Bifacial Solar Market Overview
During the forecast period 2022-2030, the global bifacial solar market growth rate is expected to reach 16.82% CAGR.
The Bifacial solar panels are the latest technology designed with high-efficiency solar cells installed on both sides of the module and produce electricity at the same time. It can capture the light as it reflects the roof or ground surface under the panel and also absorbs light from the rear and front sides allowing to use of diffused light. Bifacial solar panels use high-watt modules and high-efficiency panels in solar panels and cell development. These solar modules are greatly suitable for ground-mount installations. These are not recommended for rooftop-mounted solar installations as they reflect light on the backside of the panel. These modules are compatible with power converting solutions like string inverters and micro-inverters.
The bifacial solar panels are highly durable due to the excellent features like both sides being UV resistant, lessening the Balance of System (BOS) cost, and concern over potential-induced degradation (PID). Bifacial panels can generate power from both sides and are not like traditional solar panels which are opaque-backsheeted and have less exposure to light. These are available in various sizes & designs and a few of them are customized as per customer requirements. When frameless, these panels provide high energy efficiency. Installation is easy when a framed bifacial solar panel mounting and racking system rather than the frameless panel that requires specific clamps to mount the panels.
The CoVID-19 pandemic is drastically impacted almost all businesses across the world. Automotive, electrical & electronics, semiconductors, aircraft, food & beverages are some of the businesses severely damaged. As the corona cases are rising and the rapid spread of the virus increases, most governments imposed strict regulations, and lockdowns. Traveling is restricted, manufacturing industries are halted production, the education system is off, public places are closed, and many more are implemented to control the spread of the virus.
The bifacial solar market is moderately impacted by the pandemic in the first two quarters of 2020. Rapidly due to its beneficial features, the market is regained its investments after the post lockdown. As solar power is highly needed in all areas across the globe during peak hours, the demand for the bifacial solar market is accelerated.
Growing demand from commercial & industrial sectors for electricity especially in peak hours is propelling the market growth. Rising demand for solar-based electricity across the globe companies introducing the latest advanced solar modules that focus on cost, efficiency, and design of the solar panel is enhancing the bifacial solar market growth. The reduction of the cost of energy and rising affordability are accelerating the market demand.
The rise in rooftop and ground-mount installation in commercial areas, residential set-ups, and utility-scale systems are expected to fuel the market growth in the review period. The solar panels yielded 11% greater energy than the standard solar panels which is fostering market growth. Several current thin-film photovoltaic technologies such as CIGS and tint awareness are easily converted to bifacial solar panels.
The high initial cost of installation, production, and maintenance is limiting the growth of the market.
Availability of different sizes of solar panels, reduced prices, adoption of solar electricity across the world, and launching the advanced solar modules that are focused on the efficiency, cost, and design of solar panels are the factors creating lucrative opportunities to boost the market growth. Moreover, rising investments by the manufacturers in improving communication between the PV modules and the smart environment & smart grids.
PID is acting as a major challenge to the global market.
Study Objectives –
- To give full information about the bifacial solar market structure along with various forecast segments and subsegments for the forthcoming years.
- To provide the insights that are impacting the growth of the bifacial solar market value.
- To study the bifacial solar market industry analysis based on porter’s five force analysis, supply chain analysis, etc.
- To give past and future revenue segments and sub-segments of the market revenue for the four main geographies.
- To offer a country-level analysis of the present market size and future prospective.
- To provide country-level analysis of the market industry growth by region, type, cell, and end-use.
- To provide a deep profile of the prominent industry participants in the market, analyze their core competencies, and draw a global market growth landscape.
- To track and examine new product developments, mergers, investments in R & D, joint ventures, strategic alliances, and global market research.
The global bifacial solar market has been divided into segments based on type, cell, end-use, and region.
Based on Type
The market types are bifurcated into framed and frameless. Out of these, the framed segment is holding the largest market share owing to its easy installation and is predicted to grow at a faster rate during the assessment period.
Based on Cell
Based on cell, the bifacial solar market is split into heterojunction cell and passivated emitter rear cell. Among them, the passivated emitter rear cell is dominating the highest market share and is expected to grow at a faster rate during the review period.
Based on End-user
By end-user, the bifacial solar market is trifurcated into commercial, residential, and industrial. Due to the rising demand for electricity during peak hours, the commercial segment is holding the largest market share.
Based on Region
Regionally, the global bifacial solar market is sectioned into Asia-Pacific, North America, Europe, and the Rest of the World. Out of these, Asia-Pacific is accounting for the largest market share as it is the largest producer and consumer of the global market.
Regional Analysis –
Geographically, the bifacial solar market based on region is partitioned into Asia-Pacific, North America, Europe, and the Rest of the World. Among them, Asia-Pacific is holding the highest market share as it is the largest producer and consumer of the global market. The rising huge potential of planned solar projects in the coming years is expected to rise the market growth in this region. Growing investments in solar energy due to the rising focus on the development of renewable energy sources especially in India, China, and a few South Asian countries is escalating the market growth in this region.
North America is holding the second-largest market share due to the high number of solar panel installations and research and development activities in the US. in this region, the US is holding the largest share. moreover, Europe is dominating the sizable market share due to the rising demand for energy and growing solar panel installation. A huge number of solar power projects are started and a few of them are under construction. Government initiatives to increase renewable energy is fueling the market growth in this region.
The prominent key players in the bifacial solar market outlook are the following:
- PVG Solutions
- Yingli Green Energy
- Lumos Solar
- LG Electronics
- Neo Solar Power
- Prism Solar
- Trina Solar
- In February 2019, a famous enterpriser, Longi Solar took a contract to provide bifacial PERC modules for the largest solar project to be built in Mitchell County, Georgia with 224 MW capacity. By the end of the year 2019, this project is predicted to come online.
- In February 2019, the best organizations Sunpreme, Inc. and Tigo Energy, Inc. has completed the commercial solar installation on smart bifacial solar panels in the largest contiguous solar carport structures in the bay area, California.
- In January 2017, the popular company, Suntech Power signed an agreement with Jolywood Solar Technology for bringing high-efficiency N-type bifacial solar modules to the market.
This global bifacial solar market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the market drivers, restraints, challenges, and opportunities. The bifacial solar market forecast segments are type, cell, end-use, and region.
The bifacial solar market trends have been segmented globally based on the type, cell, end-use, and region.
Framed and frameless are two types of the market
Heterojunction cell and passivated emitter rear cell are two cells of the market.
Commercial, residential, and industrial are three end-users of the market.
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the bifacial market.