With the growing industrialization and digitization, the demand for electrical energy has skyrocketed. To meet this surging demand, there is a growing emphasis on eco-friendly and alternate sources of energy. To this end, governments around the world are promoting renewable energy sources. This has led to the employment of solar powerhouses which in turn is driving the growth of flexible solar panels. Flexible solar panels are second-generation solar cells and are considered a potential future of renewable energy. Moreover, the demand for the flexible solar panels is expected to receive a further push from the growing popularity of solar photovoltaic (PV). Solar PVs are increasingly being used in flexible solar panels and are predicted to add the most energy capacity annually. Against such a favourable backdrop, the global flexible solar panels market is expected to exhibit exponential growth in the foreseeable future.
Advantages of Flexible Solar Panels over Conventional Solar Panels to Prolong Market Expansion
Flexible solar panels are made by layering more than one film of photovoltaic material on a metal, glass, or plastic base. Such an arrangement maximizes the capacity of each material to absorb light. Its major goal is to ensure that the cell’s efficacy and efficiency do not decline with time. The panels are lighter than the average solar panels which makes them ideal to be used on curved surfaces such as boats or RVs. Moreover, they are durable and weather-resistant, easy to set up, and require low maintenance. The flexible solar panels drastically reduce the cost of production and integration. The cumulative force of these factors is projected to create tremendous headways for the global flexible solar panels market.
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Growing Industrial Applications of Flexible Solar Panels to Fuel Market Growth
Flexible solar panels have found numerous applications in the residential, commercial, and industrial sectors. However, the industrial sector continues to be the biggest industry that is utilising flexible solar panels. This is owing to the growing use of building-integrated flexible solar panels to power low-wattage industrial devices such as cameras and lights. Solar PVs installed on rooftops, along with a robust energy storage system provides end-user industries with a reliable power backup. Furthermore, the increased use of automation and electricity-powered heavy machinery in the manufacturing industry has boosted the demand for flexible solar panels. This in turn is expected to unlock novel revenue opportunities for the global flexible solar panels market.
Asia Pacific to Emerge as a Leading Market Region Owing to Rising Economies Across Region
The strong economic growth and developments in several countries in the Asia Pacific are fostering the regional flexible solar panels market. The adoption of solar panels is growing across the region due to a heightened emphasis on achieving various capacity targets. In addition to this, the significant drop in the cost of solar PVs has resulted in a price decrease of flexible solar panels. Major economies such as China and India are key contributors due to their high populations and soaring energy demands. This is likely to bode well for the flexible solar panels market in Asia Pacific.
Prominent Market Players
Some of the major players in the global flexible solar panels market include Alta Devices, Miasole, Powerfilm Solar, Enecom, Global Solar Energy, Flisom, Sun Harmonics, Solopower System, Solbian, and Sunpower Corporation.
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