Solar PV Backsheet Market size was valued at USD 4.41 Billion in 2023 and is likely to reach USD 11.29 Billion by 2036, registering around 7.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of solar pv backsheet is estimated at USD 4.72 Billion. Rising worldwide solar PV installation, as well as the growing demand and necessity to reduce carbon emissions, are likely to drive the global solar backsheet market. In the previous nine years, installed solar energy capacity has expanded by 24.4 times, and it now stands at 66.7 GW as of May 2023 in India.
Promising expansion and development in the renewable energy industry are also projected to positively benefit the target market's growth. Another driver expected to drive solar backsheet revenue is technical improvement in solar back sheets, which will result in new product innovations. According to SolarPower Europe, solar power developed quickly over the last decade, from 30 GW in 2011 to 138 GW in 2020, mostly due to utility-scale projects and the fluoropolymer solar back sheet business.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7.5% |
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Base Year Market Size (2023) |
USD 4.41 Billion |
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Forecast Year Market Size (2036) |
USD 11.29 Billion |
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Regional Scope |
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Type (Non-Fluoropolymer, Single-Fluoropolymer, Double Fluoropolymer)
The double fluoropolymer segment led the worldwide solar PV backsheet market with a share of 40 % and will continue to do so during the projected period. Higher efficiency, increased acceptability, improved manufacturing productivity, and enhanced insulating qualities are the primary reasons attributed to market growth. Fluoropolymer has a lengthy track record of outstanding performance.
Installation (Roof Mounted, Ground, Floating)
Solar PV backsheet market from the floating segment is expected to have the largest share of 35 % and rise at a rapid CAGR. The ability of these plants to create more electricity due to the cooling nature of water might be attributed to the market expansion. Floating power plants also shed light on land limits, which are a major impediment to ground-mounted solar arrays.
Our in-depth analysis of the global solar PV backsheet market includes the following segments:
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Type |
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Installation |
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End-User |
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APAC Market Forecast
The Asia Pacific region is expected to garner the highest revenue with a 38% share of the solar PV backsheet market in the forecasted period. East Asia is expected to play a significant role in the global solar backsheet industry and is likely to have a large share throughout the projection period. Various government programmes aimed at increasing the use of renewable energy in this region have contributed to the market's rapid expansion. Investment in infrastructure development boosts solar panel usage, leading to proportionate growth of the solar panel backsheet industry. Market integration with China and other East Asian nations is growing as manufacturing and distribution networks become more complicated, thanks to Chinese investments. Cost reductions in solar PV from the East Asian area have facilitated the deployment of solar backsheet. The introduction of solar energy has had a significant influence on GDP and jobs in this region, encouraging product sales. Solar energy capacity in Asia is expected to reach 486 thousand megawatts by 2021. This was a considerable gain from 2012, when Asia's solar energy capacity was estimated to be at 16.2 thousand megawatts.
European Market Statistics
The European solar PV backsheet market is anticipated to growth at significant CAGR with 25% revenue share. Environmental laws from the European area are expected to result in a significant increase in product sales. The shifting trend in the European area towards the predominant usage of renewable energy is likely to enhance the industry. Competitive incentive programmes, renewable energy objectives set by European nations showing a bright picture for solar backsheet use. The fast expansion of non-residential and residential solar has fuelled national debates over rate reform. New product offerings by local and worldwide businesses in the European area are projected to boost the potential of the European solar PV backsheet market. Countries in southern and north western Europe are projected to be in the forefront of regional market expansion. Solar power costs have dropped by 82% between 2010 and 2020, making it the most cost-effective source of electricity in many regions of the EU.
Author Credits: Dhruv Bhatia
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