PROJECT REPORT
MARKET OPPORTUNITY
FOR FLEXIBLE SOLAR
MODULES
-BY CA ABHISHEK SHAH
1
CONTENTS
1)
SOLAR PV MARKET
a)
b)
c)
d)
e)
2)
FLEXIBLE LIGHT WEIGHT SOLAR
a)
b)
c)
3)
Global Market
US Market
Opportunity for India in US Market
Applications
WAAREE’s FLW
a)
b)
c)
d)
5)
What is FLW?
How is it Different?
Advantages of FLW
MARKET OF FLW
a)
b)
c)
d)
4)
A Brief About Solar
Global Market
Decreasing Generation Cost
Increasing Efficiency
Solar in 2050
About Waaree
SWOT Analysis
Major Competitors
Key challenges
Conclusion
2
SOLAR PV MARKET
BRIEF ABOUT THE SOLAR PV INDUSTRY
Rising
concerns
about
climate
change, the health effects of air
pollution,
energy
security
and
energy access, along with volatile
oil prices in recent decades, have led
to the need to produce and
use
alternative, low-carbon technology
options such as renewables. Solar PV
has been one of the pioneering
renewable
technologies
over
the
decades. The total installed capacity of
solar PV exceeded 1 Terawatt globally in
2022. By 2024, almost 33 percent of the
world’s electricity is forecast to come from
IN D E X
renewables, with solar photovoltaic (PV)
accounting for almost 60 percent (or at
least 697 gigawatts) of expected growth
The evolution of the solar PV industry
so far has been remarkable, with
several milestones achieved in recent
years
in
terms
of
installations
(including
off-grid),
efficiency,
flexibility,
cost
reductions
and
technological advancements, as well as
establishment of key solar energy
associations. Solar power will clearly
continue to be an essential renewables
option in the coming decades.
3
SOLAR PV MARKET
GLOBAL MARKET
According to the latest research study, the
demand for global Solar PV Market size &
share was valued at approximately USD
161.15 Billion in 2021 and is expected to
reach a value of around USD 394.34 Billion
by 2030, at a compound annual growth
rate (CAGR) of about 8.8% during the
period 2022 to 2030.
Asia Pacific is expected to dominate the
solar power market share, with most of
the demand arriving from China and India.
The region clearly kept its strong
leadership in 2021, representing 58% of
the global solar power generation
capacities. The Solar Energy Market is
likely to grow the highest in Asia Pacific
IN D E X
394.34
400
200
161.15
0
2021
2030
2021
2030
region followed by Europe and the US. The
top 5 countries to dominate the market
are China, US, Japan, Germany and India.
Much of the world’s solar demand
between 2024- 2026, 55%, will come from
the top three solar markets: China, the
United States and India.
4
SOLAR PV MARKET
COST FACTOR
Solar’s success story over other
technologies has many reasons, but a key
factor is its steep cost reduction curve over
the last decade, which has made solar the
global cost leader (see Fig.). While the cost of
solar has been lower than fossil fuel
generation and nuclear for several years, it is
also now lower than wind in many regions
around the world. The latest Levelized Cost of
Energy (LCOE) analysis, version 15.0,
published in October2021 by US investment
bank Lazard, shows how the downward trip
of utility-scale solar cost has progressed by a
further 3% compared to the previous year.
The spread with conventional generation
technologies is widening, considering that the
cost of gas and nuclear went up. Solar’s cost
decrease has truly been extraordinary:
compared to 2009, solar power generation
cost has decreased by 90%.
SOLAR ELECTRICITY GENERATION COST IN COMPARISON WITH OTHER POWER SOURCES
2009-2021
300
250
USD/MWh
200
167
150
108
100
60
38
36
50
0
2009
2010
2011
2012
Solar
CCGT
Wind
Coal
2013
2014
2015
2016
2017
2018
2019
2020
2021
Nuclear
IN D E X
5
SOLAR PV MARKET
EFFICIENCY FACTOR
Solar panel efficiency is a measurement of
a solar panel’s ability to convert sunlight
into usable electricity.
