Bifacial Solar Market size reached USD 4.5 Billion in 2023 and is expected to reach USD 12.8 Billion by 2030 Bifacial Solar, is growing at a CAGR of 19.2% during the forecast periodBifacial Solar Market Overview:
Bifacial solar modules, as opposed to conventional monofacial solar modules, can generate electricity from both the front and back sides of the panel, increasing energy yield. A bifacial solar panel is made up of bifacial solar cells and a back cover glass. Photons that do not absorb in the front layer can be absorbed when they bounce off any adjacent surface. This improves the cell's efficiency. The dual glass mounting has several advantages, including reduced delamination, micro cracking, and moisture corrosion. They have a low degradation rate and a high cell temperature, as well as a high flameproof rating, mechanical strength, and less flexing. Many advanced in commercial solar cells are inherently bifacial, which means that electricity generation from the back side incurs little extra cost at the cell manufacturing level and only a minor increase at the module assembly level to allow the back side of the panel to access sunlight. As a result, bifacial module solar projects of the same size would generate more electricity, have a lower levelized cost of energy, and provide higher economic returns.To know about the Research Methodology :- Request Free Sample Report Solar energy has emerged as a major source of energy. Solar photovoltaic (PV) energy is a significant source of renewable energy around the world. The cost of a photovoltaic module has decreased significantly in recent years. Growing government support in the form of subsidies, incentives, investments, and so on is being analysed to drive the market. Furthermore, several advantages of bifacial solar panels over monofacial solar panels, as well as increased investments by companies for innovation in this solar panel, are analysed to drive the market. Maxeon will launch Fifth-Generation Shingled Bifacial Solar Panels for the Global Power Plant Market in 2020. • Rising electricity demand and the lower cost of large-scale electric photovoltaics than fossil fuels are the primary drivers of the bifacial solar panel market. • Governments around the world are providing incentives and promoting large-scale solar energy deployment, which is fueling the growth of the bifacial solar panel market. • Key manufacturers are focusing on improving various properties such as low degradation rate, cell temperature, high flameproof rating, mechanical strength, less flexing, reduction of delamination, micro-cracking, and moisture corrosion to improve the quality and functions of the bifacial solar panel. High initial investment and cost of manufacturing Although bifacial module technology is gradually becoming more common, high costs continue to be a barrier for manufacturers. Because bifacial solar module technology is still in its early stages, manufacturing equipment must be customised for almost every application. As a result, manufacturing costs are high, while the financial return on process and manufacturing asset investments is low. Until bifacial module manufacturing achieves mass production and economies of scale, production costs are likely to remain higher than for monofacial solar modules. As a result, adoption may continue to be low. As a result, high manufacturing costs are expected to stymie market growth during the forecast period 2024-2030.Bifacial Solar Market Segment Analysis:
Based on Frame Type, the market is segmented into the framed bifacial solar and frameless bifacial solar. Framed based hold the largest market share in 2023, due to the increasing demand for robust and stable installations, especially in regions with harsh environmental conditions. These panels come with a frame, typically made of aluminium or steel, which adds structural support and protects the edges of the solar cells. Based on end use, the global bifacial solar market has been divided into commercial, residential, and industrial. By 2030, the commercial segment is expected to hold the largest share of the global bifacial solar market. In the Commercial sector, Bifacial Solar Panel/Bifacial Solar Module is expected to grow at a CAGR of xx% during the forecast period (2024-2030). Because of increased demand for electricity in the commercial sector during peak hours. In a tilted, ground-mounted solar installation in China, bifacial panels produced 11% more energy than standard solar panels, according to a report provided by LONGi, a solar panel manufacturer. A system using bifacial panels in conjunction with solar trackers produced 27 percent more solar energy than a similarly sized system using traditional panels in the commercial sector. Hence, increased adoption in commercial sector is analyzed to drive the global bifacial solar market in the forecast period 2024-2030.Bifacial Solar Market Regional Insights:
