Portland, OR, July 06, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global bifacial solar market generated $8.7 billion in 2021, and bifacial solar market size is projected to reach $31.1 billion by 2031, growing at a CAGR of 13.6% from 2022 to 2031.The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Extensive installations of renewable energy source for power generation in various countries, increase in investment in green energy resources among both developed and developing countries, and rise in awareness regarding the use of low carbon intensive technologies among people are expected to drive the growth of the global bifacial solar market. On the other hand, high cost of bifacial solar panels is expected to hinder the growth to some extent. However, the presence of government incentives and reduction in taxes in developing countries are expected to create remarkable opportunities for the growth of the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the global bifacial solar market, owing to the presence of lockdowns in various countries across the globe.
- Lockdowns resulted in the closure of various industrial operations, including those of solar related equipment, and adversely affected its demand in most of the countries. This was majorly due to the stringent social distancing restrictions imposed by the government in order to limit the spread of the virus during the pandemic.
- However, the market is expected to recoup soon.
The report offers a detailed segmentation on the global bifacial solar market based on cell type, frame type, end use, and region.
Based on frame type, the framed segment held the largest market share in 2021, garnering around three-fourths of the global market. The frameless segment, on the other hand, is predicted to cite the fastest CAGR of 14.0% during the forecast period.
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Based on end use, the industrial segment held the majority market share in 2021, holding nearly half of the global market. The residential segment, on the other hand, is expected to cite the fastest CAGR of 14.0% during the forecast period.
Based on region, the market across Europe held the lion’s share in 2021, holding more than one-third of the global market. The Asia-Pacific region, on the other hand, is predicted to exhibit the fastest CAGR of 14.3% during the forecast period.
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The key players analyzed in the global bifacial solar market report include Jinko Solar Holdings, Canadian Solar, Yingli Green Energy, LG Electronics, LONGi, JA Solar Holding Co. Ltd., Sharp Corporation, Sun Power Corporation, Trina Solar, and Wuxi Suntech Power Co., Ltd.
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