Global Flexible Solar Panel Market: Revenue, Trends, and Report Analysis ,Forecast 2023 to 2033 by Component, Type, Application

The Global Flexible Solar Panel Market was valued at USD284.72 Billion in 2023 and is estimated to reach USD469.11 Billion by 2033, growing at a CAGR of7.4% from 2023 to 2033.  

Scope of the market:

Solar panels also called film solar come from second-generation solar cells, which are made by layers of more than one film of photovoltaic material which is used in plastic, glass, or metals. The lightweight solar panels are very suitable for installations in buildings, which eliminates the need for extensive infrastructure. Additionally, the government initiative and tax rebates for using solar panels also driving the flexible solar panels market.

From small devices like calculators to the fields of solar factories and farms, solar panels have traditionally been rigid. Manufacturers make flexible solar panels from solar cells using materials that can be flexed or bent. They offer several advantages over traditional solar panels. Flexible solar panels are portable and lightweight and are important in transportation and aerospace.  The 2ndgeneration and 3rdgenerationare the 2 flexible technologies where the large focus is perovskite solar cells and organic solar cells. Perovskite solar cells are getting more attention as the power conversion efficiency (PCE) of perovskite has exceeded 20% and continues to rise.

According to the renewable energy magazine, shipments from Southeast Asia are accelerating. Malaysia, Cambodia, Thailand, and Vietnam together accounted for 84% of US panels imported in the fourth quarter of 2023, which is more than 78% in the third quarter. Also, US Solar panel Imports rose to a record 54GW in 2023.

 According to Ossila, In Seville, Spain a solar factory generates enough energy to power 6000 homes each year.

The continuous advancement in manufacturing techniques and materials in solar panels has paved the way for the existence of flexible, lightweight, thin solar panels. These innovative panels are designed to be more durable, adaptable, and powering portable devices to fit onto curved surfaces.

Economic Impact of COVID-19:

The COVID-19 pandemic has negatively impacted the flexible solar panel market globally. In the early stage of the pandemic, the factory shut down, andtravelingrestrictionscaused the production of raw material shortage and delays in delivery. This disruption also hampered the global suppliers of thin film and semiconductors. As Chian is the prominent player in producing solar panel, cells, and other components the disrupted chain gave negative impact on the flexible solar panel market. The pandemic also gave new opportunities that showed interest in renewable energy sources, which include flexible solar panels. This increased the awareness of the need for sustainable energy sources.

The analysis of the COVID-19 recovery trajectory provides an overview of the main strategies that industries are implementing to respond to and recover from the economic crisis. It also focuses on the post-pandemic and pre-pandemic era of the Global Flexible Solar Panel Market through PEST analysis, SWOT, Quantitative and Qualitative analysis, Attractive analysis, and DROs.

Key Players:

Sunflare
Sun Harmonics
Maxeon
Solbian
Sungold
Powerfilm
SoloPower Systems
Hi-Tech Corp
FWAVE Company Ltd.
Energy Conversion Devices Inc.
Alta Devices
Miasole
Enecom
Flisom
Global Solar
Other

Recent Developments in the Global Flexible Solar Pane Market:

In 2023: Recent Announcement in Perovskite Solar Cell Research.

Scientists at the University of Colorado Boulder have set up a new method for manufacturing perovskite cells, a potential development of commercializing next-generation solar energy. These innovative techniques will play a crucial role in the wider adoption of perovskite solar cells.
A Chinese firm Longi, has achieved a record-breaking energy efficiency with tandem cells. In November 2023, the tandem solar cells reached an efficiency of 26.81%.

Optimizing Renewable Energy with Energy Storage:

In 2024, the integration of energy storage systems with solar panels is expected to witness significant updates and advances. One key area that is being focused on is the development of more advanced battery technologies such as lithium-ion and flow batteries specially designed for solar battery cells. These batteries offer a longer lifespan, improved charging and discharging, and higher energy density which allow more utilization of stored solar energy.

NREL is researching new solar panel technology:

NREL organization from the United States is researching and conducting studies in various areas, such as advanced PV material, device design, and testing, and solar PV manufacturing. This research aims to reduce the cost of PV technologies to make solar energy more cost-effective and accessible and also to improve solar cell conversion efficiency. On the other hand, Sandia National Laboratories are also focusing on developing PV devices, materials, and systems for a suitable energy future.

