Solar PV Backsheet Industry - Regional Synopsis
APAC Market Forecast
The Asia Pacific industry is predicted to account for largest revenue share of 38% by 2037. 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.
