MarketsandMarkets, an international market research institution, recently released a report saying that from 2018 to 2023, the global solar backplane market is expected to grow at a compound annual growth rate of 7.02%, reaching a market size of US$2.4 billion by 2023, and the estimated market size in 2018 will be 171 million U.S. dollars.
The growth of the global market is accompanied by an increase in the number of global solar photovoltaic power generation devices and the government’s policy support to promote the adoption of renewable energy technologies and the increasing demand for reducing carbon emissions.
From the application market, it is mainly divided into public utilities, industrial, commercial, residential and military. The utility sector is expected to become the largest market, mainly because of the increase in the installed capacity of solar power plants worldwide, including large-scale utilities and distributed generation applications to meet global power needs.
From the installation type, it is mainly divided into roof installation, ground installation and floating power station. During the forecast period, the floating power plant market is expected to increase at the highest compounded growth rate, mainly due to the plant's ability to generate more energy due to the cooling nature of the water. The floating power plant also solved the problem of land constraints, which is a major obstacle to installing solar installations on the ground.
From the point of view of material types, it is mainly divided into fluoropolymers and non-fluoropolymers. Non-fluoropolymers are expected to grow at the fastest rate. This increase can be attributed to its cost-effectiveness compared to fluoropolymer substrate sheets.
From the perspective of the regional market, the Asia-Pacific region is expected to dominate the global solar back-sheet market during the forecast period due to the significant increase in the installed capacity of solar photovoltaics in China and India. China is the largest market in the Asia Pacific region and is investing heavily in solar photovoltaic power generation to reduce carbon emissions and meet its electricity needs. The Asia Pacific region is also expected to become the fastest growing market, followed by North America.
It is worth noting that the main factor constraining the growth of the solar backplane market is the high cost of installation and storage of solar photovoltaic power generation.
According to the report, Saiwu Applied Technologies (China), Zhonglai Co. (China), Coveme (Italy), Krempel (Germany) and Hangzhou Foster Applied Materials (China) will become global leading solar backplane suppliers.
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