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Home Editor's Pick Market Research

Flexible Solar Panels Market to Reach $914.07 Mn, Globally

Urja Daily by Urja Daily
January 18, 2022
in Market Research
Reading Time: 3 mins read
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PORTLAND — Allied Market Research published a report, titled, “Flexible Solar Panels Market by Type (Amorphous Silicon, Cadmium Telluride, Copper Indium Gallium Selenide, and Others) and Application (Residential, Industrial, Aerospace, Automobile, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global flexible solar panels industry generated $464.31 million in 2020, and estimated to reach $914.07 million by 2030, witnessing a CAGR of 7.1% from 2021 to 2030.

Drivers, restraints, and opportunities

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Increase in demand for green and clean energy sources and rise in electricity generation pressure in the urbanized areas of the world drive the growth of the global flexible solar panels market. However, lack of technological awareness regarding functioning of flexible solar cell hinders the market growth. On the other hand, rise in the electrification of rural parts in majority of developing countries present new opportunities in the coming years.

  • Production facilities of flexible solar panels have been halted due to lockdown measures, lack of availability of the workforce, and disrupted supply chain worldwide. This hampered the production volumes of flexible solar panels.
  • Lockdown measures implemented across many counties resulted in shutdown of electrical, automotive, outdoor tourism, and other solar panel related industries. This led to a negative impact on the development of flexible solar panels market.

The copper indium gallium selenide segment to continue its dominant share during the forecast period

Based on type, the copper indium gallium selenide segment contributed to the highest share in 2020, accounting for more than two-fifths of the global flexible solar panels market, and is expected to continue its dominant share during the forecast period. This is due to its ability to expand the solar photovoltaic capacity and rise in investment and construction of smart buildings in the developed and developing countries. However, the cadmium telluride segment is estimated to witness the largest CAGR of 7.5% from 2021 to 2030.

The industrial segment to continue its leadership status during the forecast period

Based on application, the industrial segment accounted for the largest share in 2020, holding nearly one-third of the global flexible solar panels market, and is projected to continue its leadership status during the forecast period. This is due to increase in usage to power the low wattage devices such as lights, cameras, and others in the industries and rise in the demand for the green energy to cope with rise in application of electricity driven heavy-duty machinery and automation in the manufacturing industries. In addition, the supportive government initiatives to lower down the carbon emission from the manufacturing sites led the top manufacturing giants to invest in the solar energy. However, the aerospace segment is estimated to register the highest CAGR of 7.8% from 2021 to 2030.

Asia-Pacific, followed by North America, to continue its lead in terms of revenue by 2030

Based on region, Asia-Pacific, followed by North America, held the highest market share in 2020, accounting for more than one-third of the global flexible solar panels market, and is expected to continue its lead in terms of revenue by 2030. Moreover, this region is expected to manifest the fastest CAGR of 7.8% during the forecast period. This is due to significant number of megacities, ever-increasing population, and rise in application of the building-integrated photovoltaic systems in this region. Other regions discussed in the report include North America, Europe, and LAMEA.

Leading Market Players

  • Alta Devices
  • Enecom
  • Flisom
  • Global Solar Energy, Inc.
  • Miasole, Powerfilm Solar, Inc.
  • Solbian
  • Solopower System
  • Sun Harmonics
  • Sunpower Corporation

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world’s largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Tags: Allied Market Researchamorphous siliconCadmium TellurideCopper Indium Gallium SelenideFlexible Solar Panels
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