Solar Blanket Market Expected to Reach $274.2 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Solar Blanket Market," The solar blanket market size was valued at $132.4 million in 2021, and solar blanket industry is estimated to reach $274.2 million by 2031, growing at a CAGR of 7.6% from 2022 to 2031.

Solar blankets are portable power generators that are manufactured using flexible solar panels. It is available in three product types such as rectangle solar blankets, oval solar blankets, and round solar blankets. It is utilized to power the portable gadgets which are used in daily life by consumers and in the military sector by military personnel.

Rectangle solar blankets are the most popular type of solar blankets. The utilization of solar blankets in residential and commercial buildings help conserve energy. These blankets are also used to provide a warm environment for the people residing in the buildings, especially those living in cold environments. An oval solar blanket is a type of solar blanket that is designed to be more efficient in covering a larger area. It is usually rectangular in shape, with the two long sides being curved inward to form an oval. This design helps to maximize the amount of sunlight that can hit the blanket’s surface.

Oval-shaped solar panels are utilized as roof solar panels in university cafes and outdoor cafes to provide power to power to the electronic equipment present under the roof. In addition, oval-shaped solar blankets are quite popular for outdoor camping which provides huge space for rest and generate power that can be utilized during the evening hours. Round-shaped solar panels are utilized to power small electronic equipment which is widely used such as smartphones, outdoor camping equipment, and others.

Solar blankets have a wide range of applications in the industrial, commercial, automotive, aerospace, and others. The largest application of solar blanket is in industry, where it is used to power low-power electronic devices as they are embedded in buildings. The increase in the population and rapid industrialization has led to an increase in the investment towards the construction of various manufacturing facilities related to the automotive and aerospace industry which have a significant impact on the demand for power as most of the manufacturing plants are automized. Hence, the surge in the building integrated solar blankets is utilized to power the building. These solar blanket market trends are expected to boost the solar blanket market opportunities during the forecast period.

However, the presence of alternatives such as conventional solar panels which are portable has a negative impact on the development of the market. Furthermore, the risk of utilization of solar blankets in military operations and the presence of conventional battery packs to power devices will hamper the market growth in the military sector.

The solar blanket market forecast is segmented on the basis of type, product type, application, and region. By type, the market is divided into amorphous silicon, cadmium telluride, copper indium gallium selenide, and others. The copper indium gallium selenide segment accounted for the largest market share in 2021, owing to its vital role in the expansion of solar photovoltaic capacity in unconventional areas.

By application, it is divided into industrial, residential, automotive, aerospace, and others. The industrial segment accounted for the largest revenue share in the global solar blanket market in 2021. Solar blanket has a wide spectrum of applications such as powering industrial buildings and some low-power machines during an emergency.

Region-wise, North America accounted for the largest market share in the market and is projected to grow at a CAGR of 7.1% during the forecast period. An increase in the investment of the government towards green military has benefited the global solar blanket market growth.

Key players in the solar blanket industry are Alta Devices, Enecom, Flisom, FWAVE Company Limited, SunPower Corporation, PowerFilm Solar Inc., Sunflare, Sungold, Flagsun, and Leslie's Inc. These players have adopted various strategies to gain a higher share or retain leading positions in the market.

Key Findings of the Study

• As per solar blanket market analysis, on the basis of type, the Copper Indium Gallium Selenide segment emerged as the global leader by acquiring more than 41.5% of the solar blanket market share in 2021, and is anticipated to continue this trend during the forecast period.
• On the basis of product type, the rectangle solar blanket segment accounted for 52.2% of the global market share in FY2021.
• On the basis of application, the industrial segment accounted for 31.5% of the global market share in FY2021.
• On the basis of region, North America is the major consumer of solar blankets among other regions. It accounted for around 36.8% of the global market share in 2021.

IMPACT OF COVID-19 ON THE GLOBAL SOLAR BLANKET MARKET

The COVID-19 pandemic led to a decline in the demand for the solar blanket market due to a decline in the tourism industry across the globe. In addition, the decline in the transportation sector has had a significant impact on the aerospace and automotive industry which led to a decline in the demand for solar blankets. Furthermore, the outbreak of the pandemic has created awareness among the people regarding the advantages of the utilization of solar blankets to power portable electronic gadgets or on a large-scale power generation which has driven the growth of the global solar blanket market.