Recording the revenue of around US$450 Mn in 2020, global flexible solar panels market will see impressive growth over the next few decades. The study uncovers market growth forecast for the projection period, 2022-2027.
Rapidly Increasing Solar Photovoltaic to Fuel Growth of Flexible Solar Panels Market
The second-generation solar cells are the future of renewable energy. The panels feature a unique layered arrangement that maximises the capacity of each material to absorb light. The major goal of this is to ensure that the cells’ efficacy and efficiency do not deteriorate over time. The panels are lightweight and can be bent, making them ideal for use on curved surfaces like boats, RVs, and campers. They are durable and weather-resistant, easy to set up and require slight maintenance. Global flexible solar panels market is predominantly expected to receive a push from the increased use of solar photovoltaic (PV) in flexible solar panels. Solar PV is anticipated to add the most capacity annually, surpassing both wind, and hydro. The IEA estimates that in 2020, solar PV generation rose by 23% to 821 TWh, representing the second-largest absolute generation growth of all renewable technologies after wind. Solar PV generates more than 3% of the world's electricity with this rise.
The expansion of the solar PV market is anticipated to be aided by the ongoing cost reductions in technology and the rising economies of China, India, and other nations in Asia Pacific, and Europe, thanks to changes in policy and a greater emphasis on reaching various capacity targets. The solar PV business drastically reduced costs over the previous six years through economies of scale. As a result, the price of solar panels decreased rapidly as the market was oversaturated with equipment, leading to a rise in the use of solar PV systems. This will remain a strong growth influencer for flexible solar panels market. Around 183 GW of PV systems were installed and brought online in 2021, bringing the total installed capacity to about 940 GW by the end of the year. The US Energy Information Agency (EIA) estimates that utility-scale power production facilities in the US generated approximately 4,116 billion kilowatt-hours (kWh) (or about 4.12 trillion kWh) of energy in 2021. Fossil fuel accounted for roughly 61 percent of this power generation, nuclear energy for 19 percent, and renewable energy for about 20 percent. The solar photovoltaic category is thus predicted to rule the solar industry throughout the projected period.
Rampant Progress of Renewables Sector Accelerates Flexible Solar Panels Market
While flexible solar panels market has been segmented as residential, commercial, and industrial based on application, the industrial sector remains dominant. Building-integrated flexible solar panels power low-wattage industrial devices like lights, and cameras. The need for flexible solar panels has grown due to the rise in the market for renewable energy to meet the demands of the manufacturing industries' increased use of automation and electricity-powered heavy machinery. Flexible solar panels are designed to meet low-wattage power requirements in the industrial sector, particularly for peripheral electronic equipment. This is anticipated to offer a lot of potential to flexible solar panels market. Rooftop solar PV, coupled with an energy storage system gives industrial dependable backup power, increasing industrial demand for products. Extra-large rooftop solar PV systems have adopted large-scale storage systems to protect against variations in peak demand power supply and store the needed power in batteries. It is anticipated that rising energy consumption brought on by industrialisation, and population increase will propel the expansion of flexible solar panels market across the region.
Increased Use of Solar Energy Drives Growth of Flexible Solar Panels Market in Asia Pacific
The primary market for solar energy installations has recently been Asia Pacific. The area controlled a market share of over 57.2 percent of the world's installed solar power capacity in 2021, with an additional installed capacity of approximately 75.7 GW. Due to the more than 85% reduction in the Levelised cost of electricity (LCOE) for solar PV over the past ten years, emerging nations in the region, including Indonesia, Malaysia, and Vietnam, saw growth in the capacity of solar energy installations in their overall energy mix. China plays a significant role in expansion of global as well as Asia Pacific flexible solar panels market. As of 2021, China has a total installed solar PV capacity of roughly 306.4 GW, i.e., 21 percent growth from 2020. According to the National Energy Administration (NEA), the capacity of newly installed solar PV in China was 53 GW in 2021. The distributed solar power generation projects accounted for about 29 GW of this capacity, and the large-scale solar facilities provided the remaining percentages.
China met its target for solar energy in 2020, two years earlier than expected. Most solar PV installations are located in China’s eastern and southern regions. The economies of these two areas are the most prosperous. Additionally, there is a high demand for solar energy in these areas. The leading producer of solar panel technology worldwide is now officially China. The National Thermal Power Corporation (NTPC) announced in June 2021 that as part of its ambitions to establish a 60 GW renewable energy portfolio by 2032, it would construct a 4.75 GW solar PV facility in Gujarat, India's Rann of Kutch. The project is projected to cost USD 3.31 billion, and it is anticipated to start operating for profit in 2023. Throughout the forecast period, such big utility projects are expected to enhance the use of solar energy. The Solar Energy Corporation of India (SECI) and the Ladakh Power Development Department (PDD) inked a power purchase agreement (PPA) in December 2021 to purchase 50 MW of DC solar energy. These and more such developments largely influence the performance of flexible solar panels market.
Global Flexible Solar Panels Market: Competitive Landscape
California Department of Water Resources, Turlock Irrigation District (TID), an energy and water project developer based in Marin County, California, Solar AquaGrid, and the University of California teamed up on a pilot project known as Project Nexus in March 2022. On the other hand, An 8.9-MW floating solar system near Millburn, New Jersey, which is anticipated to be the enormous floating array in the US, has begun construction by NJR Clean Energy Ventures. 16,510 solar panels will likely be erected on a reservoir at the New Jersey American Water Canoe Brook Water Treatment Plant as part of the project, using a floating racking technology. Through a power purchase agreement with CEV, the clean energy produced by the array will meet almost 95% of the facility's yearly power requirements.
A few of the players in the flexible solar panels market include Alta Devices, Enecom, Global Solar Energy, Inc., Powerfilm Solar, Inc., Miasole, Flisom, Solbian, Sun HarmonicsSoloPoer System, and Sunpower Corporation.
The Global Flexible Solar Panels Market is Segmented as Below:
Key Elements Included In The Study: Global Flexible Solar Panels Market
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