Bifacial Solar Market Forecasts to 2030 – Global Analysis By Cell Type (Passivated emitter rear cells, Heterojunction cells and Other Cell Types), Frame Type (Frameless, Framed and Other Frame Types), Type, End User and By Geography

Bifacial Solar Market Forecasts to 2030 – Global Analysis By Cell Type (Passivated emitter rear cells, Heterojunction cells and Other Cell Types), Frame Type (Frameless, Framed and Other Frame Types), Type, End User and By GeographyAccording to Stratistics MRC, the Global Bifacial Solar Market is accounted for $11.6 billion in 2023 and is expected to reach $32.1 billion by 2030 growing at a CAGR of 15.6% during the forecast period. Bifacial solar panels are intriguing new solar solutions for specific kinds of solar installations because they can absorb sunlight from both their front and back surfaces. Bifacial solar panels can gather solar radiation from both sides, improving performance and increasing the amount of energy produced by the panel. As opposed to traditional monofacial solar modules, bifacial solar can produce electricity from the front as well as the back surfaces of the panels, enhancing energy production.

Market Dynamics:

Driver:

Enhanced efficiency

The efficiency of bifacial solar panels has significantly increased, which is fueling industry expansion. The overall effectiveness of bifacial panels has increased as a result of developments in cell and module technology, including improved conversion efficiencies and better light collection techniques. The economic significance of bifacial solar systems rises as efficiency continues to improve.

Restraint:

High cost

Bifacial solar panels are still generally more expensive than conventional single-sided solar panels, despite the fact that their cost has been declining. For certain project developers and financiers, the added cost of bifacial modules, coupled with the related support structures and tracking systems, can be an expense. Bifacial solar projects need a large upfront investment, which may prevent them from being widely used, especially in regions with limited financial resources.

Opportunity:

Technological advancements

Due to the creation of novel materials, designs, and manufacturing processes to improve the performance and durability of bifacial solar panels, ongoing research and development initiatives are driving technological breakthroughs in the market for bifacial solar. Bifacial solar technology's range of potential uses is growing due to advancements like transparent back sheets, improved cell layouts, and sophisticated tracking systems.

Threat:

Complexity of installation and maintenance

In comparison to conventional solar installations, bifacial solar projects may need specific installation methods and additional considerations. The project design and construction processes may become more complicated as a result of the optimization of panel tilt angles, shading analyses, and the choice of suitable tracking systems. However, bifacial solar panels need to be processed and maintained carefully to prevent damage to the rear side and maintain optimal energy capture.

Covid-19 Impact:

COVID-19 had a significant negative influence on the world economy and worldwide trade, which has simultaneously had an adverse effect on households, businesses, financial institutions, industrial organizations, and infrastructure corporations. Due to the lockdown in many nations that has hindered market expansion, the coronavirus has had an impact on various economies. In most nations throughout the world, the closure of an industrial company caused a drop in demand for solar-related equipment, which in turn caused a decline in the bifacial solar market's demand.

The monocrystalline segment is expected to be the largest during the forecast period

Because of the highest efficiency rates, which are typically in the range of 15% to 20%, the monocrystalline sector held the largest share over the predicted period. Monocrystalline solar panels are also more effective in hot climates than polycrystalline ones. Additionally, monocrystalline materials are anticipated to endure the longest and perform better in heat. Growing advancements will propel the market for monocrystalline panels over the projection period, expanding the market for bifacial solar.

The commercial segment is expected to have the highest CAGR during the forecast period

Because of a rise in demand for electricity in the commercial sector during peak hours, the commercial category is anticipated to experience the highest CAGR during the forecast period. Bifacial solar panels generated 11% more energy than conventional solar panels in an inclined, ground-mounted solar system in China, according to a report by solar panel manufacturer. In the commercial sector, a system with bifacial panels and solar trackers generated 27% more solar energy than a comparable-sized system with conventional panels.

Region with largest share:

Europe is anticipated to hold the largest share over the extrapolated period due to the existence of strict regulations regarding the reduction of carbon footprints across the country, and rapid developments in recent years have exceeded expectations regarding steep cost reduction, flexibility, user friendliness, and its numerous applications in many sectors. This has encouraged the manufacturer to increase its production capacity. Furthermore, the European Union (EU) and other national organizations with business members assist policymakers in enabling solar to realize its enormous potential in order to reach the EU's 2030 targets.

Region with highest CAGR:

Asia Pacific is predicted to witness a profitable CAGR due to governments in the region, especially India, China, and a few South Asian nations, spending a lot of effort creating renewable energy sources and investing in solar energy. The region has been growing as a result of considerable government support for the development of renewable energy sources. Additionally, in India and China, the bifacial solar industry is anticipated to expand rapidly due to the enormous installed base of solar panels.

Key players in the market

Some of the key players in Bifacial Solar market include Canadian Solar Inc, Jinkosolar holding CO. Ltd, LG Electronics, LONGi, Lumos Solar, MegaCell, Neo Solar Power, Panasonic, Prism Solar, PVG Solutions, Silfab, SolarWorld, Sunpreme, Trina Solar and Yingli Green Energy.

Key Developments:

In August 2023, LG Electronics launches LG UltraGear OLED for a smoother, more immersive gaming experience. These monitors come equipped with a range of winning features that set them apart in the gaming monitor arena, promising an unparalleled gaming experience.

In August 2023, LG Electronics has announced a strategic partnership with ITC Foods to redefine cooking experience for consumers in the country. As part of the partnership, 2 new microwave ovens are announced with ‘Scan to Cook’ feature. This will bring together LG’s expertise in home appliances and ITC Foods excellence to create a seamless and intuitive cooking environment, making life simpler for consumers.

Cell Types Covered:
• Passivated emitter rear cells
• Heterojunction cells
• Other Cell Types

Frame Types Covered:
• Frameless
• Framed
• Other Frame Types

Types Covered:
• Monocrystalline
• Polycrystalline
• Other Types

End Users Covered:
• Industrial
• Commercial
• Residential
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements