Solar Blanket Market Research, 2031
The global solar blanket market size was valued at $132.4 million in 2021, and solar blanket industry is projected to reach $274.2 million by 2031, growing at a CAGR of 7.6% from 2022 to 2031.
Report Key Highlighters:
- The global solar blanket market has been analyzed in terns of value ($Million). The anlysis in the report is provided on the basis of type, product type, and four major regions covering more than 15 countries.
- The global solar blanket market report includes detailed study covering underlying factors influencing the industry opportunities and trends.
- The report also provides detailed key participants analysis across the supply chain.
- The report also provides competitive landscape providing company profiles of major revenue contributers in the global solar blanket market.
Solar blankets are also known as folding solar panels. Folding solar panels are a portable option that can be used for many outdoor activities, and as the name suggests, fold up for easy transport. Foldable solar panels act as a portable power station for electronic devices, providing their battery pack with power from the sun. In addition, to this, the report also provides a detailed report regarding the solar pool covers which are also regarded as solar blankets.
There are numerous drivers for the global solar blanket industry. However, the increased demand for power in modern civilization because of growing urbanization throughout the world has resulted in an increase in the building of solar power infrastructure. Furthermore, the increased use of portable electronic devices because of fast innovation in the electronics sector has a substantial favorable influence on the development of foldable solar panels. Swimming pool water heaters demand a large quantity of electricity, which is generated by thermal power plants and is not environmentally beneficial. The presence of the above-mentioned factor will fuel the global growth of the solar blanket market.
Flexible solar panels used in the creation of solar blankets have a high technical level since the makers of flexible solar panels are from the United States and China. Traditional portable solar panels are still used in impoverished nations to power lights and other electronics.
Furthermore, the majority of governments have not taken an effort to use solar blankets based on flexible solar panels in the military sector to power military equipment. Conventional solar panels are gaining traction in underdeveloped nations because of government measures to raise knowledge about solar energy. However, no government awareness initiatives on solar blankets are likely to hinder the growth of the solar blanket market.
Rise In Use Of Solar blankets In Automobile And Aerospace Applications
The use of solar blankets is rising rapidly in various applications such as in the industrial sector, automotive, aerospace, construction sector, and others. Solar blankets which are manufactured using flexible solar panels are made to serve low-wattage power needs in the industrial sector, especially for peripheral electronic devices. It typically comes in 50-watts to 300-watt capacity and the energy generated from it can be stored in a battery for later use.
It has reasonable efficiency of 15%-25% in converting light into energy and can hence be useful as an energy bank to power most electronic devices for a day if you are unexpectedly off the grid. In the marine industry, a typically 100-watt flexible solar panel can be used on boats for 2-3 hours. In addition, higher wattages such as 200-watt and 300-watt flexible solar panels are used in the tourism industry especially outdoor tourism, where RVs and camping are in need.
Flexible solar panel technology is highly efficient, lightweight, and thin, which is now being actively used by aerospace designers to transform the wing or body from a passive mechanical element into a significant power source. The solar variant of the AV Puma flew for 9 hours 11 minutes and 45 seconds before landing with battery power remaining which is three times the nominal due to the application of flexible solar panels.
The European UAV company C-Astral has recently announced the inclusion of solar technology on their latest designed solar unmanned vehicles, aircraft trainers, and prototypes, which are expected to increase endurance by an additional two hours. This new technology is opening the idea of adding capability once it was thought there was a ceiling for an increase in performance with a wide range of power-consuming applications as they are used in the coast or border surveillance, atmosphere &weather research &prediction, environmental, forestry, agriculture, oceanic monitoring, imaging for the media, real estate industries, and others. Hence, the rapid development of the aerospace industry has a significant impact on the solar blankets market.
In North America, the U.S. tourism and industrial sector are vital for the development of the solar blanket market. The solar blanket market in North America is experiencing enormous growth due to the presence of a surge in the utilization of renewable energy resources for power generation. The increasing need to reduce carbon footprints and stringent government policies for energy conservation has led to increasing investment of the government and private companies to develop solar energy. Furthermore, the U.S. government has taken initiatives to implement solar blankets for use to power the electronic devices utilized by military personnel, hence having a positive impact on the development of the market.
Europe is a well-developed country and has top technology companies. The increasing efforts of the European Commission by setting ambitious carbon reduction targets, towards climate neutrality by 2050 via its Green Deal results in a cleaner environment, more affordable energy, smarter transportation, and overall better quality of life. The above-mentioned initiative will provide ample opportunities for the development of the solar blanket market.
Furthermore, In Asia-Pacific, China and India are the largest countries that influence the Asia-Pacific solar blankets market, owing to the large population and growth in residential and commercial building projects. The manufacturing of military drones and aerospace-related goods has increased because of Indian government efforts like "Made in India," which is anticipated to create chances for the expansion of the solar blanket market. Furthermore, Japan is known for its electronic sector where there is a huge demand for portable solar power generators which will have a significant impact on the demand for the solar blanket market.
