by The global flexible solar panels market is set for impressive growth in the coming decades, having recorded a revenue of approximately US$450 million in 2020. A recent study has unveiled growth forecasts for the period between 2022 and 2027, underlining the remarkable potential of this dynamic industry.
Accelerated Growth Driven by Solar Photovoltaic Revolution
The future of renewable energy lies in second-generation solar cells, specifically designed for maximum efficiency and longevity. These innovative panels feature a unique layered arrangement that optimizes the absorption of light, ensuring their efficacy and efficiency remain intact over time. Lightweight and flexible, these panels can be seamlessly integrated into curved surfaces, making them ideal for applications on boats, RVs, campers, and more. Their durability, weather resistance, ease of installation, and minimal maintenance requirements further contribute to their rising popularity.
The global flexible solar panels market is expected to receive a significant boost from the rapid expansion of solar photovoltaic (PV) technology. Solar PV is anticipated to outpace wind and hydro in annual capacity additions, with the International Energy Agency (IEA) reporting a 23% increase in solar PV generation in 2020, reaching 821 terawatt-hours (TWh). Solar PV now contributes more than 3% of the worlds electricity, signifying its growing importance in the global energy landscape.
Cost Reductions and Policy Changes Fuel Solar PV Expansion
The solar PV markets expansion is being propelled by ongoing cost reductions and evolving policies, particularly in regions such as China, India, Asia Pacific, and Europe. Over the past six years, the solar PV industry has witnessed significant cost reductions due to economies of scale, resulting in a more affordable price for solar panels. This cost-effectiveness has driven the adoption of solar PV systems, contributing significantly to the growth of the flexible solar panels market.
In 2021 alone, approximately 183 gigawatts (GW) of PV systems were installed worldwide, bringing the total installed capacity to nearly 940 GW by year-end. The United States Energy Information Agency (EIA) reported that renewable energy accounted for about 20% of the countrys total power generation, with solar photovoltaic technology leading the way.
Industrial Sector Dominates, Driven by Automation and Energy Demand
Within the flexible solar panels market, the industrial sector stands out as the dominant application area. These panels are particularly well-suited for powering low-wattage industrial devices like lights and cameras. The surge in demand for renewable energy to meet the increasing automation and electricity needs of manufacturing industries has led to the growing adoption of flexible solar panels. These panels address low-wattage power requirements in the industrial sector and provide dependable backup power when coupled with energy storage systems.
Large-scale rooftop solar PV installations, complemented by energy storage, have become crucial for industrial facilities seeking reliable power sources. As industrialization and population growth drive up energy consumption, the flexible solar panels market is expected to expand significantly.
Asia Pacific Leads Solar Energy Adoption
Asia Pacific has emerged as the primary market for solar energy installations, boasting over 57.2% of the worlds installed solar power capacity in 2021, totaling approximately 75.7 gigawatts (GW). The region has witnessed substantial growth in solar energy installations, thanks to an 85% reduction in the levelized cost of electricity (LCOE) for solar PV over the past decade. Nations like Indonesia, Malaysia, and Vietnam have embraced solar energy as part of their energy mix.
China, a key player in the global and Asia Pacific flexible solar panels market, reported a total installed solar PV capacity of approximately 306.4 GW in 2021, marking a 21% growth from the previous year. With ambitious renewable energy goals, China has accelerated its solar PV installations, especially in its eastern and southern regions, where demand is high. Chinas National Thermal Power Corporation (NTPC) has announced plans to build a 4.75 GW solar PV facility in Gujarat, India, further boosting the use of solar energy in the region.
Competitive Landscape
Several prominent players in the flexible solar panels market are driving innovation and growth. Key companies include Alta Devices, Enecom, Global Solar Energy, Inc., Powerfilm Solar, Inc., Miasole, Flisom, Solbian, Sun Harmonics, SoloPoer System, and Sunpower Corporation.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/flexible-solar-panels-market
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COMTEX_442125867/2840/2023-10-19T10:50:01
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.