Flexible Solar Cell Market Size (2023-2028):

The Global Flexible Solar Cell Market was worth US$ 475 billion in 2022 and is anticipated to reach a valuation of US$ 758 billion by 2028 and is predicted to register a CAGR of 8.1% during 2023-2028.

Market Overview:

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.

Market Drivers:

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.

Market Restraints:

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.

Market Opportunities:

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.

COVID-19 Impact on the Flexible Solar Cell Market:

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.

FLEXIBLE SOLAR CELL MARKET REPORT COVERAGE:

Market Segmentation:

Flexible Solar Cell Market - By Type:

• Amorphous silicon
• Cadmium telluride
• Copper Indium Gallium Selenide

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.

Flexible Solar Cell Market - By Application:

• Commercial
• Residential

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.

Market Regional Analysis: 

The Global Flexible Solar Cell Market Report includes the segmentation of regions:

• North America
• Middle East & Africa
• Latin America
• Asia Pacific
• Europe

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. 

 Market Key Players:

1. Solbian
2. Filsom
3. MiaSole
4. Global Solar, Inc
5. Renogy
6. Sunflare
7. Sungold

Market Key Developments:

• In May 2023, Solar Frontier started mass production of their flexible solar cell, which is 16 % more efficient and is made of Copper Indium Gallium Selenide.
• In June 2023, Filsom received a $10 million investment from Energy Impact Partners. This investment will be used in the development of a flexible solar cell.