Flexible Solar Panels Market Forecasts to 2028 - Global Analysis By Type (Copper Indium Gallium Selenide, Amorphous Silicon, Cadmium Telluride and Other types), By Application (Residential, Industrial, Aerospace and Other Applications) and Geography

According to Stratistics MRC, the Global Flexible Solar Panels Market is accounted for $552.65 million in 2022 and is expected to reach $931.97 million by 2028 growing at a CAGR of 9.1% during the forecast period. Flexible solar panels are also known as thin film solar cells, which are second-generation solar cells made by layering more than one thin film of photovoltaic material on a metal, glass, or plastic base. This process yields a much thinner product than standard monocrystalline or polycrystalline solar panels. This makes them more flexible and lighter than traditional solar panels, which means that the roof only needs to support a very light structure without racks. This reduces production and installation costs, which benefits the growth of the global market for flexible solar panels

According to Pulse Solar, five of the top ten PV module companies in 2019 have experienced a rise in solar panel production by at least 25% compared to 2019. This is expected to provide a lot of potential to the flexible solar panels market.

Market Dynamics:

Driver:

Increasing applications of flexible solar panels in various verticals

Flexible solar panels have several benefits over traditional solar panels. They can be installed on low-load supporting roofs. The absence of structural elements such as ballasts or roof penetrations simplifies installation and reduces labour costs. Thin-Film Adaptability Certain flexible solar panel technologies, which are popular due to their toughness and versatility, are particularly well suited to marine applications, such as aboard boats and yachts, where traditional solar panels cannot be installed. Furthermore, an ultra-thin film solar panel that can be bent as much as a thin sheet of plastic exists.

Restraint:

Easily Breakable

One of the benefits of flexible panels is that they can be bent and flexed. However, excessive bending and flexing can crack the solar cells. If a customer has flexible solar panels on the roof of their home, truck, or RV, branches and trees can scratch the plastic, potentially damaging the solar cells. A single hard hit is all it takes to crack a solar cell, and cracked cells are less efficient, such factors hamper the growth of the market.

Opportunity:

Increasing demand for flexible solar panels in remote areas

Flexible thin-film solar panels have dominated the market for a long time. The first generation of flexible thin-film photovoltaic (PV) modules were made from amorphous silicon, a non-crystalline type of silicon. While early generation a-Si thin-film modules were lightweight and flexible, their power output was poor, with a power efficiency of only 5 to 6%, implying that only 5 to 6% of the sun's energy was converted into electricity. As a result, the power density was low, requiring a large surface area to produce power output comparable to crystalline silicon modules. Solar lanterns, solar home systems, and local solar-based micro-grids provide electricity to over 73 million households in remote areas around the world, rather than a conventional power grid. Off-grid systems and devices provide advanced and enhanced services to those who live in areas without access to centralised electrical grids, while also assisting in the spread of renewable energy usage.

Threat:

Less effective and short life span

When compared to rigid panels, flexible solar panels are less efficient. Flexible solar panels have efficiencies ranging from 10% to 17%, whereas rigid crystalline panels have efficiencies ranging from 16% to 23%. This is because the thin semiconductor films in flexible panels have less material to interact with sunlight. Moreover, the shelf life of flexible panels is not as long as that of rigid panels. Whereas rigid panels can last from 25 to 40 years, flexible panels may only last 15 to 25 years. They aren't particularly efficient to begin with, so when their power output begins to decline, they won't be useful for long. This is also related to durability. Because flexible solar panels are frequently used in recreational settings, they are more likely to be damaged, reducing their shelf life.

COVID-19 Impact

The COVID-19 pandemic has significantly harmed economies all over the world. Various businesses, of all sizes, were severely damaged as a result of the pandemic. Furthermore, various governments around the world were forced to impose lockdowns in order to control the spread of the COVID-19 infection. Furthermore, various countries imposed travel and trade restrictions, causing significant disruptions in the global supply chain. Furthermore, production facilities for flexible solar panels were shut down, effectively halting production of these solar panels.

The Copper Indium Gallium Selenide segment is expected to be the largest during the forecast period

The Copper Indium Gallium Selenide segment is expected to be the largest during the forecast period owing to the expansion of solar photovoltaic capacity. Unusual areas among buildings with sun exposure must be utilised through building integrated photovoltaic technologies. Commercial buildings such as shopping malls, hotels, and office buildings are examples of applications where the flat black colour of a copper indium gallium selenide solar panel looks best in line with architects' visions when compared to conventional solar panels. The increase in smart building investment and construction across developing and developed countries is expected to provide ample opportunities for the growth of the market.

The Industrial segment is expected to have the highest CAGR during the forecast period

During the forecast period, the Industrial segment is expected to grow at the highest CAGR. Flexible solar panels integrated into the building power low-wattage equipment used in industries such as lights, cameras, and others. The increased demand for green energy to meet the surge in application of electricity-powered heavy-duty machinery and automation in the manufacturing industries has led to an increase in demand for flexible solar panels. Furthermore, flexible solar panels are designed to meet low-wattage power requirements in the industrial sector, particularly for peripheral electronic devices. This is expected to provide multiple opportunities for the growth of the flexible solar panels market.

Region with largest share:

Asia-Pacific, which includes China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific, has the largest share of the flexible solar panel market during the forecast period. Because of their large populations and high energy demand, India and China are major players in this region. They also have a large number of megacities with an ever-increasing population. As a result, the demand for energy to make buildings more energy efficient will rise, boosting the market even further.

Region with highest CAGR:

Europe is anticipated to register the highest CAGR during the forecast period owing to rising concerns about carbon emissions from power generation, the transition from non-renewable to renewable energy, and the surge in demand for residential solar energy and panels across the region. Because of the increased adoption of solar PV panels for residential applications, the United Kingdom is Europe's largest market for residential solar photovoltaic (PV) panels. Additionally, the region's market is expected to grow as a result of favourable government policies.

Key players in the market

Some of the key players profiled in the Flexible Solar Panels Market include Hanergy Holding Group Ltd., Enecom Srl, Sunpower Corporation, Flisom AG, Alta Devices, PowerFilm Solar, Inc., SoloPower Systems, Inc., Solbian Energie Alternative Srl, Sun Harmonics co. ltd., Jinko Solar Holding Co., Ltd., Trina Solar Co., Ltd, JA Solar Holdings Co., Ltd., Global Solar Energy, Inc., Miasole, Powerfilm Solar, Inc., FWAVE Company Limited and Uni-Solar

Key Developments:

In December 2021, Jinko Solar came into a partnership with Aldo Solar, the leading supplier of solar energy solutions in Brazil. Through this partnership, the company aimed to grab growth opportunities in Brazil.

In April 2020, Flisom expanded its global footprint by establishing its first high-capacity Solar Panel facility, the HUF12.5bn plant in Kecskemet. Through this expansion, the company aimed to support the Hungarian government by leveraging the expertise of Hungarian engineers and skilled workers

In January 2021, Hanergy Thin Film Power Group signed an agreement with Forest Group, Japanese construction, and solar power conglomerate. Together, the companies focused on optimization in Japan's photovoltaic market by combining their expertise and rich sectorial experience

Types Covered:

• Copper Indium Gallium Selenide
• Amorphous Silicon
• Cadmium Telluride
• Other Types

Applications Covered:

• Residential
• Industrial
• Aerospace
• Automobile
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances