Solar energy has been one of the most lucrative renewable sources of energy in the world. As the technology supporting it continues to advance, the viability of solar panels is expected to intensify. The new-gen solar cells feature a unique layered pattern that maximises their capability to absorb light. Moreover, these panels also have longer lives and virtually zero deterioration over time. Moreover, these panels are flexible and lightweight, thereby multiplying their application pool. They can now be installed on curved surfaces such as RVs, boats, and campers. These panels also offer great weather resistance, low maintenance, and high durability. To this end, solar photovoltaics (PV) are expected to grow in demand and be instrumental in the growth of the global flexible solar panels market.
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Growing Promotion of Renewables to Aid Long-term Growth of Flexible Solar Panels Market
With the growing focus on adopting renewable sources of energy gaining traction across the globe, the global flexible solar panels market is poised to showcase promise. The technology is being promoted by various governments and environmental agencies. Subsidies for users, financial incentives for market players and manufacturers, and other favourable policies are creating lucrative worldwide opportunities. Paced adoption of solar photovoltaics, commonly known as solar PV, is increasing at a sound pace. These lightweight systems are easier to install and can be used on the curved surface of boats, campers, and RVs. Such developments have considerably reduced the overall price of solar PV systems, which funnels down to aid market growth.
Mounting Demand from Industrial Sector to Facilitate Flexible Solar Panels Market Expansion
As the effectiveness and price of flexible solar panels continue to become more desirable, several end-use segments have emerged. They are being used for residential, commercial, as well as industrial applications. Such diversity of target markets hints at sound business prospects in the future of the global flexible solar panels market. These panels can power low-wattage devices such as surveillance cameras and lights. Increasing deployment of automation and power-intensive heavy machinery is also creating a need to adopt solar power to keep electricity expenses in check. Growing industrialisation and a focus on energy efficiency are some of the major factors supporting the growing demand for flexible solar panels.
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Asia Pacific to Dominate Flexible Solar Panels Market Amidst Increasing Energy Needs, and Renewable Energy Generation
Paced economic growth and focus on adopting renewable sources of energy are propelling the Asia Pacific to a leading position in the flexible solar panels market. Major regional economies such as India and China are the key contributors owing to their high populations and growing energy needs. The adoption of solar panels is growing across the region due to a heightened emphasis on achieving various sustainability targets. In addition to this, the significant drop in the cost of solar PVs has resulted in a price decrease of flexible solar panels. These factors are nurturing desirable business conditions for the flexible solar panels market in the Asia Pacific.
Leading Market Players
Some of the major players operating in the global flexible solar panels market include Enecom, Alta Devices, Powerfilm Solar, Inc., Global Solar Energy, Inc., Flisom, Miasole, Sun HarmonicsSoloPoer System, Solbian, and Sunpower Corporation.
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