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)
What is FLW?
How is it Different?
Advantages of FLW
MARKET OF FLW
a)
b)
c)
4)
A Brief About Solar
Global Market
Decreasing Generation Cost
Increasing Efficiency
Solar in 2050
d)
Global Market
US Market
Opportunity for India in US
Market
Applications
e)
f)
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
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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
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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.
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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)
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FUTURE OF SOLAR
Flexible, Lightweight
(FLW) Solar Modules
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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
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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
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Flexible
solar panels
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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
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Durable and
Weather
Resistant
Up to 30 of
Flexibility
Easy to
install using
Grommet
holes or
adhesives
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MARKET OF FLW
Identifying the
Market Opportunity
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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.
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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
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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
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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) Arched Roofs
c) Glass Roofs
d) Waterproof Membrane Roofs
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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
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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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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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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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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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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
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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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MARKET OF FLW MODULES
APPLICATIONS
6. PORTABLE SOLUTIONS
b) Personal Use – Anytime-Anywhere
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MARKET OF FLW MODULES
APPLICATIONS
7. OTHER APPLICATIONS
a) GOLF CARTS
b) FOOD TRUCKS
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MARKET OF FLW MODULES
APPLICATIONS
7. OTHER APPLICATIONS
c) E-RICKSHAWS
d) E-CYCLES
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