. High installation and storage costs of solar PV act as restraints for the market.
“The floating power plant sub-segment of the solar backsheet market, by installation, is expected to grow at the highest CAGR from 2018 to 2023.”
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.
“Asia Pacific: The largest solar backsheet market.”
Asia Pacific is projected to dominate the global solar backsheet market during the forecast period 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 fulfil 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.
Breakdown of Primaries
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 24%, Tier 2- 35%, Tier 3- 41%
- By Designation: C-Level- 30%, Manager Level- 35%, Others- 35%
- By Region: North America- 30%, Asia Pacific- 40%, Europe- 20%, Rest of the World- 10%
Note: The tiers of the companies have been defined on the basis of their total revenue; as of 2016: Tier 1= >USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3=
The report provides a picture of the solar backsheet market across several applications and different regions. It aims at estimating the market size and future growth potential of the market across different segments such as type, application, installation, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
For the purpose of this report, the market has been segmented on the basis of type, application, installation, and region, with a focus on industry analysis (industry trends), market share analysis of the top players, and company profiles, which together comprise the basic views on the competitive landscape, emerging and high-growth segments of the solar backsheet market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the solar backsheet market
Market Development: Comprehensive information about the lucrative emerging markets; the report analyzes the markets for solar backsheet across regions Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global solar backsheet market
- The report identifies and addresses key solution operators for solar backsheet, which would help solution providers review the growth in the demand for services
The report helps solution providers understand the pulse of the market and offers insights into drivers, restraints, and challenges The report will help key players understand the strategies of their competitors better and will help in making strategic decisions