Solar panel efficiency over time has
steadily increased from an average of 15%
in 2012 to more than 20% in 2022 .
There’s also hope for a big increase in solar
panel efficiency in the near future, as
researchers at the National Renewable Energy
Laboratory broke the solar cell efficiency
record by creating a silicon solar cell with a
high efficiency of 39.2%
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6
Major Milestones achieved by the solar industry
1941
1963
• First silicon monocrystalline cell is created
• Mass production of solar cells begins
1973
1954
• International Solar Energy Society is formed
• The first solar building
“Solar One” is constructed
and running on a hybrid
supply of solar thermal
and solar PV power.
1985
2012
• The University of South
Wales achieves 20%
efficiency for silicon cells
• The world’s cumulative PV electricity capacity
surpasses 100 gigawatts (GW)
2010
• Global average solar PV auction price: 241
USD/MWh
2015
• The Global Solar Council, the International
Solar Alliance and Solar Power Europe are formed
KEY MILESTONES
IN SOLAR INDUSTRY
2016
• First solar plane flight
around the world
2022
• Global installed solar capacity
exceeded 1 Terawatt
2017
• 4.5 million jobs in solar energy sector
• Global PV capacity ~400 GW
Solar PV is one of the fastest-growing, most mature and cost-competitive
renewable energy technologies.
IN D E X
7
SOLAR PV MARKET
OUTLOOK 2050
Solar, along with wind energy, would lead
the way in the transformation of the
global electricity sector. Solar PV power,
supplying 32% of total electricity demand,
will represent over a tenfold rise in the
solar PV share of the generation mix by
2050 compared to 2019 levels.
Solar PV would have the largest installed
capacity expansion by 2050
Renewables set to be the dominant electricity source
Installed Electricity Capacity Mix
3%
5%
8%
66%
52%
97%
15%
34%
8%
32%
11%
2019*
Solar
Wind
2050**
Green Scenario
Hydro
Other Renewables
Other Fossil Fuels
* New Energy Outlook 2020 (NEO 2020) by Bloomberg New Energy Finance (BloombergNEF)
** New Energy Outlook 2021 (NEO 2021) by Bloomberg New Energy Finance (BloombergNEF)
IN D E X
8
FUTURE OF SOLAR
Flexible, Lightweight
(FLW) Solar Modules
IN D E X
9
FLW MODULE
WHAT IS FLW?
•
Flexible solar panels are exactly what
they sound like - solar panels that are
pliable and portable.
•
They are Flexible and Light, Ideal for
Curved Surfaces
The flexible
solar panels adapt to different surface
shapes, unlike conventional panels
with sturdy rectangular bodies. They
are slim and light as well, unlike
conventional solar panels.
•
With their lightweight design and
easy installation process, they can be
used for several applications
IN D E X
10
FLW MODULE
DIFFERENCE
•
Flexible solar panels work just like your traditional rigid solar
panels and many are made with the same type of photovoltaic
silicon solar cells. However, flexible solar panels are made with
solar cells that are over 300 times thinner than those used in
traditional solar panels, allowing them to be extremely
lightweight and more flexible.
•
Unlike traditional solar panels, a flexible panel's surface isn't
covered by a protective glass or metal. Instead, it's covered by a
polymer known as ETFE, which can bend easily. This keeps the
panel as thin and light as possible and allows the cells to remain
malleable.
Traditional
solar panels
IN D E X
Flexible
solar panels
11
FLW MODULE
ADVANTAGES OF FLW?
✓ More Flexible
✓ Light Weight
✓ Low installation cost
✓ They are simple to set up
✓ Can fit in odd places and overcome structural
issues
✓ Portable power solution
✓ Some niche requirement like in flexibility
required by nature
✓ They don’t require high upkeep to work at
their best
✓ Freedom of Integration
3X Lighter
compared to
Aluminum
farmed glass
panels
IN D E X
Durable and
Weather
Resistant
Up to 30 of
Flexibility
Easy to
install using
Grommet
holes or
adhesives
12
MARKET OF FLW
Identifying the
Market Opportunity
IN D E X
13
MARKET OF FLW MODULES
CURRENT SCENARIO
Companies in the photovoltaic (PV) industry are focusing on
developing flexible solar panel technology as a promising
substitute to the traditional rigid photovoltaic systems.