Due to bifacial solar research and development in the US, the US held the largest share of the market in North America and is expected to grow at the fastest CAGR during the forecast period. However, bifacial solar production in the United States is currently low. The National Renewable Energy Laboratory (NREL) began a study on bifacial performance in March 2020 and will begin testing in Colorado. Due to bifacial solar research and development in the US, the US held the largest share of the market in North America and is expected to grow at the fastest CAGR during the forecast period. However, bifacial solar production in the United States is currently low. The National Renewable Energy Laboratory (NREL) began a study on bifacial performance in March 2020 and will begin testing in Colorado. During the forecast period, Asia-Pacific is expected to have the largest market share. This is primarily because countries in the region, particularly India, China, and a few South Asian countries, are heavily focused on developing renewable energy sources and investing in solar energy. Due to extensive government support for renewable energy development, China held the largest market share in Asia-Pacific in 2023. Because of the large installed base of solar panels, the bifacial solar market in India and China is expected to grow at the fastest CAGR during the forecasted period. In the Middle East & Africa, the UAE is expected to be one of the leading markets for bifacial solar modules. The report's goal is to provide industry stakeholders with a comprehensive analysis of the Bifacial Solar market. The report analyses complicated data in simple language and presents the past and current state of the industry, as well as forecasted market size and trends. The report examines all aspects of the industry, including a detailed examination of key players such as market leaders, followers, and new entrants. The report includes a PORTER and PESTEL analysis, as well as the potential impact of market microeconomic factors. External and internal factors that are expected to positively or negatively affect the business have been analysed, providing a clear future view of the industry to the reader. The report also aids in understanding the Bifacial Solar market dynamics, structure, and size projections by analysing market segments. A clear representation of competitive analysis of key players in the Bifacial Solar market by product, price, financial position, product portfolio, growth strategies, and regional presence makes the report an investor's guide.Bifacial Solar Industry Ecosystem
Bifacial Solar Market Scope: Inquiry Before Buying
Bifacial Solar Market Report Coverage Details Base Year: 2023 Forecast Period: 2024-2030 Historical Data: 2018 to 2023 Market Size in 2023: USD 4.5 Billion Forecast Period 2024 to 2030 CAGR: 16% Market Size in 2030: USD 12.8 Billion Segments Covered: by Frame Type Framed Bifacial Solar Frameless Bifacial Solar by Product Type Dual-Glass Bifacial Solar Glass-Backsheet bifacial solar by End User Commercial & Industrial Residential Bifacial Solar Market, by Region
North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)Bifacial Solar Market Key Players
1. bSolar (India) 2. LG Electronics (South Korea) 3. MegaCell (bangkok) 4. Neo Solar Power (Taiwan) 5. Panasonic (Japan) 6. Risen Energy 7. Hanwha Q CELLS 8. Prism Solar (Switzerland) 9. SolarWorld (Germany) 10. Yingli Green Energy (China) 11. LONGi (China) 12. Seraphim Solar 13. JA Solar 14. Lumos Solar (USA) 15. Silfab (Canada) 16. REC Group 17. SunPower 18. Sunpreme (India) 19. Trina Solar (China) 20. OthersFrequently Asked Questions:
1. Which region has the largest share in Global Bifacial Solar Market? Ans: North America region held the highest share in 2023. 2. What is the growth rate of Global Bifacial Solar Market? Ans: The Global Bifacial Solar Market is growing at a CAGR of 19.2% during forecasting period 2024-2030. 3. What is scope of the Global Bifacial Solar Market report? Ans: Global Bifacial Solar Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period. 4. Who are the key players in Global Bifacial Solar Market? Ans: The important key players in the Global Bifacial Solar Market are – bSolar (India), LG Electronics (South Korea), MegaCell (bangkok), Neo Solar Power (Taiwan), Panasonic (Japan), Prism Solar (Switzerland), SolarWorld (Germany), Yingli Green Energy (China), LONGi (China), Lumos Solar (USA), Silfab (Canada), Sunpreme (India), Trina Solar (China) 5. What is the study period of this Market? Ans: The Global Bifacial Solar Market is studied from 2023 to 2030.
