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.
PORTLAND, Ore., Jan. 17, 2022 /PRNewswire/ -- 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
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.
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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.
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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.
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Leading Market Players
Global Solar Energy, Inc.
Miasole, Powerfilm Solar, Inc.
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