As the technology is developing, flexible solar panels are
getting more efficient, and their prices are reducing.
Factors such as the growing focus on finding clean energy
sources for power generation and the increasing demand
for mobile and lightweight PV systems are driving the
market growth for flexible solar panels.
Flexible solar panels can be used for numerous applications
and many uses are yet to be uncovered.
IN D E X
14
MARKET OF FLW MODULES
GLOBAL MARKET
The global Flexible Solar Panel market size was valued at
USD 464.31 million in 2020 and is expected to expand at a
CAGR of 7.1% during the forecast period, reaching USD
914.07 million by 2030. The estimated market size is likely
to increase as more and more applications of FLW
modules are uncovered.
The largest market for flexible solar panels is in the AsiaPacific region, followed by North America and Europe.
The Asia-Pacific region is expected to grow at the highest
CAGR due to the increasing demand for renewable energy
in countries such as China, India, and Japan.
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15
MARKET OF FLW MODULES
USA MARKET
Solar Distribution
TOP 5 States – California , Texas , North Carolina , Florida , Arizona
FLW Market
The flexible solar panel market in the USA is expected to grow
significantly over the next few years, with a projected CAGR of 16.5%
from 2021 to 2028
The USA market for flexible solar panels is rapidly growing due to the
increasing demand for renewable energy and the development of new
technologies in the solar industry.
The US government is also providing support for the development of
renewable energy, including solar energy, through various policies
and initiatives.
IN D E X
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MARKET OF FLW MODULES
OPPORTUNITIES FOR INDIA IN USA
India has a significant opportunity in the US solar
market, which is one of the largest and fastest-growing
solar markets in the world. The United States has set a
target to achieve 100% clean energy by 2035, and solar
power is expected to play a crucial role in achieving this
goal.
India has emerged as a major player in the global solar
market, with the world's third-largest installed capacity
of solar power. India's experience in developing and
implementing solar projects can be leveraged in the US
market, where India can provide cost-effective solutions
for solar installations.
OPPORTUNITIES to CAPITALIZE – FLW market
USA will be one of the largest
consumer
of
FLW
panels
considering various applications
and their demand
Growing tensions between China
and US trade relations and
implementation of the Uyghur
Forced Labor Prevention Act
among others
Growing awareness
Consumers in the USA
IN D E X
North America is the largest
market for RVs – a prominent
application of FLW modules
Government Support
where
buyers are incentivised for using
Renewable Energy
Increasing tariffs on import of
Solar modules from South-East
Asian countries
amongst
17
MARKET OF FLW MODULES
APPLICATIONS
1. MARINE VEHICLES
The global Electric Marine Vehicles market is estimated to
be around $4.2 Billion as on 2022 and is expected to reach
$7.2 Billion by 2028.
In case of Transport Marine Vehicles, FLW
panels can be used in:
a) Cargo Container Ships
b) Ro-Ro boats
In case of Passenger Marine Vehicles, FLW
panels can be used in:
a) Cruise
b) Ferry boats
c) Personal Boats / Yacht
d) Water Sports
In case of Non-Transport Marine Vehicles,
FLW panels can be used in:
a) Fishing Boats
b) Supply Vessels
c) Warships
IN D E X
18
MARKET OF FLW MODULES
APPLICATIONS
2. RECREATIONAL VEHICLES
The global Recreational Vehicles market is estimated to be
around $60 Billion as on 2021 and is expected to reach $88
Billion by 2027.