1. Bifacial Solar Market Introduction 1.1. Study Assumption and Market Definition 1.2. Scope of the Study 1.2.1. Bifacial Solar: Market Segmentation 1.2.2. Region Covered 1.3. Executive Summary 2. Global Bifacial Solar Market : Competitive Landscape 2.1. MMR Competition Matrix 2.2. Competitive Landscape 2.3. Market share analysis of major players 2.4. Products specific analysis 2.5. Key Players Benchmarking 2.5.1. Company Name 2.5.2. Product Segment 2.5.3. End-user Segment 2.5.4. Revenue (2023) 2.5.5. Key Development 2.5.6. Market Share 2.6. Industry Ecosystem 2.6.1. Key players in the Bifacial Solar ecosystem 2.6.2. Role of companies in the Bifacial Solar ecosystem 2.7. Upcoming Technological and Advancement Initiatives by Key Players 2.8. Market Structure 2.8.1. Market Leaders 2.8.2. Market Followers 2.8.3. Emerging Players 2.9. Consolidation of the Market 2.9.1. Strategic Initiatives and Developments 2.9.2. Mergers and Acquisitions 2.9.3. Collaborations and Partnerships 2.9.4. Product Launches and Innovations 2.10. Pricing Analysis: Average Selling Price of Bifacial Solar Offered by Key Players in the Market 3. Bifacial Solar Market : Dynamics 3.1. Bifacial Solar Market Trends 3.2. Bifacial Solar Market Dynamics 3.2.1. Drivers 3.2.2. Restraints 3.2.3. Opportunities 3.2.4. Challenges 3.3. PORTER’s Five Forces Analysis 3.3.1. Threat of New Entrants 3.3.2. Threat of Substitutes 3.3.3. Bargaining Power of Suppliers 3.3.4. Bargaining Power of Buyers 3.3.5. Intensity of Competitive Rivalry 3.4. Value Chain Analysis 3.5. Supply chain Analysis 3.5.1. Raw material providers 3.5.2. Bifacial solar manufacturers 3.5.3. Bifacial solar suppliers 3.5.4. End users 3.6. Technological Analysis 3.6.1. Key Technologies 3.6.1.1. Monocrystalline 3.6.1.2. Polycrystalline 3.6.1.3. Nanocrystalline 3.6.2. Complementary Technologies 3.6.2.1. P-type solar panels 3.6.2.2. N-type solar panels 3.6.2.3. P-N type solar panels 3.6.3. Adjacent technologies 3.6.3.1. Monofacial solar panels 3.6.3.2. Perovskite solar cells 3.7. Ecosystem Analysis 3.8. Regulatory Landscape 3.8.1. Regulation by Region 3.8.2. Tariff and Taxes 3.8.3. Regulatory Bodies, Government agencies, and other organizations by Region 4. Trade Data Analysis: 4.1.1. Import/ Export of Bifacial Solar 5. Bifacial Solar Market: Global Market Size and Forecast by Segmentation (by Value USD Bn) (2023-2030) 5.1. Global Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 5.1.1. Framed Bifacial Solar 5.1.2. Frameless Bifacial Solar 5.2. Global Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 5.2.1. Dual-Glass Bifacial Solar 5.2.2. Glass-Backsheet bifacial solar 5.3. Global Bifacial Solar Market Size and Forecast, by End User (2023-2030) 5.3.1. Commercial & Industrial 5.3.2. Residential 5.4. Global Bifacial Solar Market Size and Forecast, by Region (2023-2030) 5.4.1. North America 5.4.2. Europe 5.4.3. Asia Pacific 5.4.4. South America 5.4.5. MEA 6. North America Bifacial Solar Market Size and Forecast by Segmentation (by Value USD Bn) (2023-2030) 6.1. North America Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 6.1.1. Framed Bifacial Solar 6.1.2. Frameless Bifacial Solar 6.2. North America Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 6.2.1. Dual-Glass Bifacial Solar 6.2.2. Glass-Backsheet bifacial solar 6.3. North America Bifacial Solar Market Size and Forecast, by End User (2023-2030) 6.3.1. Commercial & Industrial 6.3.2. Residential 6.4. North America Bifacial Solar Market Size and Forecast, by Country (2023-2030) 6.4.1. United States 6.4.1.1. United States Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 6.4.1.1.1. Framed Bifacial Solar 6.4.1.1.2. Frameless Bifacial Solar 6.4.1.2. United States Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 6.4.1.2.1. Dual-Glass Bifacial Solar 6.4.1.2.2. Glass-Backsheet bifacial solar 6.4.1.3. United States Bifacial Solar Market Size and Forecast, by End User (2023-2030) 6.4.1.3.1. Commercial & Industrial 6.4.1.3.2. Residential 6.4.2. Canada 6.4.2.1. Canada Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 6.4.2.1.1. Framed Bifacial Solar 6.4.2.1.2. Frameless Bifacial Solar 6.4.2.2. Canada Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 6.4.2.2.1. Dual-Glass