Flexible CIGS Solar Module Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: EP240312 | Research Suite: Report (PDF) & Market Data (Excel)
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 |