The Global Flexible Solar Cell Market was worth US$ 513.48 billion in 2023 and is anticipated to reach a valuation of US$ 819.36 billion by 2029 and is predicted to register a CAGR of 8.1% during 2024-2029.
Flexible solar cells are a lighter and easily portable alternative to regularly used solar cells. These solar cells cannot be used to power the whole house but can be used to power small equipment like small boats and portable gadgets, which consume lesser power. These flexible solar cells are made of ultra-thin silicon panels, which are then sandwiched between flexible plastic layers. Flexible solar cells are very useful while camping as they can be used to charge a camera or phone and also can be used to power GPS and other locating devices.
There has been an increase in the consumption of energy all over the world. Whether it be an underdeveloped region like Africa or a developed region like North America, the demand and usage of energy are increasing day by day. The advantage of the Flexible Solar Cell Market is that solar cells are extremely portable and thus can be carried to locations where conventional energy cannot be supplied.
Also, recently there has been rising awareness about using green energy. With an increase in the use of clean and green energy, this kind of innovation will stand strong in the energy production industry. Flexible solar cells can guide people toward using solar energy for carrying out simple tasks like charging phones and other handheld devices.
Therefore, increased consumption of energy and the market’s shift towards renewable sources of energy from conventional sources are the major factors that drive the Flexible Solar Cell Market toward growth.
Flexible solar cells are not efficient in generating electricity when compared to regular monocrystalline or polycrystalline panels. The amount of conducting material used in flexible solar cells is far less than in regular solar panels; this gives flexibility to the cell but reduces its effectiveness. This is the reason that flexible solar cells generally have a capacity ranging from 50-300 watts. That’s why it cannot be used to power devices requiring a high amount of electricity.
As the amount of material used in manufacturing this flexible solar cell is way less and isn’t durable as compared to regular solar panels, they are not considered reliable and are prone to damage with time. That is the reason that regular solar panels provide a warranty period of 25 years while flexible solar cells provide a warranty for only five years.
So, we can say that less efficiency and unreliable building of the cells are the limiting factors for the Flexible Solar Cell Market growth.
The deteriorating environment has become a serious issue now and is affecting the lives of common people, and thus steps towards a clean environment are being taken from all sectors of society.
Using cleaner sources of energy is the basic step to be followed; the use of solar energy instead of conventional electricity can initiate the change from the ground level. The Flexible Solar Cell Market can grow when more and more people shift towards using solar energy.
Also, in developing nations like India, many of the villages don’t have 24/7 connectivity with electricity, so the Flexible Solar Cell Market has immense opportunities for growth as electrification projects have been started in many developing countries.
Hence, the rise in environmental concerns and developmental projects in many countries is a golden opportunity for the Flexible Solar Cell Market to grow.
The COVID-19 lockdown had a negative impact on the Flexible Solar Cell Market. The financial disturbance across the world decreased demand for products like automobiles, tourism, and innovations in renewable sources of energy. During the pandemic period, the global supply chain was distorted, and the supply of raw materials required for the production of solar cells was not readily available. Also, the producers were not able to deliver the finished products. Even in the post-pandemic era, there is a lack of investment in the Flexible Solar Cell Market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
8.1% |
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Segments Covered |
By Type, Application, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Solbian, Filsom, MiaSole, Global Solar, Inc, Renogy, Sunflare, Sungold, and Others. |
The (CIGS) Copper Indium Gallium Selenide type of cell is ruling the Flexible Solar Cell Market. It is preferred over other options as it is light in weight and also cheaper in price than others.
The Amorphous silicon cells are gaining popularity lately as they are more durable than Copper Indium Gallium Selenide cells.
The Cadmium telluride segment has having slow growth rate as cells are less efficient than the CIGS cells and also more expensive than others.
Commercial application is leading the Flexible Solar Cell Market shares. In commercial buildings, flexible solar cells serve both the purposes of generating electricity for the compatible devices in the building and also to enhance the aesthetics of the building.
In residential buildings, flexible solar cells serve little or no purpose as the residential building has very few devices that can be powered by flexible solar cells.
The Asia Pacific region is ruling the Flexible Solar Cell Market. China is the world’s biggest consumer of flexible solar cells. Also, India is a growing market and has vast scope for growth in the Flexible Solar Cell Market in the future. Europe is deemed to have the highest CAGR in the coming years.
In North America, The US is the largest market, while in Europe, Germany is the biggest consumer of the Flexible Solar Cell Market. Latin America, and Middle East & Africa are setting up growth opportunities for the market.
Companies playing a prominent role in the global flexible solar cell market include Solbian, Filsom, MiaSole, Global Solar, Inc, Renogy, Sunflare, Sungold, and Others.
By Type
By Application
By Region
Frequently Asked Questions
The Compound Annual Growth Rate of the flexible solar cell market is 8.1%.
Copper Indium Gallium Selenide (CIGS) has been leading the flexible solar cell market in recent times.
Asia Pacific region has been leading the flexible solar cell market in recent times, with China being the biggest contributor.
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