Industry Boosted by the Increasing Use of Thin-Film Solar PV Modules
The global solar PV backsheet market size is expected to grow by USD 2.06 billion during 2020-2024, progressing at a CAGR of almost 15% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of the Market Impact of COVID-19.
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Technavio has announced its latest market research report titled Global Solar PV Backsheet Market 2020-2024 (Graphic: Business Wire)
Thin-film solar PV modules are gaining prominence over other solar PV modules because they can be installed on curved surfaces and offer improved flexibility. They are less expensive and offer a promising growth option for the adoption of solar electricity. Cadmium telluride (CdTe) is the most commonly used type of thin-film solar PV module. Moreover, thin-film solar PV modules are extensively used in building-integrated photovoltaics (BIPVs). Thus, the diverse applications of thin-film solar PV modules are expected to drive market growth during the forecast period.
Report Highlights
- The major solar PV backsheet market growth came from the fluoropolymer segment in 2019, and it is expected to witness the fastest growth during the next five years. This is primarily because of the adoption and implementation of microgrids, declining cost of solar power generation, and a shift in focus toward renewables.
- APAC was the largest solar PV backsheet market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the adoption and implementation of microgrids, declining cost of solar power generation, and a shift in focus toward renewables.
- The global solar PV backsheet market is fragmented. 3M Co., Agfa-Gevaert NV, Arkema SA, DuPont de Nemours Inc., Honeywell International Inc., Jolywood (Suzhou) Sunwatt Co. Ltd., Koninklijke DSM NV, KREMPEL GmbH, Nippon Light Metal Holdings Co. Ltd., and Toray Industries Inc. are some of the major market participants. To help clients improve their market position, this solar PV backsheet market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the Global Solar PV Backsheet Market 2020-2024 is expected to have negative inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: www.technavio.com/report/solar-pv-backsheet-market-industry-analysis?
Growing Emphasis on Biodegradable solar PV Backsheeters will be a Key Market Trend
Solar power generation has emerged as one of the least expensive sources of clean energy. Several governments and organizations are undertaking initiatives and providing subsidies to reduce costs and increase solar power generation. For instance, The Solar Energy Technologies Office (SETO) of the US Department of Energy (US DOE) launched the SunShot Initiative in 2011 to reduce the cost and increase the adoption of solar-powered electricity. Such initiatives are expected to increase the number of solar PV panel installations globally. This will result in the global solar PV backsheet market growth during the forecast period as it is an integral component of the solar PV modules.
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Solar PV Backsheet Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist solar PV backsheet market growth during the next five years
- Estimation of the solar PV backsheet market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the solar PV backsheet market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of solar PV backsheet market vendors
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View source version on businesswire.com: https://www.businesswire.com/news/home/20200819005315/en/
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