Bifacial Solar 6.4.2.2.2. Glass-Backsheet bifacial solar 6.4.2.3. Canada Bifacial Solar Market Size and Forecast, by End User (2023-2030) 6.4.2.3.1. Commercial & Industrial 6.4.2.3.2. Residential 6.4.3. Mexico 6.4.3.1. Mexico Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 6.4.3.1.1. Framed Bifacial Solar 6.4.3.1.2. Frameless Bifacial Solar 6.4.3.2. Mexico Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 6.4.3.2.1. Dual-Glass Bifacial Solar 6.4.3.2.2. Glass-Backsheet bifacial solar 6.4.3.3. Mexico Bifacial Solar Market Size and Forecast, by End User (2023-2030) 6.4.3.3.1. Commercial & Industrial 6.4.3.3.2. Residential 7. Europe Bifacial Solar Market Size and Forecast by Segmentation (by Value USD Bn) (2023-2030) 7.1. Europe Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 7.2. Europe Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 7.3. Europe Bifacial Solar Market Size and Forecast, by End User (2023-2030) 7.4. Europe Bifacial Solar Market Size and Forecast, by Country (2023-2030) 7.4.1. United Kingdom 7.4.1.1. United Kingdom Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 7.4.1.2. United Kingdom Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 7.4.1.3. United Kingdom Bifacial Solar Market Size and Forecast, by End User (2023-2030) 7.4.2. France 7.4.2.1. France Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 7.4.2.2. France Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 7.4.2.3. France Bifacial Solar Market Size and Forecast, by End User (2023-2030) 7.4.3. Germany 7.4.3.1. Germany Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 7.4.3.2. Germany Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 7.4.3.3. Germany Bifacial Solar Market Size and Forecast, by End User (2023-2030) 7.4.4. Italy 7.4.4.1. Italy Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 7.4.4.2. Italy Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 7.4.4.3. Italy Bifacial Solar Market Size and Forecast, by End User (2023-2030) 7.4.5. Spain 7.4.5.1. Spain Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 7.4.5.2. Spain Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 7.4.5.3. Spain Bifacial Solar Market Size and Forecast, by End User (2023-2030) 7.4.6. Sweden 7.4.6.1. Sweden Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 7.4.6.2. Sweden Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 7.4.6.3. Sweden Bifacial Solar Market Size and Forecast, by End User (2023-2030) 7.4.7. Austria 7.4.7.1. Austria Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 7.4.7.2. Austria Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 7.4.7.3. Austria Bifacial Solar Market Size and Forecast, by End User (2023-2030) 7.4.8. Rest of Europe 7.4.8.1. Rest of Europe Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 7.4.8.2. Rest of Europe Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 7.4.8.3. Rest of Europe Bifacial Solar Market Size and Forecast, by End User (2023-2030) 8. Asia Pacific Bifacial Solar Market Size and Forecast by Segmentation (by Value USD Bn) (2023-2030) 8.1. Asia Pacific Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 8.2. Asia Pacific Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 8.3. Asia Pacific Bifacial Solar Market Size and Forecast, by End User (2023-2030) 8.4. Asia Pacific Bifacial Solar Market Size and Forecast, by Country (2023-2030) 8.4.1. China 8.4.1.1. China Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 8.4.1.2. China Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 8.4.1.3. China Bifacial Solar Market Size and Forecast, by End User (2023-2030) 8.4.2. S Korea 8.4.2.1. S Korea Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 8.4.2.2. S Korea Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 8.4.2.3. S Korea Bifacial Solar Market Size and Forecast, by End User (2023-2030) 8.4.3. Japan 8.4.3.1. Japan Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 8.4.3.2. Japan Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 8.4.3.3. Japan Bifacial Solar Market Size and Forecast, by End User (2023-2030) 8.4.4. India 8.4.4.1. India Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 8.4.4.2. India Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 8.4.4.3. India