Flexible Solar Panels Market Analysis - 2021-2030
The global flexible solar panels market size was valued at $464.31 million in 2020, and projected to reach $914.07 million by 2030, with a CAGR of 7.1% from 2021 to 2030. Flexible solar panels are also known as thin film solar cells that come from a second generation solar cells, which are created by layering more than one thin film of photovoltaic material on a base made of metal, glass, or plastic. The product produced from this process is much thinner than the average monocrystalline or polycrystalline solar panels. This makes them more flexible and lighter compared to the conventional solar panels, which means that the roof only needs to support a very light structure that does not require racks. This reduces the production cost and installation cost, which have positive impact on the development of the global flexible solar panels market.
Energy plays a significant role in the development of industries and provides comfortable living environment to the people as it is the measurement unit to conform the development of civilization. The rapid surge in innovation and up-gradation of most of the fuel driven devices to electronic power have increased the demand for power from clean energy resources. In order to tap gigantic solar roof potential of the European region, the European Union initiated “green deal” programme to reach its carbon emission targets by 2050. India has one of the largest building integrated vertical solar PV systems at a data center in Mumbai with a capacity of about 1MW, covering over 5000 square feet of facade area.
The global flexible solar panels market is segmented on the basis of type, application, and region. On the basis of type, the global flexible solar panels market is segmented into amorphous silicon, cadmium telluride, copper indium gallium selenide, and others. In addition, on the basis of application, the global market of flexible solar panels is fragmented into residential, industrial, aerospace, automotive, and others.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe.
The major companies profiled in this report include Alta Devices, Enecom, Flisom, Global Solar Energy, Inc., Miasole, Powerfilm Solar, Inc., Solbian, Solopower System, Sun Harmonics, and Sunpower Corporation. Owing to rapid industrialization and modernization, spread of information through internet has led to the development of tourism industry, which in-turn has fueled the demand for flexible solar panels. Additional growth strategies such as expansion of production capacities, acquisition, partnership, and research & innovation in the solar energy application have led to attain key developments in the global trends.
In addition to the above mentioned companies, Fwave Company Limited, Renogy, Sunflare, Sungold, and Uni-Solar are also competing for the share of the market through product launch, partnership, and expanding the production capabilities to meet the future demand for the flexible solar panels during the forecast period.
Flexible Solar Panels Market, By Region
Asia-Pacific has the largest share of the flexible solar panels market and consists of countries such as China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific. India and China are major players in this region majorly due to huge population and demand for energy. They are also home to significant number of megacities with ever-increasing population. It is expected to have largest urban population by 2050. In addition to this, the fact that more than 70% of the buildings that are expected to stand in India in 2030 are yet to be built. Hence, there will be increase in the demand for energy to make buildings energy efficient.
By Region
Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Flexible Solar Panels Market, By Type
The copper indium gallium selenide (CIGS) segment dominates the global flexible solar panels market. CIGS play a vital role in the expansion of solar photovoltaic capacity. The unconventional areas among buildings with exposure of sun resources have to be exploited through building integrated photovoltaic technologies. Commercial buildings such as shopping malls, hotels, and office buildings are application areas where flat black color of a CIGS solar panel looks best in line with the vision of architects compared to conventional solar panels. In addition to this, CIGS solar panel with significantly better temperature coefficients is most suitable for the building structure in tropical region. The increase in the investment and construction of smart buildings across the developing and developed countries is expected to provide ample opportunities for the growth of the CIGS flexible solar panels market.
By Type
Copper Indium Selenide Services is projected to create abundant $ opportunity till 2030
Flexible Solar Panels Market, By Application
The industrial segment dominates the global flexible solar panels market. Building integrated flexible solar panels are used to power the low wattage devices used in the industries such as lights, cameras, and others. The increase in demand for green energy to cope with the surge in application of electricity driven heavy-duty machinery and the application of automation in the manufacturing industries have led to the growth in the demand for the flexible solar panels. Flexible solar panels are made to serve low-wattage power needs in the industrial sector especially for the peripheral electronic devices. This is expected to provide ample opportunities for the flexible solar panels market growth.
