Chicago, July 24, 2024 (GLOBE NEWSWIRE) -- The global Bifacial Solar Market size is expected to grow from USD 18.5 billion in 2024 to USD 37.6 billion by 2029, at a CAGR of 15.2% according to a new report by MarketsandMarkets™. Power transformers are essential for efficiently adjusting power rating and providing effective cooling and cooling type, making them critical to maintaining the reliability and stability of electrical grids. These components ensure a steady flow of electricity across various economic sectors. As the global energy scenario continues to evolve, factors like the integration of renewable energy sources, advancements in smart grid technologies, and a focus on energy efficiency will further drive the demand for power transformers. Moreover, the growing need to modernize and upgrade aging power infrastructure in various regions is contributing to the ongoing expansion of the power transformer market.
The power transformer market growth is primarily driven by the need to strengthen power distribution networks to keep up with the rising global demand for electricity. Furthermore, the market stands to gain from the increasing capacity of renewable energy sources and substantial investments in industrial production, both of which are expected to boost the demand for Power Transformers. Another key factor contributing to this expansion is the growing adoption of high-voltage direct current systems, which is expected to further accelerate market growth during the forecast period.
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Bifacial Solar Market Scope:
| Report Coverage | Details |
| Market Size | USD 37.6 billion by 2029 |
| Growth Rate | 15.2% of CAGR |
| Largest Market | Asia Pacific |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2024-2029 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Bifacial Solar Market by type, frame type, cell technology, application and region. |
| Geographies Covered | Asia Pacific, North America, Europe, Middle East and Africa, and South America. |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Government initiatives on bifacial solar technology |
| Key Market Drivers | Higher efficiency and durability |
Utilities is expected to be the largest segment in the bifacial solar market
Field testing and demonstration projects play a crucial role in validating the enhanced performance of bifacial solar panels specifically in utility-scale applications. These initiatives provide empirical evidence of the panels' ability to generate higher energy yields by capturing sunlight from both sides. By showcasing improved efficiency and energy production metrics in real-world conditions, such as diverse geographic locations and varying climates, these projects substantiate the viability and reliability of bifacial technology for utility-scale installations. This empirical validation not only boosts confidence among investors and developers but also accelerates the broader adoption of bifacial solar panels in utility applications, reinforcing their position as a preferred choice for maximizing energy output and optimizing land use in large-scale solar projects.
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Bifacial Solar Market Dynamics:
Drivers:
- Declining costs of bifacial solar panels
- Higher efficiency and durability
Restraints:
- Complexity of installations
- Dependence on albedo
Opportunities:
- Government initiatives on bifacial solar technology
- Emergence of advanced technologies such as TOPCon and IBC
Challenges:
- Grid injection challenges
- Competition from other energy sources
Asia Pacific is expected to be the fastest growing region in the Bifacial Solar Industry
Asia Pacific is expected to be the fastest growing region in the bifacial solar market between 2024–2029. Regional market dynamics have a significant impact on the adoption of bifacial solar technologies in the Asia-Pacific region. High solar irradiance levels, diverse climate conditions, and varying stages of economic development are key factors. The plentiful sunlight in many areas creates ideal conditions for bifacial solar panels to maximize energy production. Moreover, the region's varied climates, ranging from tropical to temperate, require durable and adaptable solar technologies that bifacial panels provide. Economic growth across Asia-Pacific, with numerous countries experiencing rapid industrialization and urbanization, further drives the demand for advanced renewable energy solutions. These regional factors collectively shape the market, making bifacial solar technologies a well-suited and promising energy solution for the Asia-Pacific region.
Key Market Players:
Some of the major players in the Bifacial Solar Companies are Canadian Solar (Canada), LONGi (China), Trinasolar (China), JA SOLAR Technology Co., Ltd. (China), and SHARP CORPORATION (Japan).
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