Bifacial Solar Market Size and Forecast, by End User (2023-2030) 8.4.5. Australia 8.4.5.1. Australia Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 8.4.5.2. Australia Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 8.4.5.3. Australia Bifacial Solar Market Size and Forecast, by End User (2023-2030) 8.4.6. ASEAN 8.4.6.1. ASEAN Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 8.4.6.2. ASEAN Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 8.4.6.3. ASEAN Bifacial Solar Market Size and Forecast, by End User (2023-2030) 8.4.7. Rest of Asia Pacific 8.4.7.1. Rest of Asia Pacific Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 8.4.7.2. Rest of Asia Pacific Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 8.4.7.3. Rest of Asia Pacific Bifacial Solar Market Size and Forecast, by End User (2023-2030) 9. South America Bifacial Solar Market Size and Forecast by Segmentation (by Value USD Bn) (2023-2030) 9.1. South America Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 9.2. South America Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 9.3. South America Bifacial Solar Market Size and Forecast, by End User (2023-2030) 9.4. South America Bifacial Solar Market Size and Forecast, by Country (2023-2030) 9.4.1. Brazil 9.4.1.1. Brazil Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 9.4.1.2. Brazil Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 9.4.1.3. Brazil Bifacial Solar Market Size and Forecast, by End User (2023-2030) 9.4.2. Argentina 9.4.2.1. Argentina Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 9.4.2.2. Argentina Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 9.4.2.3. Argentina Bifacial Solar Market Size and Forecast, by End User (2023-2030) 9.4.3. Rest Of South America 9.4.3.1. Rest Of South America Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 9.4.3.2. Rest Of South America Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 9.4.3.3. Rest Of South America Bifacial Solar Market Size and Forecast, by End User (2023-2030) 10. Middle East and Africa Bifacial Solar Market Size and Forecast by Segmentation (by Value USD Bn) (2023-2030) 10.1. Middle East and Africa Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 10.2. Middle East and Africa Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 10.3. Middle East and Africa Bifacial Solar Market Size and Forecast, by End User (2023-2030) 10.4. Middle East and Africa Bifacial Solar Market Size and Forecast, by Country (2023-2030) 10.4.1. South Africa 10.4.1.1. South Africa Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 10.4.1.2. South Africa Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 10.4.1.3. South Africa Bifacial Solar Market Size and Forecast, by End User (2023-2030) 10.4.2. GCC 10.4.2.1. GCC Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 10.4.2.2. GCC Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 10.4.2.3. GCC Bifacial Solar Market Size and Forecast, by End User (2023-2030) 10.4.3. Rest Of MEA 10.4.3.1. Rest Of MEA Bifacial Solar Market Size and Forecast, by Frame Type (2023-2030) 10.4.3.2. Rest Of MEA Bifacial Solar Market Size and Forecast, by Product Type (2023-2030) 10.4.3.3. Rest Of MEA Bifacial Solar Market Size and Forecast, by End User (2023-2030) 11. Company Profile: Key Players 11.1. bSolar (India) 11.1.1. Company Overview 11.1.2. Business Portfolio 11.1.3. Financial Overview 11.1.4. SWOT Analysis (Technological strengths and weaknesses) 11.1.5. Strategic Analysis (Recent strategic moves) 11.1.6. Recent Developments 11.2. LG Electronics (South Korea) 11.3. MegaCell (bangkok) 11.4. Neo Solar Power (Taiwan) 11.5. Panasonic (Japan) 11.6. Risen Energy 11.7. Hanwha Q CELLS 11.8. Prism Solar (Switzerland) 11.9. SolarWorld (Germany) 11.10. Yingli Green Energy (China) 11.11. LONGi (China) 11.12. Seraphim Solar 11.13. JA Solar 11.14. Lumos Solar (USA) 11.15. Silfab (Canada) 11.16. REC Group 11.17. SunPower 11.18. Sunpreme (India) 11.19. Trina Solar (China) 11.20. Others 12. Key Findings and Analyst Recommendations 12.1. Attractive Opportunities for Players in the Bifacial Solar Market 13. Bifacial Solar Market: Research Methodology 13.1. Market Size Estimation 13.1.1. Bottom-up approach 13.1.2. Top-down approach