Bifacial Solar Market By Cell Type (Heterojunction Cell, Passivated Emitter Rear Cell), By Frame Type (Framed, Frameless), By End Use (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global bifacial solar market size was valued at $8.7 billion in 2021, and projected to reach $31.1 billion by 2031, with a CAGR of 13.6% from 2022 to 2031.
Bifacial solar panels are solar panels that can capture sunlight from both their front and back sides and are interesting new solar solutions for certain types of solar installations. Instead, monofacial solar cells produce electrical energy only when photons collide on the side in front of them. BSCs and modules (arrays of BSCs) were invented and first produced for space and earth frame types in the late 1970s, and became mainstream solar cell technology by 2010. It is expected to become the leading approach for photovoltaic solar cell manufacturing by 2030. Bifacial PV modules are available with various architectures; their BSCs are currently available in the PV market. These include passivated emitter rear contact (PERC), passivated emitter rear locally-diffused (PERL), passivated emitter rear totally diffused (PERT), heterojunction with intrinsic thin-layer (HIT), and interdigitated back contact (IBC).
Major factors that drive the market growth include increase in demand for electricity from frameless & industrial sectors, especially during peak hours. Demand for solar based electricity is increasing across the globe. Companies throughout the globe are coming up with latest solar modules focusing on efficiency, cost, and design of solar panels. However, huge installation costs of bifacial solar panels is expected to hinder growth of the market.
Rise in need for eco-friendly energy solutions has further led to rise in demand for bifacial solar panels. For instance, according to the International Energy Agency, global energy use increased by 4.6% in 2021, which is twice the rate of 2018. Energy use is driven by expanded interest in warming and cooling systems in certain locations.
Rise in petroleum product use secured 70% of energy generation globally and sustainable power sources contributed for about 25% of the global energy development. Electricity demand increased to a rate of 4.5% and the share of electricity in global energy consumption reached 20% in 2021. Moreover, with rapid increase in population, demand for electricity is expected to increase significantly. Thus, these factors collectively are expected to drive growth of the bifacial solar market globally.
The global bifacial solar market is segmented on the basis of cell type, frame type, end use, and region. On the basis of cell type, the market is segmented into heterojunction cells and passivated emitter rear cells. On the basis of frame type, it is bifurcated into framed and frameless. On the basis of end use, it is segmented into residential, commercial, and industrial. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Europe accounts for the largest share of the market, followed by North America and Asia-Pacific.
Major companies in this report include Jinko Solar Holdings, Canadian Solar, Yingli Green Energy, LG Electronics, LONGi, JA Solar Holding Co. Ltd., Sharp Corporation, Sun Power Corporation, Trina Solar, and Wuxi Suntech Power Co., Ltd. Rapid development of industrialization, modernization, and spread of information through internet led to development of the tourism industry, which fuels demand for bifacial solar systems. Furthermore, growth strategies such as expansion of production capacity, acquisitions, partnerships, and research & innovation in solar energy frame types lead to a significant growth in trends of the global bifacial solar market.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the bifacial solar market analysis from 2021 to 2031 to identify the prevailing bifacial solar market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the bifacial solar market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global bifacial solar market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Cell Type
Heterojunction Cell
Passivated Emitter Rear Cell
By Frame Type
Framed
Frameless
By End Use
Residential
Commercial
Industrial
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest Of Asia Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Jinko Solar Holdings
Canadian Solar
Yingli Green Energy
LG Electronics
LONGi
JA Solar Holding Co. Ltd.
Sharp Corporation
Sun Power Corporation
Trina Solar
Wuxi Suntech Power Co., Ltd.
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