By Application
Industrial segment is projected as the most lucrative segment.
COVID-19 analysis:
The COVID-19 pandemic has negatively impacted the global flexible solar panels market drastically. The pandemic has affected various industries and has caused global economic slowdown. It has major impact on energy systems across the world through curbing investments and threatening to slow the expansion of key clean energy technologies. The outbreak of COVID-19 has caused wide spread economic trauma, in order to achieve robust economic recovery without huge carbon emission, which occurred in 2008 global financial crisis. The present awareness regarding global warming due to increased carbon emissions led the government to take lead in pursuing structural reductions in emissions through smart, sustained, and ambitious policies to accelerate development for the deployment of full range of clean energy solutions.
Key benefits for stakeholders
- This report provides a detailed quantitative analysis of the current flexible solar panels market trends and estimations from 2020 to 2030, which assists to identify the prevailing opportunities.
- An in-depth analysis of across the globe is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the global flexible solar panels industry is provided.
- Region-wise and country-wise market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030 in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global market.
Flexible Solar Panels Market Report Highlights
| Aspects | Details |
 By Type |
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 By Application |
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 By Region |
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 Key Market Players | GLOBAL SOLAR ENERGY, INC., SOLBIAN, POWERFILM SOLAR, INC., FLISOM, SUNPOWER CORPORATION, SOLOPOWER SYSTEM, ENECOM, MIASOLE, SUN HARMONICS, ALTA DEVICES |
Analyst Review
The global flexible solar panels market is expected to witness increased demand during the forecast period, due to rapidly growing awareness among the people regarding the advantages of green energy and portable nature of flexible solar panels.
Flexible solar panels come under the family of solar products called “thin film panels”. Flexible panels are constructed with silicon layers over 300 times smaller than those of standard solar panels, allowing them to be flexible and retain their functionality. These solar panels are a great option for anyone needing lightweight and portable power. Durable and lightweight, flexible solar panels are ideal for small-scale, mobile applications such as RVs, boats, and other energy needs that do not require large power outputs. Flexible solar panels are great for digital nomads and outdoor enthusiasts as it can provide clean, renewable energy wherever they want.
The increase in application of small scale electronic gadgets in the modern society especially related to communication and recreational devices boost the demand for power in today’s society. This increase in demand for of small scale gadgets can be provided with flexible solar panels. In addition to this, they are used in camping, or on homes with irregular roof structure, like curved roofs, or roofs with many angles. The above mentioned factors and advantages of flexible solar panels are anticipated to drive the growth of the market.
The greatest obstacle for the flexible solar panels is that they are much less efficient than rigid panels, as at present, average conventional solar panels are about 15-20% efficient. Thin-film flexible solar panels, only meet 7-15% efficiency, which means, we need more of them to produce same amount of electricity as a conventional panel would produce.
Partnership, Product Launch and acquisition are the key growth strategy for Flexible Solar Panels market players in order to attract the end users.
Alta Devices, Enecom, Flisom, Global Solar Energy, Inc., Miasole, Powerfilm Solar, Inc., Solbian, Solopower System, Sun Harmonics, and Sunpower Corporation.
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Copper Indium Gallium Selenide (CIGS) segment holds the maximum share of the Flexible Solar Panels market.
Industrial, Residential, Aerospace, Automotive and electronic devices are the potential customers of Flexible Solar Panels industry.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
Increasing demands for green and clean energy sources and the rapid economic progress around the world with improvements in life support and health led to increase in demand for energy. These are the driving factors and opportunities in the Flexible Solar Panels market.
Asia-Pacific will provide more business opportunities for Flexible Solar Panels in future.
Increase in investment towards the building integrated photovoltaic systems to harvest the solar energy from the building surface. This current trend expected to influence the Flexible Solar Panels Market in the next few years.
Automotive, Aerospace and electronic solar powered devices are key applications expected to drive the adoption of Flexible Solar Panels.
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