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Flexible Solar Panel Market (Type - Copper Indium Gallium Selenide (CIGS), Amorphous Silicon (a-Si), Cadmium Telluride (CdTe), and Others; Application - Residential, Commercial, and Mobile): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : October, 2021

  • Rep Id : EIM0299

  • Category : Energy, Mining and Infrastructure

  • Status : Published

A recent report published by Infinium Global Research on flexible solar panel market provides an in-depth analysis of segments and sub-segments in the global as well as regional flexible solar panel market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional flexible solar panel market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global flexible solar panel market. According to the report, the global flexible solar panel market is projected to grow at a CAGR of 11.5% over the forecast period of 2021-2027, growing from more than USD 9.3 billion in 2021 to about USD 17.9 billion in 2027.


Flexible Solar Panel Market

 

Market Insight

Companies in the photovoltaic (PV) industry are focusing on developing flexible solar panel technology as a promising substitute to the traditional rigid photovoltaic systems. Flexible solar panels are made of a thin film of monocrystalline or polycrystalline silicon. Compared to traditional solar panels, flexible solar panels are more lightweight, compact, and durable. These characteristics of flexible solar panels make them suitable for small-scale, mobile applications. Along with being lightweight, and durable, flexible solar panels are easy to install and have low installation costs. Moreover, as technology is developing, flexible solar panels are getting more efficient, and their prices are reducing. The players in the flexible solar panel market are offering a wide range of products to the OEMs, as well as consumers. Many new entrants are emerging across the global market, offering innovative designs for flexible solar panels.

 

The spread of novel coronavirus had a serious effect on the global flexible solar panels market. Many industries across the world suspended their operations to contain the spread of COVID-19. The COVID-19 pandemic led to the shutdown of the manufacturing of numerous products in the photovoltaic industry, primarily owing to the prolonged lockdown in major global countries. This significantly hampered the flexible solar panel market over the first half of 2020. Furthermore, the market in China was disrupted by the novel coronavirus. As China is the prominent producer of solar cells, panels, and other components, disruptions in China had a negative impact on the global market. The pandemic delayed deliveries from China, which further failed the market players to comply with deadlines for installations. Lockdown implemented across numerous countries significantly hampered the supply chain of various industries across the world. Hence, the restrictions on imports and exports, raw material supply took longer than usual, which further reduced the production volume.

 

Factors such as the growing focus on finding clean energy sources for power generation and the increasing demand for mobile PV systems are driving the market growth for flexible solar panels. Governments across the world are setting targets associated with clean energy, which will help to control the pollution level. Furthermore, the growing sale of electric vehicles is anticipated to boost the growth of the market. Several electric vehicles integrate flexible solar panels to charge their batteries. Flexible solar panels in electric vehicles reduced on-grid charging to some extent. This, in turn, reduces the overall carbon footprint of vehicles, making them more environment-friendly. Moreover, the cost-effective nature of flexible solar panels and reductions in technology prices are expected to drive market growth. However, the low power output of flexible solar panels may restrain the market growth in the near future.

 

Among the regions, Asia Pacific held the largest share in the global flexible solar panels market in 2020. The penetration of flexible solar technology has surged In the Asia Pacific region over the past few years due to its high market potential. Furthermore, the North American region is expected to hold a considerable share in the global flexible solar panels market during the forecast period. The industry is projected to offer enormous opportunities for market growth on account of the presence of various key players across the region. Moreover, factors such as the adoption of flexible solar technology in mobile applications are likely to increase product demand. In addition, the growing adoption of electric vehicles in North America is anticipated to boost the market growth for flexible solar panels.

 

Segment Covered

The report on global flexible solar panel market covers segments such as type, and application. On the basis of type, the sub-markets include copper indium gallium selenide (CIGS), amorphous silicon (a-Si), cadmium telluride (CdTe), and others. On the basis of application, the sub-markets include residential, commercial, and mobile.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Global Solar, Inc., PowerFilm Solar Inc., FWAVE Company, Ltd., Energy Conversion Devices, Inc., Flisom AG, MiaSolé Hi-Tech Corp, SunPower Corporation, Solbian, SoloPower Systems Inc., and Sunflare.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of flexible solar panel market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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