ID: MRFR/E&P/8671-HCR | February 2021 | Region: Global | 111 pages
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.
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.
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.
|Market Size||USD 29.71 Billion|
|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) :
The global bifacial solar market is estimated to grow at 15.26% CAGR from 2020 to 2027.
The global bifacial solar market will possess a capacity of 8,200 MW by 2027.
Affordability of solar panels, reduction of energy manufacturing costs, and technological breakthroughs in solar energy are major drivers of the global bifacial solar market.
The commercial application can lead in the global bifacial solar market.
LG Electronics, Silfab, SolarWorld, Trina Solar, Yingli Green Energy, LONGi, PVG Solutions, Sunpreme, MegaCell, Lumos Solar, Prism Solar, Neo Solar Power, and Panasonic are prominent players of the global bifacial solar market.