Global Carbon Fiber-Based Solar Panels Market Size (2024-2030)

The Carbon Fiber-Based Solar Panels Market was evaluated at $73.52 billion in 2022, and it is projected to reach $ 124.38 billion by the end of 2030, with a CAGR of 7.8 % during the forecast period (2024 - 2030). The primary drivers projected to propel the market forward are the government subsidies provided to encourage the use of solar panels and the increasing awareness among people about the renewable sources of energy.

Industry Overview:

Solar panels have been a crucial supplier of electricity only in the most recent decades. Traditional sources of electricity generation involved the use of non-renewable sources like coal and other fossil fuels. Their byproducts damaged the environment as well as their depleting quantities were a reason of concern. To combat this, solar panels were introduced. These panels are made from several individual solar cells that intercept the sun’s energy and convert it into electricity. These solar cells are made from conducting material, like silicon and they are extremely sensitive to intense weather conditions, temperature changes and more. Because of they are connected and protected by either glass or carbon fiber. The carbon fiber-based solar panels have gained popularity because of carbon fiber’s versatile properties like its lightness and flexibility compared to glass and its several ecological and technical benefits over traditional glass. It is also a non-conductive material which ensures that the solar cells are not being hindered.

COVID-19 impact on the Carbon Fiber-Based Solar Panels Market:

The COVID-19 pandemic was caused by a virus that was adjacent in its action to the traditional flu virus. But as the public later discovered, its symptoms were very intense and they have proved to be fatal in many cases. The virus was also extremely contagious, so people were advised to avoid coming in contact with others and international lockdowns were imposed. Because of this, only essential industries were allowed to function. The carbon fiber-based solar panel market suffered a huge hit because of this. The cells required silicon as their base material which was unavailable due to the supply chain issues caused by the lockdowns and travel bans. Beyond that, installing solar panels, especially in bulk, is a very significant expense. Therefore, the companies avoided it to preserve any unnecessary business expenses in a time of crisis. But after the pandemic people have been more aware of the effects and causes of global warming and have turned to carbon fiber-based solar panels in commercial as well as residential sectors. This ensures the growth of the market in the forecast period of 2023-2030.

Market Drivers:

The government subsidies provided to encourage the use of solar panels is poised to drive the market growth for Carbon Fiber-Based Solar Panels:

The benefits of solar panels are abundant and can be visualized by all involved people. But the initial costs of these panels are extremely expensive. To combat this, the governments of several countries provide subsidies to encourage more and more people to invest in the solar panels. Schemes like the central financial assistance (CFA), solar renewable energy certificate (SREC), and more provide people with assertions and financial aids so that the market can observe a boost. Most governments allot a certain portion of their GDP to invest towards the renewable sector which includes solar panels, electric vehicles, wind farm equipment and more. Therefore, the vigilant involvement of governments towards the cause of renewable energy will help boost the carbon fiber-based solar panel market.

The increasing awareness among people about the renewable sources of energy will help to drive market growth:

Global warming has been responsible for majority of the climate change that has been observed. These abnormal changes in the environment have worried more people about what the global warming can cause further. Because of this people are willing to take all steps necessary and possible to prevent the situation from worsening. Solar energy is one of the strongest sources of renewable energy. Installation of solar panels can help power and sustain entire large industries along with small residential communities as well as individual houses. Scientists are using carbon fiber-based solar panels in spacecrafts and satellites to ensure the use of as less fuel as possible and are trying to make them self-sustaining. This increase in awareness across all sectors plays a huge role in increasing the market growth.

Market Restraints:

The Carbon Fiber-Based Solar Panels Market's growth is being stifled by the high installation costs and difficulty in disposing the used panels:

Carbon fiber-based solar panels and the solar panels in general are very expensive to install. After some time, the electricity obtained from them becomes equivalent to free but the initial costs intimidate a lot of people even after the granted subsidies. To generate substantial electricity the panels need to be very large and require a lot of open space in grounds or on roofs. This is very difficult to find in cities these days. These solar panels use renewable energy, but on the other hand cause pollution when discarded. We are yet to develop efficient methods to dispose off of solar panels. The landfills where they are they are thrown away remain as it is. New ways to reuse and recycle these panels also need to be developed. Because of these factors the market for the carbon fiber-based solar panels is being restrained.

CARBON FIBER-BASED SOLAR PANELS MARKET REPORT COVERAGE:

Market Segments:

This research report on the global Carbon Fiber-Based Solar Panels Market has been segmented based on module type, application, technology, and regions.

Carbon Fiber-Based Solar Panels Market- By Module Type

• Crystalline
  • Monocrystalline
  •  Polycrystalline
  • Others
•  Thin Film
• Others

The thin films segment holds the largest market share and is estimated to grow at the fastest rate during the forecast period of 2023-2030. As the name suggests they are extremely thin which gives them versatile properties like flexibility and lightness making them more preferable. Crystalline segment ensures that the impurities are mixed with silicon making it a better conductor of electricity.

Carbon Fiber-Based Solar Panels Market- By Technology

• Photovoltaic (PV)
• Concentrated Solar Power

During the forecast period, 2023–2030, the photovoltaic (PV) sector is estimated to grow at the fastest rate. It is also the currently dominating sector. PV solar panels convert sun’s light into electricity compared to concentrated solar power which converts sun’s energy into electricity. CSPs can store the energy obtained from sun now for use on later rainy or dark day but the PV cells cannot. They are preferred despite this because they are cheaper and more efficient.

Carbon Fiber-Based Solar Panels Market- By Application

• Residential
•  Commercial
•  Industrial
• Utilities
• Others

The industrial sector held the largest market share on the basis of the application. Here, solar panels can be used to solely power entire industries and can ensure the power is accessible even to remote locations where traditionally it wouldn’t have been possible to get electricity reliably. The residential sector is estimated to grow at a rapid rate with the increase in rooftop installations.

Carbon Fiber-Based Solar Panels Market- By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

Countries like China and India have done tremendous work towards popularizing and subsidizing the carbon fiber-based solar panels. This made Asia-pacific the largest shareholder of the market, with more than half the total market value. It is estimated to grow the fastest during the forecast period as well.

North America is estimated to be second-leading contributor to the market followed closely by Europe.

Major Key Players in the Market

1. LONGi Solar
2. Canadian Solar
3. SunPower Corporation
4. First Solar
5. Hanwha Q-CELLS
6. Risen Energy
7. Talesun
8. Tongwei Group Co., Ltd.
9. Shunfeng International Clean Energy Co., Ltd.
10. Trina Solar

Market Insights and Developments

• In February 2023, a Canadian company Lightleaf released carbon fiber-based solar panels especially for boats. They boast of a 110 W photovoltaic module and weigh only 2.5 kg.
• In July 2022, ACS and Levante introduced their collaborative product which were portable carbon fiber-based solar panels made from recycled supercars. It uses the product from the carbon fiber thrown away that was used in a supercar and made up about 40% of it.