LONDON--(BUSINESS WIRE)--The solar PV backsheet market is expected to grow by USD 2.06 billion during 2020-2024. The report also provides competitive insights into the market impact and new opportunities created due to the COVID-19 pandemic. According to the latest market research report by Technavio, the impact is going to be significant in the first quarter. It will eventually lessen the subsequent quarters – with a limited impact on the full-year economic growth.
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The application of thin-film solar PV modules is gaining popularity as they offer improved flexibility and cost lower in comparison to other solar PV modules. Backsheets are used to boost the efficiency of performance of thin-film solar PV modules by providing a high vapor barrier. These backsheets have properties such as reflectance, dielectric strength, and durability. The increasing use of thin-film solar PV modules is identified as one of the critical reasons that will drive the solar PV backsheet market growth. As thin-film solar PV modules are flexible in nature, they are also used to make building-integrated photovoltaics (BIPVs) systems. BIPVs can be installed on the sides or on the rooftop of buildings as they maximize the surface area of the receiving solar panel.
As per Technavio, the rising investments in renewables will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
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Solar PV Backsheet Market: Rising Investments in Renewables
With high support from governments, there has been an increase in the adoption of renewable sources of energy. The renewable energy sector is witnessing growth due to favorable regulations, subsidies provided by various governments, and competitive prices of power generation. This, in turn, will boost solar power installations and directly influence the demand for solar PV backsheets. The rising investments in renewables will drive the solar PV backsheet market in the forthcoming years.
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Solar PV Backsheet Market: Segmentation Analysis
This market research report segments the solar PV backsheet market by Product (Fluoropolymer and Non-fluoropolymer) and Geography (APAC, Europe, North America, South America, and MEA).
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. The adoption and implementation of microgrids, declining cost of solar power generation, and a shift in focus toward renewables will significantly drive solar PV backsheet market growth in this region over the forecast period. China and Japan are the key markets for solar PV backsheet in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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