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Market size for bifacial solar panels was estimated at USD 6.9 billion in 2022. The market for bifacial solar panels is anticipated to increase from USD 7.9 billion in 2023 to USD 26.7 billion in 2030, with a compound annual growth rate (CAGR) of 17.30% from 2023 to 2030. The main market factors boosting market growth are the increased affordability of solar panels, decreased production costs, and technological developments in solar energy.
The advantages and rising use of bifacial solar panels are driving the market CAGR for this technology. Compared to conventional solar panels, bifacial solar panels provide a number of benefits. Solar panels that are bi-facial can generate power from both sides of the panel, increasing overall energy consumption. The panels are more durable since they are frameless and have tempered glass covering both sides that is weatherproof, UV-resistant, and able to withstand high temperatures and severe winds.
Because it can generate power from both the front and back sides of the panels, bifacial solar differs from traditional mono-facial solar modules in that it increases the production of electricity. The photons that are not absorbed from the front layers are taken up from the back layers. The main market players place a strong emphasis on reducing the cost of bifacial PV modules and addressing the drawbacks of bifacial solar panels in order to spur market expansion. Growing investments in renewable energy sources in both developed and developing nations are promoting market expansion. The worries of potential-induced deterioration (PID) are reduced by the frame-less bifacial modules. Traditional solar panels have an opaque back sheet and only a small amount of light exposure, whereas bifacial panels generate power from both sides. It is available in a variety of shapes and sizes and may be customised to meet the needs of the buyers.
The need for bifacial solar panel module systems is being fueled by the increasing introduction of renewable energy sources for power generation globally. Governments in both emerging and established nations are increasing their investments in renewable energy sources, which is strengthening the market for bifacial solar technology by offering subsidies and encouraging the widespread use of solar power. The bifacial has a low degradation rate, a low cell temperature, a high fire resistance index, greater mechanical strength, and less bending. It also has a front surface output that is about 3% less since light flows through the module within the cells instead of being reflected from the white sheet at the rear.
Many manufacturers of bifacial modules are looking into the possibility of innovative development after mastering their current product line. Market players are expanding their production capacities with improved cost efficiency and clean organisation supported by new options offered by digitization and technology advancements. In order to meet the rising demand for power from the expanding population, they are expanding partnership transactions and approaches, such as collaboration, mergers & acquisitions, expansion, and product launches. driving the Bifacial Solar market's income in this way.
Report Coverage
Global Bifacial Solar research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Bifacial Solar report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Bifacial Solar competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Bifacial Solar market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Bifacial Solar market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Bifacial Solar market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
LONGi Solar, Tigo Energy Inc., Sunpreme Inc., Suntech Power, Jolywood Solar Technology, MegaCell, Trina Solar, Ecoppia, Prism Solar, Panasonic, PVG Solutions, Lumos Solar, LG Electronics, Neo Solar Panel, Yingli Green Energy
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Bifacial Solar market based on the below-mentioned segments:
Global Bifacial Solar Market, By Type
Framed
Frameless
Global Bifacial Solar market, By Application
Residential
Commercial
Industrial
Global Bifacial Solar Market, By End User
Global Bifacial Solar market, Regional Analysis
The advantages and rising use of bifacial solar panels are driving the market CAGR for this technology. Compared to conventional solar panels, bifacial solar panels provide a number of benefits. Solar panels that are bi-facial can generate power from both sides of the panel, increasing overall energy consumption. The panels are more durable since they are frameless and have tempered glass covering both sides that is weatherproof, UV-resistant, and able to withstand high temperatures and severe winds.
Because it can generate power from both the front and back sides of the panels, bifacial solar differs from traditional mono-facial solar modules in that it increases the production of electricity. The photons that are not absorbed from the front layers are taken up from the back layers. The main market players place a strong emphasis on reducing the cost of bifacial PV modules and addressing the drawbacks of bifacial solar panels in order to spur market expansion. Growing investments in renewable energy sources in both developed and developing nations are promoting market expansion. The worries of potential-induced deterioration (PID) are reduced by the frame-less bifacial modules. Traditional solar panels have an opaque back sheet and only a small amount of light exposure, whereas bifacial panels generate power from both sides. It is available in a variety of shapes and sizes and may be customised to meet the needs of the buyers.
The need for bifacial solar panel module systems is being fueled by the increasing introduction of renewable energy sources for power generation globally. Governments in both emerging and established nations are increasing their investments in renewable energy sources, which is strengthening the market for bifacial solar technology by offering subsidies and encouraging the widespread use of solar power. The bifacial has a low degradation rate, a low cell temperature, a high fire resistance index, greater mechanical strength, and less bending. It also has a front surface output that is about 3% less since light flows through the module within the cells instead of being reflected from the white sheet at the rear.
Many manufacturers of bifacial modules are looking into the possibility of innovative development after mastering their current product line. Market players are expanding their production capacities with improved cost efficiency and clean organisation supported by new options offered by digitization and technology advancements. In order to meet the rising demand for power from the expanding population, they are expanding partnership transactions and approaches, such as collaboration, mergers & acquisitions, expansion, and product launches. driving the Bifacial Solar market's income in this way.
Report Coverage
Global Bifacial Solar research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Bifacial Solar report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Bifacial Solar competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Bifacial Solar market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | LONGi Solar, Tigo Energy Inc., Sunpreme Inc., Suntech Power, Jolywood Solar Technology, MegaCell, Trina Solar, Ecoppia, Prism Solar, Panasonic, PVG Solutions, Lumos Solar, LG Electronics, Neo Solar Panel, Yingli Green Energy |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Bifacial Solar Market from 2021 to 2030.
- Market Forecast for Bifacial Solar Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Bifacial Solar competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Bifacial Solar
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Bifacial Solar market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Bifacial Solar market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
LONGi Solar, Tigo Energy Inc., Sunpreme Inc., Suntech Power, Jolywood Solar Technology, MegaCell, Trina Solar, Ecoppia, Prism Solar, Panasonic, PVG Solutions, Lumos Solar, LG Electronics, Neo Solar Panel, Yingli Green Energy
Primary Target Market
- Market Players of Bifacial Solar
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Bifacial Solar market based on the below-mentioned segments:
Global Bifacial Solar Market, By Type
Framed
Frameless
Global Bifacial Solar market, By Application
Residential
Commercial
Industrial
Global Bifacial Solar Market, By End User
- enduser1
- enduser2
- enduser3
Global Bifacial Solar market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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