According to the Market Statsville Group (MSG), the global flexible solar panels market size is expected to grow around USD 1,100.6 million by 2033, at a CAGR of 6.9% from 2023 to 2033.

Today, the demand for an alternative energy source has increased, and as solar energy is a renewable resource backed by the government's ambitious green energy plans, it has drawn much attention from investors. The development of solar powerhouses and a rise in electricity production utilizing solar energy over the past ten years in nations like China, Germany, India, and the United States have fueled the demand for flexible solar panels. The flexible solar panel opens up new opportunities for the solar panel's use. The flexible solar panel is extremely light and thin. The flexible solar panel can be adapted better than the conventional rigid panel. Thin-film technology is the foundation of the flexible solar panel. On inexpensive substrates, thin films can be deposited and manufactured on substrates the size of modules. The benefit of a flexible solar panel is roll-to-roll manufacturing, which yields monolithically integrated solar modules, resulting in a short payback period for energy due to high throughput processing and the system's low cost. Rollable solar panels can be transported or stored, then unrolled for usage. These devices are much more mobile and durable than conventional solar panels.

COVID-19 Impact on the Global Flexible Solar Panels Market

The COVID-19 pandemic has had a major effect on the world economy and negatively influenced the market for flexible solar panels. Numerous industries have been impacted by the pandemic, which has slowed global growth. It significantly affects energy systems worldwide by reducing investments and posing a threat to slow the adoption of important clean energy technology. The COVID-19 epidemic has brought on widespread economic hardship in order to ensure a robust recovery without significant carbon emissions. The government has taken the initiative to pursue structural emissions reductions through smart and sustained policies to enhance the development to deploy the full range of clean energy solutions in response to the current awareness of global warming caused by increased carbon emissions.

 Global Flexible Solar Panels Market Dynamics

Drivers: Increasing Inclination Towards Building-Integrated Photovoltaics

Photovoltaic materials called building-integrated photovoltaics (BIPV) are used to replace traditional building materials in areas of a building's envelope, like the roof, skylights, or facades. Although they can be retrofitted into existing structures, they are increasingly used in construction as a primary or secondary electrical power source. CIGS-based thin-film cells are installed directly into the building envelope substrate or are found on flexible panels bonded to the building envelope component. An amorphous thin film solar cell integrated into a flexible polymer panel that has been bonded to the roofing membrane using an adhesive sheet between the solar module back sheet and the roofing membrane is the most installed type frequently to date.

Flexible solar panels can be utilized in buildings since they are lightweight. They don't need specialized infrastructure for support, and its installation is also quite simple. Flexible solar modules are also expected to experience significant development due to the provision of government incentives and tax credits for installing solar panels.

Restraints: Low Efficiency as Compared to Traditional Panels

Thin film or flexible solar panels' lesser efficiency than conventional panels is its main drawback. The average monocrystalline or polycrystalline panel's efficiency rating nowadays is between 16 and 20 percent. On the other hand, thin-film solar panels typically give efficiency of between 7 and 15%. For some solar projects with limited roof areas for installation, this decreased efficiency means that more solar panels are required to provide the same quantity of energy.

Additionally, because there might not be enough roof space to generate the appropriate quantity of electricity, flexible solar panels aren't a good fit for many home rooftop solar projects. Flexible solar panels are ideal for small solar projects due to their flexibility and longevity they may endure physical wear and tear that wouldn't happen on a stationary roof, such as on RVs or boats. Flexible panels are perfect for these smaller, mobile solar projects that don't require a lot of energy due to their endurance and lighter weight.

Opportunities: Up-Gradation of Fuel Driven Devices to Electronic Power

The process of replacing systems that use coal, oil, and natural gas with those that derive their energy from electricity is known as electrification, also referred to as fuel switching, and it is becoming increasingly common with building decarbonization program. Many people believe that electrification, when the fuel source is solar or wind power, is a part of the solution, given the urgent need for the globe to take action to cut emissions and combat climate change.

Additionally, factories and industrial parks around the world provide promising prospects to switch to electric vehicles. For industrial businesses, adopting electricity instead of fossil fuels has growing economic and environmental advantages. Currently, electricity accounts for around 20% of the energy used in industry. The moment has come for industrial businesses to start making plans to adopt electric technology to replace their existing fuel use with the help of policymakers and utilities. This surge in electrification will accelerate the need for naturally derived energy, such as solar power. Eventually, with the rise in solar energy the demand for highly durable and thin, flexible solar panels is expected to increase in the near future. The key players should tap this trending opportunity to gain a competitive advantage.

Scope of the Global Flexible Solar Panels Market

The study categorizes the flexible solar panels market based on type and application at the regional and global levels.

By Type (Sales, USD Million, 2019-2033)

• Amorphous Silicon
• Cadmium Telluride
• Copper Indium Gallium Selenide
• Others

By Application Outlook (Sales, USD Million, 2019-2033)

• Residential
• Commercial
• Others

By Region Outlook (Sales, USD Million, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Copper Indium Gallium Selenide (CIGS) Segment accounts for the largest market share during the forecast period by Type

Based on type, the market is bifurcated into amorphous silicon, cadmium telluride, copper indium gallium selenide, and others. In 2022, the copper indium gallium selenide segment accounted for the largest market share. To increase the capacity of solar photovoltaic systems, CIGS is essential. Taking advantage of the atypical placements among structures with access to solar energy resources is vital while using integrated photovoltaic technology in buildings. The flat black hue of CIGS solar panels is used in commercial structures, including malls, hotels, and office buildings. Additionally, the market for CIGS flexible solar panels is anticipated to have strong growth due to the fact that CIGS solar panels have much better temperature coefficients and are the most ideal for buildings in both emerging and established nations.

Asia Pacific is projected to account for the largest market share, by Region

Based on the regions, the global flexible solar panels market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific will dominate the global flexible solar panels market in 2022. China, Japan, Australia, India, South Korea, and the rest of Asia-Pacific make up the region with the biggest market share for flexible solar panels. India and China are significant participants in this region because of their large populations and high energy needs. Additionally, they are the location of numerous megacities with rising populations. By 2050, it is anticipated to have the greatest urban population.

Key Market Players in the Global Flexible Solar Panels Market

The global flexible solar panels market is quite competitive, with key industry players adopting strategies such as product development to strengthen their market positions.

Major players in the global flexible solar panels market are:

• SunPower Corporation
• Flisom AG
• PowerFilm Solar
• Solbian Energie Alternative Srl
• RNG International Inc
• Enecom S.r.l.
• Hanergy Thin Film Power Group
• Miasolé
• Enecom
• Global Solar Energy
• Solbian
• Sunflare
• Burnsco
• Alta Devices
• Sungold

Recent Developments

• In September 2022, SunPower had invested in EmPower Solar and Renova Energy on a limited basis. Renova and EmPower are the newest members of SunPower's Dealer Accelerator Program as a result of these investments.
• In July 2019, TAM-Europe and Global Solar Energy had developed an airport shuttle bus thin-film roof system in collaboration, which intends to work together to create a new design for the solar-powered shuttle bus that makes use of a flexible thin-film module.

Key Issues Addressed

• What is the market size by various segmentation of the flexible solar panels by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the flexible solar panels market?
• What are the key opportunities and trends for manufacturers involved in the flexible solar panels supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of flexible solar panels in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.