Bifacial Solar Market- Global Industry Analysis and Forecast (2023-2029)

Bifacial Solar Market size was valued at US$ 3.90 Bn. in 2022 and the total revenue is expected to grow at 16% through 2023 to 2029, reaching nearly US$ 11.04 Bn.
Bifacial 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 2023-2029.
Bifacial Solar Market Segment Analysis:
By Type, the Bifacial Solar market is segmented into Polycrystalline and Monocrystalline. In the forecast period, monocrystalline solar panels will grow at the fastest CAGR of 19.61 percent. These solar panels have the highest efficiency rates, which are typically in the 15-20% range.

Furthermore, in hot weather, monocrystalline solar panels are more efficient than polycrystalline. Similarly, monocrystalline materials perform better in heat and are expected to last the longest. Most come with a 25-year warranty, but they will most likely last much longer. In low-light conditions, they outperform similarly rated polycrystalline solar panels. Furthermore, companies such as Trina Solar, Maxeon, and others have made significant investments in the development of these panels. Trina Solar, a Chinese panel manufacturer, will release two new PERC monocrystalline bifacial solar modules in 2020, each with a reported power output of 500 W. In the forecast period 2023-2029, growing innovations will drive the market for Monocrystalline panels, thereby increasing the market for Bifacial Solar Panel/Bifacial Solar Module.

Based on end use, the global bifacial solar market has been divided into commercial, residential, and industrial. By 2029, 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 18.71 percent during the forecast period (2023-2029). 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 2023-2029.
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 2022. 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.
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Bifacial Solar Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 3.90 Bn.


Forecast Period 2023 to 2029 CAGR:
16%
Market Size in 2029:
US $ 11.04 Bn.


 Segments Covered:
by Product
• Polycrystalline
• Monocrystalline


by End-User
• Commercial
• Residential
• Industrial



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
• 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)

Frequently Asked Questions:

1. Which region has the largest share in Global Bifacial Solar Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Bifacial Solar Market?
Ans: The Global Bifacial Solar Market is growing at a CAGR of 16% during forecasting period 2023-2029.

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 2022 to 2029.