In case of Recreational Vehicles, FLW
panels can be used in:
a) Various types of Trailers
b) Motorhomes
c) Caravans
IN D E X
19
MARKET OF FLW MODULES
APPLICATIONS
3. ROOFTOPS
FLW modules help to overcome the structural difficulties
faced and provide flexible and low weight solution to
installing solar on Rooftops
In case of Industries / Commercial Rooftops,
FLW panels can be used in:
a) Low-Load Bearing Roofs
b) Curved Roofs
c) Glass Roofs
d) Waterproof Membrane Roofs
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20
MARKET OF FLW MODULES
APPLICATIONS
3. ROOFTOPS
FLW Solar panels can also be used for Residential rooftops
FLW Solar panels can also be used for Other custom rooftops
requirements
IN D E X
21
MARKET OF FLW MODULES
APPLICATIONS
4. COMMERCIAL TRANSPORTS
FLW Solar Modules provide greener, efficient and costfriendly alternative to energy generation for various
commercial transport vehicles
In case of Passenger Vehicles, FLW panels can
be used in:
a) Buses and Coach
b) School Buses
c) Trains
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22
MARKET OF FLW MODULES
APPLICATIONS
4. COMMERCIAL TRANSPORTS
In case of Transport Vehicles, FLW panels can be used in:
a) Light Weight Trucks
b) Cold Storage Trucks
c) Box Trucks
d) Tractors
e) Heavy-Duty Trucks
f) Cargo Trains
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23
MARKET OF FLW MODULES
APPLICATIONS
5. DEFENCE
Defence sector is considered to be one of the early adapter
and largest consumer of Flexible modules.
a) Man-Portable Solar Modules
FLW modules are lightweight, durable, can be carried in
the rucksack, and recharge batteries reducing the weight
and expense of batteries in the field.
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24
MARKET OF FLW MODULES
APPLICATIONS
5. DEFENCE
b) Basing Solar Modules
Basing Solar Modules help power Command Centers, IT
Equipment, and various Electronics
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25
MARKET OF FLW MODULES
APPLICATIONS
5. DEFENCE
c) Vehicle Solar
FLW modules can be used as an alternative energy
generator to power military vehicles without occupying
large space. Also, they are light weight
IN D E X
26
MARKET OF FLW MODULES
APPLICATIONS
6. PORTABLE SOLUTIONS
One of the key reasons for rise in demand for FLW Modules
is its Portable feature.
a) Camping, Hiking
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27
MARKET OF FLW MODULES
APPLICATIONS
6. PORTABLE SOLUTIONS
b) Personal Use – Anytime-Anywhere
IN D E X
28
MARKET OF FLW MODULES
APPLICATIONS
7. OTHER APPLICATIONS
a) GOLF CARTS
b) FOOD TRUCKS
IN D E X
29
MARKET OF FLW MODULES
APPLICATIONS
7. OTHER APPLICATIONS
c) E-RICKSHAWS
d) E-CYCLES
IN D E X
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WAAREE’s FLW
Capability and
Opportunity
India’s Largest Solar Panel Manufacturer
IN D E X
31
THE WAAREE SCENARIO
ABOUT THE WAAREE GROUP
The Waaree Group boasts to be India’s
Largest Solar Panel Manufacturer
having manufacturing capacity of 12
GW's at its plants in Surat and
Umbergaon in Gujarat.
#1
Waaree holds a dominant position
in the Indian Solar PV Market and is
on the track to become Strategic
Global Player. Waaree has its
presence in over 380 locations
nationally and 20 countries
internationally.
✓ Proven track record of manufacturing high
quality and technologically advanced PV
modules
✓ First & only manufacturer with NABL accredited
lab
✓ New lines capable of manufacturing modules
based on latest Mono PERC Technology
✓ 40+ Global certifications & regular stringent third
party audits
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THE WAAREE SCENARIO
FLW CAPABILITIES
Waaree is committed towards Continuous Improvements and
Innovations since its establishment.
Identifying the vast and unexplored opportunities of Flexible Solar
Modules, Waaree is ready to tap the Global Flexible Solar Module
Market with its expertise of 33+ years and State of the Art
Manufacturing.
Waaree has invested more than 7 years in R&D and also entered into a
Strategic Partnership to understand the product, technology and the
market.
At present, Waaree is capable of providing 100% customized panels
which are light weight and flexible.
Waaree uses the Mono PERC technology in its FLW panels which provide
enhanced performance even in low-light conditions.
Waaree’s FLW modules are suitable for various applications and prove to
be a cost-efficient and greener alternative to energy generation.
