Flexible solar panel market growth USD 17.69 billion by 2027

As per the report published by Fior Markets, The global flexible solar panel market is expected to grow from USD 7.21 billion in 2019 to USD 17.69 billion by 2027, at a CAGR of 11.74% during the forecast period from 2020-2027. Europe region accounted for a major market share and valued at USD 2.31 billion in 2019. The growth is mainly attributable to factors such as an increase in the national targets for boosting renewable energy, availability of subsidy for the solar system, and increasing awareness among the people for renewable energy. For instance, as per the study by SolarPower Europe, the demand for solar systems in Europe has been increased by 60% from the past three years. Thus, increasing demand for solar systems, driving the growth of flexible solar panel market in the European region. North America region held the second highest market share after Europe in the global flexible solar panel market, owing to increasing the camping activities across the region. People prefer a flexible solar system more, during the camping as it is a very flexible, portable, and transportable system.

Flexible Solar Panel Market by Type (Copper Indium Gallium Selenide Solar Panel, Amorphous Silicon Solar Panel), Application, Regions, and Global Forecast 2020-2027

Key players in the global flexible solar panel market are Uni-Solar, Miasole, Global Solar, SoloPower Systems, Flisom, Sun Harmonics, F-Wave, and PowerFilm, among others. Key companies are mainly focusing on the addition of innovative features in their flexible solar panel to add value and to enhance the customer base across the globe. Furthermore, companies are also focusing on the research and development activities to develop more efficient, flexible solar panels. In January 2017, SoloPower Systems announced the launch of Solo Bucket, the world’s lightest off-grid energy solution, which contains an ultra-durable, flexible, and lightweight solar panel, for the emerging economies to generate energy from sunlight.

The type segment includes copper indium gallium selenide solar panel and amorphous silicon solar panel. The amorphous silicon solar panel is anticipated to grow at the highest CAGR of 12.05% over the forecast period. These solar panels have enormous potential to grow in the market, due to its high flexibility, which will enable them to place them on the curved surface or into the clothing. In addition to this, it requires deficient material (only 1% of silicone), as it is direct bandgap material. Due to this potential advantage, it is likely to grow at a high growth rate in the upcoming years. The application segment is classified into commercial, residential, and mobile. The commercial segment held the largest market share of 42.21% in 2019. However, the mobile segment is projected to grow at the highest CAGR of 13.56% over the forecast period. Increasing usage of flexible solar panels in the camping and in the recreational activities on the boats and RVs as these panels are portable in nature is likely to drive the demand for flexible solar panels in the upcoming years.

Increasing research and development activities for the development of highly efficient and portable solar panels are propelling the growth of the flexible solar panel market. In addition to this, the rising demand for lightweight and flexible solar panels, further driving the growth of the market. However, these solar panels are very brittle in nature and, therefore, less durable, which could hinder the market growth over the forecast period.

CT Bureau