Bifacial Solar Market Research Report: Information By Cell (Heterojunction Cell & Passivated Emitter Rear Cell), Type (Framed and Frameless), End-Use (Residential, Industrial and Commercial) and Region (North America, South America, Europe, Asia-Pacific and Middle East & Africa) - Forecast till 2027

Bifacial Solar Market Scenario

Bifacial Solar Market is expected to grow at  USD 29.71 Billion,16.82% CAGR during the forecast period.

Global Bifacial Solar Market is projected to grow at a significant growth rate during the forecast period owing to the increase in ground mount installation in commercial areas. In 2018, installed capacity reached 2,600 MW in 2018 compared to 97 MW in 2016. The number is expected to double in the next few years, bringing the total cumulative bifacial solar capacity to over 8,200 MW.
Global Bifacial Solar Market has been segmented based on cell, type, end-use, and region. Based on end-use, the global market has been segmented into commercial, residential, and industrial. The commercial sub-segment is expected to dominate the global bifacial solar market. Additionally, countries such as the US and China are focusing on producing competitive products, which is expected to increase the manufacturing of bifacial solar panels.

Key Players

The Key Players in the Global Bifacial Solar Market are solar, LG Electronics, MegaCell, Neo Solar Power, Panasonic, Prism Solar, PVG Solutions, SolarWorld, Yingli Green Energy, LONGi, Lumos Solar, Silfab, Sunpreme, and Trina Solar.

Market Segmentation

Global Bifacial Solar Market

The Global Bifacial Solar Market is expected to witness substantial growth during the forecast period owing to the rapidly growing demand for renewable energy, rising population, and increasing non-conventional energy prices.

A bifacial solar panel is designed with solar cells installed on both sides of the module. It absorbs light from the rear and front sides, allowing it to use diffused light better. Bifacial solar panels utilize advanced technology in solar modules and cell development, such as high watt modules and high-efficiency panels. These solar modules work best for ground-mount installations. However, as the bifacial solar panel obtains reflected light on the backside of the panel, they are not recommended for most rooftop-mounted solar installations. Bifacial modules are compatible with power converting solutions such as string inverters and micro-inverters.

The major factor driving the bifacial solar market is the need for new technological innovation in the solar industry and the reduction of the cost of energy. Moreover, the growing affordability is also likely to boost the installation of bifacial solar in various countries. Additionally, many solar panel manufacturers such as LG Solar, Longi, and Canadian Solar are producing new panels over 300w, with 400w modules in the market. Bifacial solar panels are ideally used for commercial and utility-scale applications. These panels yielded 11% more energy compared to standard solar panels. This factor is boosting the growth of bifacial solar panels for ground-mounted installation.

Report Scope:

Report Attribute/Metric	Details
Market Size	USD 29.71 Billion
CAGR	16.82% (2020-2026)
Base Year	2019
Forecast Period	2027
Historical Data	2018
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Cell, Type, End-Use
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Solar, LG Electronics, MegaCell, Neo Solar Power, Panasonic, Prism Solar, PVG Solutions, SolarWorld, Yingli Green Energy, LONGi, Lumos Solar, Silfab, Sunpreme, and Trina Solar.
Key Market Opportunities	New product launches and R&D Amongst major key Players
Key Market Drivers	Affordability of solar panels, reduction of energy manufacturing costs, and technological breakthroughs in solar energy.

Frequently Asked Questions (FAQ) :

---