Reliable Data You Can Trust
Reliable Data You Can Trust
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.
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.
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.
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.
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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