Waaree’s Flex Panels are:
•
•
•
•
12% more efficient than
conventional solar cells.
30 degree flexible
3 times lighter compared to
Aluminum framed glass panels
Durable and Resistant
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WAAREE’s FLW
SWOT ANALYSIS
IN D E X
S
W
O
T
34
THE WAAREE SCENARIO
SWOT ANALYSIS – FLW
Strengths List
Analysis
VAST INDUSTRY EXPERIENCE
Waaree’s 33 years+ experience in
the Solar PV Market will provide it
an edge over competitors to
capture the FLW market
STATE OF ART
INFRASTRUCTURE
Experienced and skilled staff,
modern infrastructure ensures
Qualitative Output
COST-EFFECTIVE SOLUTION
Due to its scale and size, Waaree is
able to offer price better than its
competitors
OTHER KEY STREGHTHS of WAAREE:
•
•
•
•
•
Strong Brand Name globally
Ability to Customize as per any requirement
Enhanced Production Capacity to meet new
demands
Strong Capital base and Financial muscle
Motivated skill-force and Highly Experienced
Management
IN D E X
35
THE WAAREE SCENARIO
SWOT ANALYSIS – FLW
Weakness List
Analysis
DEPENDENCE ON USA PARTNER
Till date, Waaree is heavily
depended on Merlin Solar for
sales restricting itself from fully
capitalizing the market opportunity
NO SALES/MARKETING TEAM
FLW Department does not have a
specialized Sales or Marketing
team
NOT READY FOR INDIAN MARKET
Being Solar leader in India will not
help Waaree as the FLW product is
not fit for the Indian market
presently
OTHER WEAKNESSES of WAAREE:
•
•
•
•
•
Waaree specializes in B2B but FLW segment will require
B2C approach in terms of marketing and design to grow
the product
Product design needs to be more attractive and trendy
No strong US base to capture potential market there
Lower durability of FLW modules ( 5 to 10 years)
compared to traditional panels
Customization affects Scalability
IN D E X
36
THE WAAREE SCENARIO
SWOT ANALYSIS – FLW
Opportunity List
Analysis
LOW COMPETITION
FLW Module segment is still an
untapped and growing market
with fewer competitors, improving
chances to capture the market
INCREASING GREEN
AWARENESS
Increasing Global awareness for
green energy is creating endless
potential for the Solar industry
GOVERNMENT SUPPORT
Governments across the world are
incentivizing adoption of Solar
amongst the people
OTHER OPPORTUNITIES for WAAREE:
•
•
•
FLW modules can be used for numerous applications,
many are yet to be discovered
Countries are looking for alternatives to CHINA
strengthens India’s position to lead the manufacturing
front
Waaree can take benefit from the continuous R&D
happening across the globe to make Solar power more
efficient and portable
IN D E X
37
THE WAAREE SCENARIO
SWOT ANALYSIS – FLW
Threats List
Analysis
CONSTANT CHANGES
The new CIGS and Perovskite cells
are more efficient and flexible than
MONO Perc. Also, it is difficult to
keep pace with constant changes
GREEN ENERGY IS NOT SO
GREEN
The one downside to solar
technology is that it contains many of
the same hazardous materials as
electronics
POST PANDEMIC RECESSION
Supply chain constraints post
pandemic and upcoming recession
may drive costs and affect demand
OTHER THREATS to WAAREE:
•
•
•
•
•
Constant Price Fluctuations
Heavy Marketing costs need to be incurred to capture
Global Market
Multiple applications will make it difficult to identify and
capture Target market
Increasing Tariffs by Foreign governments will increase Costs
Problems in Flexibility, Durability and Efficiency post
dissolution of Merlin partnership
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WAAREE’s FLW
Competitors in
the Market
IN D E X
39
THE WAAREE SCENARIO
COMPETITION IN THE FLW MARKET
1. RENOGY
Location : California , USA
Manufacturing unit : Thailand
USP
Popular B2C brand in the US
Specializes in DIY Kits
2. HANERGY THINFILM POWER
Location : China
Manufacturing unit : China
USP
Its subsidiaries are MiaSole, Alta
Devices (major FLW players)
3. POWERFILM SOLAR
Location : Iowa , USA
Manufacturing unit : USA
USP
Partnership with US Military
and NATO alliances
4. FLISOM
USP
Roll to Roll processed
Location : Switzerland
