Flexible Solar Panels Market Expected to Reach $914.07 Million by 2030

According to a new report published by Allied Market Research, titled, "Flexible Solar Panels market by type, and by application: Global Opportunity Analysis and Industry Forecast, 2020-2030," 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 even known as thin-film solar panels. These are the cheapest solar panels in the market as they need much less material to be manufactured and are cheaper to produce. They are incredibly flexible, which makes them more versatile and even more resistant to high temperatures when compared to other panels. Thin film solar panels come from a second generation solar panels which is created by layering more than one thin film of photovoltaic materials on a base made of a plastic substrate, metal or glass. The solar arrays made from these panels tend to take up a lot of space compared to conventional solar panels due to their lower efficiency. They have short life spans and they were first applied in the solar powered calculator, which is mostly used by children and office workers. Now-a-days, they are used in much larger systems and have applications in building integrated systems, solar farms, and next generation vehicles.

The government’s Feed in Tariff (FiT) is one of the major attractions of taking on major renewable energy such as solar panels. This initiative essentially meant that electricity produced by solar panel system was paid for by the government to help offset the cost of buying the system. In addition to this, European Union has initiated “Green Deal” program in-order to reduce carbon emission and tap the residential potential for harvesting solar energy. The various other initiatives of the government in order to improve the environment and provide electricity for the basic electronic gadgets in the rural areas are major factors that drive the growth of the flexible solar panels industry.

The global flexible solar panels market is segmented on the basis of type, application, and region.

On the basis of type of flexible solar panels, the global flexible solar panels market is segmented into amorphous silicon, CdTe, CIGS, and others. In addition, on the basis of application, the global market is segmented 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. Rapid industrialization, modernization, and spread of information through internet 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 flexible solar panels market trends.

Impact Of Covid-19 On The Global Flexible Solar Panels Market

• Emergence of COVID-19 had a negative impact on the growth of the market during this period.
• This impact is mostly attributed to the significant disruptions in the raw material transportation, presence of low-labor, led to shutdown of many manufacturing industries led to decline of demand power hence decrease in the demand for Flexible Solar Panels market during this period.
• The decrease in demand for many non-essential products and shut down of electrical, automotive, and other solar panel  related industries has created a negative impact on the development of market.
• The increasing demand for environment friendly resources and increase in awareness among the people regarding the advantages of the power generate from solar panels towards environment will provide good opportunities for the growth of Flexible Solar Panels market.
• Thus, the abovementioned factors are expected to have great impact on the development of Flexible Solar Panels market growth in this forecast period.

Key findings of the study

• Region wise, the Asia-Pacific is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
• As per global flexible solar panels market analysis, by application, the industrial segment accounted for the largest share in 2020.
• On the basis of type, the copper indium gallium selenide segment was the major share contributor in 2020.