Global Flexible Solar Panel Market Key Benefits:

The report provides information regarding key drivers, restraints, and opportunities with impact analysis.
Quantitative and Qualitative analysis of the current market.
Estimations for the forecast period 2033.
Historical data and forecast data.
Recent developments and trends in the market.   
Market share of the market players, company profiles, SWOT analysis, and competitive landscape.
Covid-19 Impact analysis

Global Flexible Solar Panel Market Segmentation:

By Type:

Cadmium Telluride
Copper Indium Gallium Selenide
Amorphous Silicon

By Applications:

Residential
Industrial
Automobile
Aerospace
Others

By Region:

Asia-Pacific

Japan
China
India
Australia
New Zealand
Rest of Asia-Pacific

North America

US
Canada
Mexico

Europe

Germany
France
Italy    
Spain
UK
Rest of Europe

Rest of the World

Each of the market segments has been analyzed in detail for market trends, recent trends and developments, drivers, restraints, opportunities, and competitive analysis.

Research Scope: Report Scope Details

Base Year:2023

Forecast Years:2023 to 2033

Historical Years: 2019 to 2023

Market Size 2023: 284.72BN

Market Revenue 2033: 469.11BN

Growth Rate 2023- 2033: 7.4%

Report Coverage:
Trends, SWOT Analysis, Competitive Landscape, DROs, Revenue Forecast, PEST Analysis.

Segments Covered:
Type Applications, Region

Companies Mentioned:
Sunflare, Sun Harmonics, Maxeon, Solbian, Sungold, Powerfilm, SoloPower Systems, Hi-Tech Corp, FWAVE Company Ltd., Energy Conversion Devices Inc., Alta Devices, Miasole, Enecom, Flisom, Global Solar

Customization: Yes

Regional Analysis:

The flexible solar panel market has been spread into various regions like North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. Asia-Pacific regions hold the largest market share in flexible solar panelsas the countries such as China, Japan India, South Korea, and Australia are continuously developing and researching Solar panels. China and India are emerging countries with heavy populations, prominent key players, and rising demand for flexible solar panels due to their portable and cost-effective reasons. Moreover, governments in many countries of Asia-Pacific have implemented supportive policies and incentives to promote solar energy adoption.Flexible solar panels are versatile and can be installed easily and are becoming the preferred choice for meeting the growing demand, especially in off-grid and remote areas. According to the Boston Consulting Group, by 2030 renewables are set to make up 30% to 50% of the power-generation mix in most of the Asia-Pacific Market. Indonesia, Malaysia, Philippines are among the most prominent promising market for utility-scale solar.

The International Energy Agency's Announced Pledges Scenario, which was updated in August 2023, that APAC renewables investments made from 2022 through 2030 will hit USD 286 billion. Since signing the Paris Agreement, most APAC economies have set ambitious goals for significantly reducing emissions by 2030 and achieving net zero carbon neutrality by 2050.

Source: Fitch Solutions, national development plans; BCD analysis:

On the other end, Europe is also keeping its dominance in the Flexible Solar Panel Market, due to the large presence of key players, consumers have shifted toward installing flexible solar panels which are portable, take less pace, and flexible solar are manufactured of monocrystalline silicon offer high efficiency. Germany dominates the flexible solar panel marker in the European region. According to Europe Solar Outlook, solar power for 2023-2027 reveals a record 56GW of solar installation in Europe in 2023, increasing the annual growth rate of at least 40%. It also predicts that the growth by 2024 will be increase by 11% delivering 62 GW. Further, Germany is followed by Spain (8.2GW), Italy (4.8GW), and the Netherlands (4.1GW). Moreover, almost 17 million European houses were given solar in 2023 which gave growth of 40% from 2022.

Key questions answered by this report.

Top market players contributing to the revenue?
Trending strategies by the players?
Which region will be the leading one in the forecast period?
Factors that drive the Global Flexible Solar Panel Market?
Which factors will affect the Global Flexible Solar Panel Market?
How Covid-19 pandemic impact the growth of the Global Flexible Solar Panel Market?
Which Segment accounted for the Global Flexible Solar Panel Market shares?

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