Manufacturing unit : Switzerland panels
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THE WAAREE SCENARIO
COMPETITION IN THE FLW MARKET
5. ENECOM
Location : Italy
Manufacturing unit : Italy
USP
Specializes in Agro robotics and
innovative products
6. MPOWER TECHNOLOGIES
Location : New Mexico, USA
Manufacturing unit : USA and
Netherlands
USP
Partnership with NASA, majorly
involved in Space projects
7. F-WAVE
Location : Japan
Manufacturing unit : Japan
USP
BIPV
Decorative films
8. AMBERWAVE
Location : Massachusetts , USA
Manufacturing unit : USA
IN D E X
USP
Rooftops and aerial
vehicles
41
THE WAAREE SCENARIO
COMPETITION IN THE FLW MARKET
OTHER PLAYERS
IN D E X
42
WAAREE’s FLW
KEY CHALLENGES
IN D E X
43
THE WAAREE SCENARIO
KEY CHALLENGES
While flexible solar panel market is on its way to growth, there are also
several key challenges that need to be addressed.
1
Lower Efficiency – FLW modules are yet to reach the
efficiency level of Traditional Rigid Panels. Ongoing
Research and Innovations have proven better results but
answer to when these new cells come to market remains
unknown
2
3
IN D E X
The potential market for FLW Modules is in
USA and Europe but not India. Shipping
customized panels within competitive prices
will remain a key challenge as
Costly – While traditional panels cost $0.35 per
Watt, FLW panels cost $1 per Watt, which makes
substitution of Glass panels surreal in the near
future.
44
THE WAAREE SCENARIO
KEY CHALLENGES
Scalability Issues – FLW Modules have multiple
applications which require customization. Even
within the applications, products do not have
standard sizes. Scalability and exponential growth
remain in question
Though the Market and Application uses seem
lucrative, determining Actual Benefit, Use, Target
market, Target Application is Uncertain and may
affect forecasts.
5
Less Durable – FLW modules are less durable than the
glass panels. Their life 5 to 10 years compared to 25 to
30 years for glass panels. They can be torn, punctured,
or scratched more easily, which can affect their
performance and reduce their lifespan.
IN D E X
4
6
45
CONCLUSION
THE WAY AHEAD……
The Global Solar market will be
experiencing
unparalleled
and
significant growth in the coming years
due to various factors such as
government incentives, declining costs
of solar panel installations, and
increasing awareness and demand for
renewable energy sources.
The rising popularity of portable and
lightweight solar panels among various
end-use industries such as automotive,
aerospace, and construction will drive
the market growth for FLW Modules.
Increasing
investments
in
the
development of advanced technology
and the adoption of favorable
government policies and regulations to
encourage the use of renewable
energy sources are further expected to
boost the market's growth.
IN D E X
46
CONCLUSION
THE WAY AHEAD……
Keeping in view the issues and challenges involved, a thorough
plan needs to be prepared. FLW market will only be captured
through intensive marketing of targeted applications.
Considering the present scenario, finding applications which will
provide bulk orders (eg. Defense sector) is a way to go ahead.
However, in the coming years, the efficiency is expected to get
better and costs to reduce for the light weight cells making
FLW Market attractive and bigger. With this, new and new
applications will be discovered where Solar can be replaced as
energy source.
Few Potential Applications will be Solar Bonnet (EV), Solar in
space satellites, Solar Cargo Boxes.
Solar will be the most important renewable energy which will
help attain the Climate Goals and reduce CO2 emissions.
Flexible Portable panels will play an essential role in this
The Flexible solar panel market presents lucrative
opportunities for market players in the coming years, and the
market is expected to witness significant growth during the
forecast period.
It is time for India and Waaree as well to seize the opportunity
of a growing industry and become a dominant Global Leader.
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47