Solar Cell Fabric Market Size will Grow at a CAGR of 5.7% During Forecast Period
Solar cell fabric is textile embedded with photovoltaic cells. These textiles have the ability to generate energy when exposed to sunlight. On a small scale, these fabrics can charge electronic devices that can be integrated into the clothing internally and externally. Additionally, these textiles can help in warming the clothing during extreme cold. Thus, reducing the burden of wearing extra layers of clothing. At a broader and larger scale, these textiles help reduce electricity usage and bring down the substantial difference in peak load issues experienced by electricity grid operators.
However, the size of the solar panels has reduced over the years; still, it is not small enough to be effectively used in clothing applications. This concern, coupled with the growing desire among individuals to use these photovoltaic cells in clothing, has boosted the focus on the research and development of these solar panel fabrics. The global leaders in the market are producing ultra-thin photovoltaics devices coated with waterproof films.
Currently, the solar cell fabric market is still in its nascent stage; however, a lot of research is going on to bring on the product to commercial use. The adoption of these techniques at a broader scale is projected to significantly reduce electricity usage, meet the demand to charge devices, and resolve peak load issues experienced by electricity grid operators. The incorporation of solar cells into clothing items is still a challenge for the manufacturers engaged in the business. It is expected that the use of perovskite-based solar cells is projected to overcome this issue and will add to the growth of the solar fabrics market across the clothing application.
In addition, various initiatives are taken by government agencies to incentivize and encourage the private/public manufacturers to develop a sustainable and clean source for energy generation and reduce the emissions from the commercial and residential sectors. These governmental agencies' initiatives, such as providing funds for research and development, energy incentivizes tax credits, and initial investment cost, have created a lucrative growth opportunity for the players engaged in the solar cell fabric market.
| Study Period | 2017-2029 | CAGR | 5.7% |
| Historical Period | 2017-2019 | Forecast Period | 2021-2029 |
| Base Year | 2020 | Base Year Market Size | USD XX Billion |
| Forecast Year | 2029 | Forecast Year Market Size | USD Million |
| Largest Market | Asia Pacific | Fastest Growing Market | Europe |
Asia-Pacific is estimated to be one of the fastest-growing markets for solar cell fabric market 2019 and is expected to follow the same trend during the assessment period. The rising awareness among individuals regarding climatic conditions, growing demand for energy conversion, and drift from conventional fossil fuels towards sustainable ways for energy generation are anticipated to be some of the prime drivers fueling the market growth.
The region offers a greater potential for solar energy generation than other renewable energy generation methods. The region is significantly contributing towards investing and enhancing its solar capabilities for energy generation. As per the Renewable 2020 Global Status report, in 2019, the region was the home to four of the five economies, China, Japan, India, and Chinese Taipei, that have the largest annual investment in improving their solar power capacities, respectively. However, China has the largest investment in the solar sector across the regional market. On the other hand, Japan is anticipated to drive the growth for solar cell fabric, which can be attributed to the fact that Japan is technologically a more advanced country in comparison to China.
India ranked fourth in the list of investments in the solar sector. Itis still in its growing state of solar cell fabric market, creating a lucrative growth opportunity for domestic and international market players to expand their business. This is due to the various initiatives taken by the government of India to propel the growth of the solar sector. Some of the investment in the field of solar energy across various economies in the Indian market are as follows;
In the last two decades, continuously rising temperature and reducing energy-related to CO2 emission has become a prime concern across the region. These concerns have compelled the energy sector across the regional market to switch from conventional energy generation to better sustainable ways. This has resulted in the seismic shift in the way of power generation and demands across the regional market. As per the International Renewable Energy Agency(IRENA), it is anticipated that the demand for oil in the regional market will be flattened out by 2030 due to the low usage of coal.
This rapid transition in energy generation to meet the growing demand for energy among individuals is likely to increase the energy generation from alternative sources, such as wind, solar, and biomass. Among these, solar is one of the cheapest forms of renewable energy generation. The players across the market are continuously working in the research and development of new technologies that will help in the energy transition.
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The monocrystalline segment is estimated to significantly contribute to the solar cell fabric market during the forecast period. It takes up less space compared to the other types available in the market. It provides the highest efficiency level at 15 to 20% and the longest life with an approximate period of 25 years. Additionally, monocrystalline cells offer better performance in low levels of sunlight, which further makes them the ideal choice for cloudy areas. These advantages offered by monocrystalline cells have made them the material of choice to manufacture solar cell fabrics, which has added to their demand in recent years.
Before the pandemic, several developments took place on an international level. The U.S.-China trade war has affected all economies. The U.K.'s exit from the EU is expected to result in a considerable slowdown for the British economy before it gains ground. However, France, Italy, and Germany are expected to benefit from the scenario. And Germany's dominance in the automobile, electronics, and pharmaceuticals sectors will prove beneficial for the Resistive Load Banks market. The U.S.-China trade war and Brexit hint at the global economy moving towards protectionism.
The pandemic has put several restraints on the global economy and brought international trade to a standstill. Manufacturers of resistive load banks are expected to have begun evaluating alternative raw materials suppliers. In addition, more prominent companies, which have a large balance sheet, are likely to adopt strategies such as vertical integration, which will gain control of the supply chain and aid in gaining a deeper understanding of domestic markets. These players are expected to absorb smaller players, with smaller businesses either shutting down temporarily or permanently. Key players are also likely to turn to increased automation, keeping in mind the uncertainty of the global economy and the workforce. This will also be done to improve just-in-time solutions (JIT) and is expected to aid in the provision of customizations.
