Solar PV backsheet market to witness substantial gains over 2017-2024, driven by the growing adoption of off-grid energies
The surging demand for solar-powered systems across the globe has generated lucrative opportunities for solar PV backsheet market giants. In order to consolidate their presence across the competitive landscape, well-known players partaking in solar PV backsheet industry share have been adopting various business strategies such as joint ventures and M&As. For instance, DuPont, one of the very reputed solar PV material providers, has recently signed a deal with the Saudi Arabia based solar panel manufacturer, Desert Technologies, in order to capture more revenue from MEA, driven by the growing demand for photovoltaic systems across the region. Through this agreement, Desert Technologies will reportedly implement Dupont’s backsheets in its solar panels and projects. In addition, both the companies plan to improvise on the research and development activities in future to facilitate the production of reliable solar panels, which will significantly boost solar PV backsheet industry size. Besides, it is prudent to note that the Dutch-based company, DSM has also recently acquired the Chinese manufacturer of PV backsheets, Suzhou SunShine New Materials Technology to improve its product portfolio in solar systems. With this strategic acquisition, DSM seems to be looking forward to firmly establish its position in China solar PV backsheet market over the years ahead.
Europe Solar PV Backsheet Market, By Product, 2016 & 2024 (Million Square Foot)
In order to reduce the wastage of renewable energy sources and encourage the masses to use non-fossil fuel based power, the Chinese government plans to enhance its power transmission capacity by reducing the nation’s dependency on coal. According to the IEA (International Energy Agency), in 2016, China installed solar-powered systems of a capacity more than 34 GW, which was nearly half of the installed capacity across the globe. China plans to substantially boost the solar system installation capacity over the years ahead, which is certain to have a positive impact on solar PV backsheet industry share. In addition, recently China signed an energy deal with Canada, through which the country intends to promote the benefits of renewable energy sources such as solar and wind power. Considering how proactive the nation seems to be with regards to energy and innovation policies, experts predict China solar PV backsheet industry share to soar higher in the years ahead.
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Apart from business expansion, majority of the players in solar PV backsheet market have been observed to be focusing on the improvement of the material properties of PV backsheets. Bearing in mind the downsides of backsheets such as delamination, cracking, and yellowing, researchers have been trying to improve the mechanical properties of materials. For instance, 3M has invested heavily to develop new PV backsheets endowed with the properties of reliability and long-term performance. The increasing involvement of biggies in new material development is thus slated to propel solar PV backsheet market outlook in the years ahead. Furthermore, the ongoing R&D activities and the growing advancements in the product landscape will generate lucrative opportunities for players in solar PV backsheet industry, thereby impelling its revenue graph by 2024.
Most of the countries have been involved in implementing numerous programs to increase the dependency on off-grid energy for commercial as well as industrial applications. Currently, solar energy has been emerging as one of the most reliable and environment-friendly options for many countries to fulfill their energy requirement. In accordance, most of the entrepreneurs and small-scale companies have also been making vigorous investments to manufacture solar PV backsheets, owing to its increasing demand for solar-powered systems. This would consequently have a massive impact on the overall solar PV backsheet market size, which according to Global Market Insights, Inc., would surpass more than USD 2.3 billion by 2024.
Author Name : Sunil Hebbalkar