Emerging Developments In Renewable Energy Sector
The Paris Agreement, signed by the governments of several countries, aims to strengthen the parties' capacity to adapt to the effects of climate change, mobilize adequate funding, and encourage each nation to decide, plan, and report on its commitment to climate-friendly activities to slow global warming. Because of the rising need for alternative and clean energy sources, both developing and developed countries are being pushed to collect funds and support national and international environmental programs targeted at lowering global emissions. Furthermore, the market would profit from the increasing expenditures made by key industry players in the development of many cutting-edge technologies to improve the efficiency of solar energy harvesting. Thus, the development of renewable energy from solar power will offer lucrative opportunities for the Global solar blanket market growth.
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. By product type, the market is divided into round solar blankets, oval solar blankets, and rectangle solar blankets. By end use, it is divided into industrial, commercial, automotive, aerospace, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, the copper indium gallium selenide segment accounted for 41.5% of the solar blanket market share in 2021 and is expected to maintain its dominance during the forecast period. This is owing to its extraordinarily intense light absorption and a layer of only 1-2 micrometers is enough to absorb most of the sunlight, while a much greater thickness of about 160-190 micrometers is required for crystalline silicon.
On the basis of product type, the rectangle solar blanket segment accounted for 52.2% of the solar blanket market share in 2021 and is expected to maintain its dominance during the forecast period. This is owing to its most popular type of solar blanket. The utilization of solar blankets in residential and commercial buildings helps in the conservation of energy. It is also used to provide a warm environment for the people residing in the buildings, especially those living in cold environments. Solar pool covers which are also a type of solar blanket are installed at the surface of swimming pools, they absorb sunlight and transfer thermal energy into water inside them.
By application, it is divided into industrial, commercial, automotive, aerospace, and others. The industrial segment accounted for the largest revenue share in the global solar blanket market in 2021. This growth in demand can be attributed to the growing world population and an improvement in living standards in developing countries. The presence of policies and initiatives of the government towards manufacturing industries to utilize eco-friendly power has a significant impact on the industrial application of the solar blanket market.
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. This region is a dominant player in the aerospace, tourism, and automotive industries, hence the growth and demand for these industries will boost the solar blanket market.
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.
Key players in the solar blanket industry include Alta Devices, Enecom, Flisom, FWAVE Company Limited, SunPower Corporation, PowerFilm Solar Inc., Sunflare, Sungold, Flagsun, and Leslie's Inc.
Key players are focusing on acquisitions and mergers to expand their product portfolio and strengthen their production capacity. For instance, in April 2019, Alta Devices provided flexible, portable power that can be embedded into any other material. Alta Devices has launched a new solar product” AnyLight Solar” that is designed to meet the specific needs of UAS that can serve as platforms for cellular and IoT connectivity.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the solar blanket market analysis from 2021 to 2031 to identify the prevailing solar blanket market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the solar blanket market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global solar blanket market trends, key players, market segments, application areas, and market growth strategies.
Solar Blanket Market Report Highlights
Market Size By 2031
USD 274.2 million
CAGR of 7.6%
2021 - 2031
By Product Type
Key Market Players
Flisom, SunPower Corporation, FWAVE Company Limited, Sunflare, PowerFilm Solar Inc., Enecom, Sungold, Alta Devices, Flagsun, Leslie's Inc.
As per CXO Perspective, the global solar blanket market is expected to witness increased demand during the forecast period. The surge in the utilization of portable electronic gadgets in daily life and in military sectors has a positive impact on market growth. A solar blanket is a convenient power generator that can be utilized during camping, hiking, and other outdoor activities. Furthermore, it is also used to power large-scale devices in the aerospace and automotive industry.
The increase in the demand for solar blankets is mostly due to the surge in the utilization of electronic gadgets such as smartphones, tablet pc, headphones, and other Bluetooth devices which have a significant impact on the demand for solar blankets. In addition, increase in population and rapid development of mankind toward urbanization has led to an increase in the utilization of power, however, the recent changes across the globe regarding the environment have created awareness regarding the utilization of eco-friendly power which has boosted the demand for the solar blanket. The solar blanket market is expected to grow at a significant rate during the forecast period.
The global solar blanket market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Among the analyzed regions, Asia-Pacific is likely to account for the highest CAGR throughout the forecast period, followed by LAMEA, Europe, and North America. Asia-Pacific region hosts some of the fastest developing countries such as China and India where there is a huge demand for eco-friendly power generation, especially for portable gadgets. The presence of a huge population and rapid urbanization in these countries has increased the demand for electricity which led to investment in the development of solar energy and related research developments.
The presence of demand for solar blankets in remote areas for military personnel in the Asia-Pacific region and other parts of the world has led to the presence of significant demand for power generation gadgets which led to the growth of the solar blanket market.