Published Date: 31-Mar-2022
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According to a new report, published by KBV research, The Global Flexible Solar Panels Market size is expected to reach $716.5 million by 2027, rising at a market growth of 7.2% CAGR during the forecast period.
The Copper Indium Gallium Selenide segment is leading the Global Flexible Solar Panels Market by Type in 2020, thereby, achieving a market value of $334.5 Million by 2027. The increase of solar photovoltaic capacity relies heavily on CIGS. Building integrated photovoltaic systems must be used to utilize the unusual locations among buildings with exposure to sun resources. When compared to traditional solar panels, the flat black color of a CIGS solar panel best matches the vision of architects in commercial structures such as shopping malls, hotels, and office buildings. This factor is attributed to the increasing growth of this segment of the market.
The Residential segment shows high growth rate of 7.3% during (2021 - 2027). Off-grid solar PV panels with energy storage systems serve as a stable backup power supply in homes. To store necessary power in batteries, huge battery energy storage devices necessitate extra-large panels. As a result, demand for renewable energy systems in the residential sector would increase.
The Asia Pacific is fastest growing region in the Global Flexible Solar Panels Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $257.4 Million by 2027. The North America market is poised to grow at a CAGR of 6.8% during (2021 - 2027). Additionally, The Europe market would display a CAGR of 7% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Hanergy Holding Group Ltd., Enecom Srl, Flisom AG, PowerFilm Solar, Inc., SoloPower Systems, Inc., Solbian Energie Alternative Srl, Sun Harmonics co. ltd., Jinko Solar Holding Co., Ltd., Trina Solar Co., Ltd., and JA Solar Holdings Co., Ltd.
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