Flexible CIGS Solar Module Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

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The Flexible CIGS (cadmium indium gallium selenide) Solar Module represent a cutting-edge innovation in the solar energy sector as unlike other solar panels these modules are lightweight, thin and flexible allowing for easy integration into various applications and surfaces, it offers high efficiency ad excellent performance even in low-light conditions making it a versatile option for both resident and commercial solar installations. Their unique properties are revolutionizing the way we harness solar energy enabling new emerging possibilities for solar power generation in diverse environments and applications

MARKET OVERVIEW

The global market valuation of Flexible CIGS Solar Module Market was valued at USD 464.31 million in 2022 and is projected to reach USD 914.07 million by 2030 exhibiting a CAGR of 7.1%, the flexible CIGS module market is poised for substantial growth driven by technological advancements with the increasing demand for green energy solutions with diverse applications across vast industries globally and Government promoting the use of renewable energy is driving the growth of the market.

GROWTH DRIVERS

The light weight and flexible nature of CIGS solar modules make them ideal for installations on irregular surfaces and the versatility expands the potential deployment scenarios for solar energy driving demand for flexible CIGS modules in various industries and the manufacturing process for CIGS solar cells have become more streamlined and cost efficient over time making it an attractive option for solar installations mainly in markets where competitive is crucial.

The growing awareness and adoption of renewable energy by masses with government being providing favorable policies to promote the adoption of solar energy and reduce carbon emissions is one of the significant driver for this market growth.

MARKET SEGMENTATION:

·         By Type – 16v, 32v, 48v and 64v

·         By Application – Residential, Industrial, Aerospace, Automobile and others

·         By Region - North America, Europe, Asia Pacific, the Middle East and Africa, and South America.

Flexible CIGS Solar Module Market by Type Segment Review:

The 16v modules typically cater to low power applications and are suitable for applications where space and weight constraints are critical like rooftop and camping equipment’s and used in small scale industries, portable solar chargers and off grid lighting systems.

The 32v models are commonly used in medium scale residential and commercial solar installations as well as in agricultural and rural electrification projects and they offer a balance between power output and system complexity making it suitable for wide range of applications.

The 48v modules are generally preferred for large scale residential, commercial or industrial solar installations as they offer higher power output and efficiency and are commonly used in off-grid and hybrid solar systems where they can be integrated battery storage systems and inverters helping in requiring higher energy production and system performance.

The 64v modules are utilized in utility scale solar power plants and are designed to maximize energy production and system efficiency in high power applications and are often deployed in multi-megawatt solar projects where they are able to contribute meeting renewable energy targets with reducing carbon emissions.

Flexible CIGS Solar Module Market by Application Segment Review:

Flexible CIGS Solar Module find application in residential settings for rooftop solar installations utilized to reduce their dependence on traditional grid electricity and lower the energy bills and it can be integrated into various architectural designs making it suitable option. In industrial sector it is used in manufacturing facilities, warehouses and industrial complexes to reduce operational costs, energy independence and an extra power source.

Aerospace agencies and companies leverage solar power to increase operational capabilities to extend mission durations and reduce reliance on traditional fuel source, it is integrated on the surface of aerospace vehicles like powering satellite, spacecraft and UAVs to harness solar energy for propulsion, communication and much more.

Automotive applications involves integrating into EVs (electric vehicles), hybrid vehicles and autonomous vehicles on the roofs, hoods PR windows to supplement battery charging leading to extended driving range and improve energy efficiency. It is also used in other segments like electronics, equipment’s and others for power solutions at remote location or as an emergency power backup or portable charging solutions for electronic gadgets.

Flexible CIGS Solar Module Market by Regional Analysis:

North America is a significant market for flexible CIGS solar module driven by growing adoption on renewable energy and presence of key global companies like Miasole, Global Solar Energy and Solo power systems contributing to the growth of the market in this region. Europe is prominent market due to The European Union’s target for carbon neutrality and propel the demand for renewable energy across residential, commercial and industrial sectors and presence of key global company like Flisom. The Asia Pacific region is witnessing rapid growth in the flexible CIGS solar module market fueled by increasing urbanization and government initiatives for clean energy. The Middle East and Africa region are gradually growing market due to embracing solar energy as a viable alternative driven by abundant summer season and sunlight. South America market is gaining momentum supported by solar energy to meet electricity demands.

Key Challenges:

The flexible CIGS solar module offers advantages such as lightweight design and flexibility due to which they face stiff competition from conventional silicon based solar panels which have little lower manufacturing cost and has better performance and efficiency comparatively. The flexible CIGS solar modules are exposed to various environmental conditions that includes temperature fluctuations, humidity, and mechanical stress which questions the durability of the panel.

Competitive Landscape:

Companies investing in research and development to innovate and improve efficiency, durability and performance which includes usage of novel materials and better manufacturing process. Companies are offering and marketing strategies to address specific market segments and customer needs by focusing on markets like building integrated photovoltaics, automotive applications or off grid solar solutions that may help them in capturing more profit margins.

Companies collaborating with industry players and tech providers that may help to access expertise, resources at better price and new market expansion. Companies are opting for vertical integration by controlling various stages of the supply chain from procurement of raw materials to manufacturing and distribution networking to ensure quality control and capture more value or profit.

Global Key Players:

·         Powerfilm

·         Sun Harmonics

·         Flisom

·         Miasole

·         Alta Devices

·         Solopower systems

·         Sunpower corporation

·         Enecom

·         Solbian

·         Gobal Solar Energy

Attributes

Details

Base Year

2022

Trend Period

2023 – 2030

Forecast Period

2023 – 2030

Pages

215

By Type

16v, 32v, 48v and 64v

By  Application

Residential, Industrial, Aerospace, Automobile and others

By region

North America, Europe, Asia Pacific, the Middle East and Africa, and South America

Company Profiles

Powerfilm, Sun Harmonics, Flisom, Miasole, Alta Devices, Solopower systems, Sunpower corporation, Enecom, Solbian, Gobal Solar Energy

Edition

1st edition

Publication

Feb 2024

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