Government Incentives to Escalate the Growth of the Solar PV Backsheet Market Across the Globe Market Update Report 2024 | Industry Trends, Demand, Leading Companies and Segmentation till 2032

Incentives provided by the government support the adoption of solar panels across various applications, which in turn, drives the growth of the global solar PV backsheet market. The governments of different countries initiate policies to provide incentives to solar panel owners to reduce the installation cost load. In Australia, the Renewable Energy Target (RET), was formed to ensure 33,000 GWh of energy to be generated by renewable sources by 2020. To achieve this target, two schemes have been set up, including the Small-scale Renewable Energy Scheme (SRES), which applies to small scale renewable installations and Small-scale Technology Certificates (SSTC) that encourage homeowners to install renewable energy sources like solar power.

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Under these schemes, homeowners who purchase a solar system will receive 1 Small Technology Certificates (STC) for every MWh (megawatt hour) of electricity with the system generating until 2030. STCs are traded and bought on the open market, and value can fluctuate, although they currently trade for around $38 each. STCs can take thousands of dollars off the upfront cost of a brand-new solar PV system, making them much more affordable for the average family. Such factors are expected to increase awareness among people, hence, indicating a rise in the adoption of solar panels. Thereby, supporting the growth of the solar PV backsheet market across the globe.

Furthermore, in June 2018, Hanwha Q CELLS Korea Corp. signed an agreement with Dasstech Co., Ltd, Dongwon EnC Corp., Jeonbuk Bank Ltd. and Korea Oil Station Association (KOSA). This Memorandum of understanding (MOU) is intended to develop solar-powered gas stations in South Korea. The project offers several benefits, such as it enables us to conserve land space which is generally required for solar panels by using the unutilized space of rooftop of gas stations.

Likewise, several companies globally have invested in the same projects for the development of solar-powered gas stations. For instance, in 2017, ENOC (Emirates National Oil Company) Group declared that it will place solar panels at its whole new gas stations and starts installation in Dubai. Furthermore, in June 2016, Total S.A., a French energy company invested $300 million with the goal to install totaled 200MW of solar panels across 5,000 service stations globally in the next five years. This shows a rising focus on installing solar panels in gas stations for generating electricity, which is creating a positive impact on the market size of the global solar PV backsheet market.
Current Market Trends Covered in the Global Solar PV Backsheet Market Report

• Asia-Pacific is expected to gain maximum traction in the global solar PV backsheet industry during the forecast period.

• Based on the application segment, the industrial segment is expected to hold the largest market share over the forecast period.

• Government incentives coupled with the declining prices of solar panels are driving the global solar PV backsheet market.

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