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Rising Demand for Lightweight Renewable Solutions Fuels Flexible Solar Panels Market Growth
Flexible solar panels are a type of solar panel that is made from flexible materials such as plastic or thin-film photovoltaic (PV) cells, instead of rigid materials like glass. Flexible solar panels are also known as thin-film solar panels or flexible PV modules.
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Asia-Pacific flexible solar panels market share is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
The major companies profiled in the flexible solar panels industry report include Alta Devices, Enecom, Flisom, Global Solar Energy, Inc., Miasole, Powerfilm Solar, Inc., Solbian, Solopower System, Sun Harmonics, and Sunpower Corporation.
These panels have several advantages over traditional rigid solar panels. First, flexible solar panels are lightweight and can be easily rolled up, making them easy to transport and install. Second, they can be mounted on curved surfaces, making them more versatile and adaptable to different structures. Third, they can be used in a wider range of applications, such as on boats, RVs, and backpacks, due to their flexibility and portability.
However, there are also some disadvantages to flexible solar panels. First, they are generally less efficient than traditional solar panels, meaning that they produce less electricity per unit of surface area. Second, they have a shorter lifespan than rigid solar panels, as the flexible materials are more prone to degradation over time. Finally, they are generally more expensive than traditional solar panels.
The government's Feed in Tariff (FiT) is one of the major attractions of taking on major renewable energy such as solar panels. This initiative essentially meant that electricity produced by solar panel system was paid for by the government to help offset the cost of buying the system.
European Union has initiated "Green Deal" program in-order to reduce carbon emission and tap the residential potential for harvesting solar energy.
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The various other initiatives of the government in order to improve the environment and provide electricity for the basic electronic gadgets in the rural areas are major factors that drive the growth of the flexible solar panels industry.
On the basis of type of flexible solar panels, the global flexible solar panels market is segmented into amorphous silicon, CdTe, CIGS, and others. In addition, on the basis of application, the global market is segmented into residential, industrial, aerospace, automotive, and others.
Impact Of Covid-19
The increasing demand for environment friendly resources and increase in awareness among the people regarding the advantages of the power generate from solar panels towards environment will provide good opportunities for the Flexible Solar Panels market growth.
The decrease in demand for many non-essential products and shut down of electrical, automotive, and other solar panel related industries has created a negative impact on the development of market.
Emergence of COVID-19 had a negative impact on the growth of the market during this period.
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Thus, the abovementioned factors are expected to have great impact on the development of Flexible Solar Panels market growth in this forecast period.
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