New York, USA, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global bifacial solar market size is predicted to grow from USD 7.01 billion in 2023 to USD 22.97 billion by 2032. It is anticipated to grow at a CAGR of 14.1% from 2024 to 2032, according to the latest research report by Polaris Market Research.
Market Introduction:
What is Bifacial Solar?
Bifacial solar generates solar power from both sides of the panel. Whereas conventional opaque back sheeted panels are monofacial, bifacial solar reveal both the anterior and rear of the solar cells. When bifacial solar are positioned on an excessively mirrored surface, some bifacial makers profess upto a 30% rise in production just from the supplementary power produced from the rear. Bifacial solar appears in several designs. Some are framed, while others are frameless. Some are binary glass, and others utilize crystalline back sheets. The majority utilize monocrystalline cells, but there are polycrystalline outlines.
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The one continuous thing is that power is generated from both sides. There are frameless binary glass modules that reveal the rear of the cells but are not bifacial. Accurate bifacial modules possess contacts on both the anterior and rear sides of their cells.
Bifacial Solar Market Report Attributes:
| Report Attributes | Details |
| Market value in 2023 | USD 7.01 billion |
| Market value in 2032 | USD 22.97 billion |
| CAGR | 14.1% from 2024-2032 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2032 |
Key Highlights of the Report:
- The possibility for excess energy output per unit area, which is important for augmenting the usage of restricted space in urban and industrial surroundings is driving the market for bifacial solar. Additionally, speedy industrialization and urbanization in surfacing markets are accelerating the market growth.
- The market is primarily segmented based on product, panel, installation, technology, end user, and region.
- North America dominated the market with the largest bifacial solar market share.
Bifacial Solar Market Key Players:
- JinkoSolar
- Jolywood Group
- LG Electronics
- LONGi
- Lumos Solar
- Neosun Inc
- Panasonic
- Premier Energies Limited
- Prism Solar Technologies
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Growth Drivers and Trends:
- Progression of Contemporary Technologies: Several critical players in the market have notably pronounced their impression through the advancement of contemporary technologies and the augmentation of their production potential. For instance, in February 2019, LONGi declared the setting up of a bifacial tracker power generation estimate in Mitchell County, Georgia, with a potential of 224 MW to provide PERC modules.
- Escalating Research and Development: The surging technological progressions in panels are pushing the market CAGR for bifacial solar. Continuing research and development endeavors cause the advancement of more productive bifacial solar cells and modules. These progressions regularly improve productivity, presentation, and administration inventiveness, supporting the bifacial solar market growth.
- Growing Governmental Policies and Incentives: The market is encountering notable growth pushed by government-encouraging policies and incentives. Several governments have obligated to decreasing greenhouse gas discharge and growing green energy acquisitions to encounter international climate consensus. Encouraging policies for bifacial solar assist the government in realizing these aspiring targets.
Which Region Leads the Bifacial Solar Sector?
- North America: The North American region dominated the bifacial solar industry with the largest revenue share. The region’s dominance in the market can be attributed to the existence of prominent solar technology firms and makers in North America encouraging contention and advancing invention in bifacial solar panel outlines and requests.
- Asia Pacific: Asia Pacific is anticipated to witness the fastest growth in the bifacial solar market over the estimated period. This is due to the region’s speedily growing population and industrialization. Countries in the Asia Pacific are resorting to green energy sources such as bifacial solar panels to encounter the escalating demand viably.
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Segmental Overview:
Bifacial Solar Market - Product-Based Outlook:
- Framed Bifacial Module
- Frameless Bifacial Module
Bifacial Solar Market - Type-Based Outlook:
- Monocrystalline Bifacial Solar Panels
- Polycrystalline Bifacial Solar Panels
- Thin-Film Bifacial Solar Panels
- Glass Bifacial Solar Panels
- Backsheet Bifacial Solar Panels
Bifacial Solar Market - Installation-Based Outlook:
- Ground-mounted bifacial Solar Panels
- Rooftop Bifacial Solar Panels
Bifacial Solar Market - Technology-Based Outlook:
- Passivated Emitter Rear Cell (PERC)
- Heterojunction (HJT)
- Others Cell
Bifacial Solar Market - End User-Based Outlook:
- Commercial Sector
- Industrial Sector
- Residential Sector
- Power Plants
Bifacial Solar Market - Regional Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, Australia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Browse PMR's Bifacial Solar Market Report Coverage from Different Publications:
Unveiled in Latest Report Bifacial Solar Market to Attain US$ 22.97 Billion by 2032
Bifacial Solar Market exhibits a robust 14.1% CAGR over the forecasted timeframe
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