The Asia Pacific Flexible Solar Panels Market would witness market growth of 7.3% CAGR during the forecast period (2021-2027).
The increased popularity of renewable energy, particularly solar energy, has resulted in a surge in the demand for solar PV manufacturers. The market for flexible solar panels is benefiting from increased innovation and enhancements in electronic-driven appliances and building-integrated photovoltaic systems. The availability of endless solar energy resources that must be accessed from buildings, as well as the surfaces of automobiles and airplanes, has inclined demand for flexible solar panels.
Many companies have increased their operations in order to create more efficient solar panels as a result of the government's support policies for the construction of small solar power plants. Depletion of non-renewable energy supplies, global warming, and increased investments of government, as well as the private sector, are likely to generate significant prospects for the development of the flexible solar panel industry.
The presence of key market players, as well as favorable government policies that offer subsidies and financial incentives for PV projects in China, are majorly contributing to the increased focus of new market players across this region. Apart from being the world's largest panel manufacturing hub, China boasts a number of solar farms, including the world's largest floating farm, which can generate 40 MW of power. Moreover, the country holds a major position in global solar PV panel exports.
In addition, according to the China Photovoltaic Industry Association, China surpassed Germany as the country with the greatest solar capacity (43 GW) in 2015. The industry's driving power is the world's leading solar PV country. Further, In India in 2019, the entire installed solar capacity was 30 GW. Solar has now attained 30% of the target of 100 GW by 2022, accounting for 38% of the renewable energy mix. Due to these factors, the growth of the regional market is expediting.
The China market dominated the Asia Pacific Flexible Solar Panels Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $77.4 Million by 2027. The Japan market is estimated to witness a CAGR of 6.7% during (2021 - 2027). Additionally, The India market would experience a CAGR of 8% during (2021 - 2027).
Based on Type, the market is segmented into Copper Indium Gallium Selenide, Cadmium Telluride, Amorphous Silicon and Others. Based on Application, the market is segmented into Industrial, Residential, Aerospace, Automobile, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Flexible Solar Panels Market is Projected to reach USD 716.5 Million by 2027, at a CAGR of 7.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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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