Sunday Nov 27, 2022

Global Solar PV Backsheet Market to Attain a Revenue of USD 4898.8 Million by 2031 and Also Grow with a CAGR of 7.1% During 2022-2031; Market to Grow on Account of Increasing Deployment of Solar Panels Worldwide – GlobeNewswire


New York, March 31, 2022 (GLOBE NEWSWIRE) — The demand for energy worldwide has witnessed massive growth over the past few years. According to the statistics by the International Energy Agency (IEA), the total final consumption of oil products, electricity, and coal increased from 129979163.0 TJ, 45707689.0 TJ, and 22689352.0 TJ respectively in the year 2000 to 168375005.0 TJ, 82251570.0 TJ, and 39786218.0 TJ respectively in the year 2019. Moreover, with the growing population globally, which according to the World Bank reached 7.762 Billion in the year 2020, up from 6.114 Billion in the year 2000, the demand for energy is projected to grow massively in the coming years. According to the United Nations, if the global population reached the predicted figure of 9.6 Billion by the end of 2050, it is then expected that natural resources equivalent to almost three planets would be required to sustain the current lifestyles of individuals.

Kenneth Research has recently released a report on “Global Solar PV Backsheet Market” which is studied for the forecast period, i.e., 2022-2031. The market research report which is studied by using primary and secondary research processes includes the product portfolio analysis of the key players operating in the market, along with the growth factors, recent trends, opportunities, and challenges that are associated with the market growth in the coming years. Additionally, the report also includes the regulatory & standards landscape and the industry value chain analysis, along with the impact of COVID-19 on the market growth during the forecast period.

Despite the rising demand for energy worldwide, there is a growing concern about the depleting sources of fossil fuels, which is a major non-renewable energy source, and the increasing CO2 emissions generated from these fossil fuels. According to the statistics by the World Bank, the CO2 emissions around the world grew from 23311805.661 kt in the year 2000 to 34041045.974 kt in the year 2018. On the other hand, the rising concern for the surge in the number of deaths caused due to air pollution from the burning of fossil fuels, which registered close to 9 Million deaths worldwide in the year 2018, is raising the need amongst the government of nations worldwide to shift their focus towards renewable energy sources, such as solar, wind, and hydropower among others. This has resulted in the rise in the deployment of renewable energy capacity globally for different end-use purposes. For instance, according to the statistics by the International Renewable Energy Agency (IRENA), the solar energy capacity for the generation of electricity around the globe increased from 40334 MW in the year 2010 to 709674 MW in the year 2020. The surge in the adoption of renewable energy capacity is also expected to drive the demand for solar panels worldwide, and in turn, raise the need amongst the solar panel manufacturers to increase the production of these modules. Such a factor is therefore expected to drive the demand for solar PV backsheets amongst the solar panel manufacturers, and in turn, contribute to the market growth.

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The global solar PV backsheet market registered a revenue of USD 2478.8 Million in the year 2021 and is further expected to touch a revenue of USD 4898.8 Million by the end of 2031, by growing with a CAGR of 7.1% during the forecast period. The market growth can also be attributed to the rising initiatives of the government of nations worldwide to achieve Net Zero Scenario. The United Nations has laid down 17 Sustainable Development Goals (SDGs), also known as Global Goals, that were set up in the year 2015 by …….


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