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PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1340006
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1340006
Bifacial Solar Market Forecasts to 2030 - Global Analysis By Cell Type (Passivated emitter rear cells, Heterojunction cells and Other Cell Types), Frame Type (Frameless, Framed and Other Frame Types), Type, End User and By Geography
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According to Stratistics MRC, the Global Bifacial Solar Market is accounted for $11.6 billion in 2023 and is expected to reach $32.1 billion by 2030 growing at a CAGR of 15.6% during the forecast period. Bifacial solar panels are intriguing new solar solutions for specific kinds of solar installations because they can absorb sunlight from both their front and back surfaces. Bifacial solar panels can gather solar radiation from both sides, improving performance and increasing the amount of energy produced by the panel. As opposed to traditional monofacial solar modules, bifacial solar can produce electricity from the front as well as the back surfaces of the panels, enhancing energy production.
Market Dynamics:
Driver:
- Enhanced efficiency.
- The efficiency of bifacial solar panels has significantly increased, which is fueling industry expansion. The overall effectiveness of bifacial panels has increased as a result of developments in cell and module technology, including improved conversion efficiencies and better light collection techniques. The economic significance of bifacial solar systems rises as efficiency continues to improve.
Restraint:
- High cost.
- Bifacial solar panels are still generally more expensive than conventional single-sided solar panels, despite the fact that their cost has been declining. For certain project developers and financiers, the added cost of bifacial modules, coupled with the related support structures and tracking systems, can be an expense. Bifacial solar projects need a large upfront investment, which may prevent them from being widely used, especially in regions with limited financial resources.
Opportunity:
- Technological advancements.
- Due to the creation of novel materials, designs, and manufacturing processes to improve the performance and durability of bifacial solar panels, ongoing research and development initiatives are driving technological breakthroughs in the market for bifacial solar. Bifacial solar technology's range of potential uses is growing due to advancements like transparent back sheets, improved cell layouts, and sophisticated tracking systems.
Threat:
- Complexity of installation and maintenance.
- In comparison to conventional solar installations, bifacial solar projects may need specific installation methods and additional considerations. The project design and construction processes may become more complicated as a result of the optimization of panel tilt angles, shading analyses, and the choice of suitable tracking systems. However, bifacial solar panels need to be processed and maintained carefully to prevent damage to the rear side and maintain optimal energy capture.
COVID-19 Impact:
- COVID-19 had a significant negative influence on the world economy and worldwide trade, which has simultaneously had an adverse effect on households, businesses, financial institutions, industrial organizations, and infrastructure corporations. Due to the lockdown in many nations that has hindered market expansion, the coronavirus has had an impact on various economies. In most nations throughout the world, the closure of an industrial company caused a drop in demand for solar-related equipment, which in turn caused a decline in the bifacial solar market's demand.
- The monocrystalline segment is expected to be the largest during the forecast period
- Because of the highest efficiency rates, which are typically in the range of 15% to 20%, the monocrystalline sector held the largest share over the predicted period. Monocrystalline solar panels are also more effective in hot climates than polycrystalline ones. Additionally, monocrystalline materials are anticipated to endure the longest and perform better in heat. Growing advancements will propel the market for monocrystalline panels over the projection period, expanding the market for bifacial solar.
- The commercial segment is expected to have the highest CAGR during the forecast period
- Because of a rise in demand for electricity in the commercial sector during peak hours, the commercial category is anticipated to experience the highest CAGR during the forecast period. Bifacial solar panels generated 11% more energy than conventional solar panels in an inclined, ground-mounted solar system in China, according to a report by solar panel manufacturer. In the commercial sector, a system with bifacial panels and solar trackers generated 27% more solar energy than a comparable-sized system with conventional panels.
Region with largest share:
Europe is anticipated to hold the largest share over the extrapolated period due to the existence of strict regulations regarding the reduction of carbon footprints across the country, and rapid developments in recent years have exceeded expectations regarding steep cost reduction, flexibility, user friendliness, and its numerous applications in many sectors. This has encouraged the manufacturer to increase its production capacity. Furthermore, the European Union (EU) and other national organizations with business members assist policymakers in enabling solar to realize its enormous potential in order to reach the EU's 2030 targets.
Region with highest CAGR:
Asia Pacific is predicted to witness a profitable CAGR due to governments in the region, especially India, China, and a few South Asian nations, spending a lot of effort creating renewable energy sources and investing in solar energy. The region has been growing as a result of considerable government support for the development of renewable energy sources. Additionally, in India and China, the bifacial solar industry is anticipated to expand rapidly due to the enormous installed base of solar panels.
Key players in the market:
Some of the key players in Bifacial Solar market include: Canadian Solar Inc, Jinkosolar holding CO. Ltd, LG Electronics, LONGi, Lumos Solar, MegaCell, Neo Solar Power, Panasonic, Prism Solar, PVG Solutions, Silfab, SolarWorld, Sunpreme, Trina Solar and Yingli Green Energy.
Key Developments:
- In August 2023, LG Electronics launches LG UltraGear OLED for a smoother, more immersive gaming experience. These monitors come equipped with a range of winning features that set them apart in the gaming monitor arena, promising an unparalleled gaming experience.
- In August 2023, LG Electronics has announced a strategic partnership with ITC Foods to redefine cooking experience for consumers in the country. As part of the partnership, 2 new microwave ovens are announced with 'Scan to Cook' feature. This will bring together LG's expertise in home appliances and ITC Foods excellence to create a seamless and intuitive cooking environment, making life simpler for consumers.
Cell Types Covered:
- Passivated emitter rear cells
- Heterojunction cells
- Other Cell Types
Frame Types Covered:
- Frameless
- Framed
- Other Frame Types
Types Covered:
- Monocrystalline
- Polycrystalline
- Other Types
End Users Covered:
- Industrial
- Commercial
- Residential
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Product Code: SMRC23713
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 End User Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Bifacial Solar Market, By Cell Type
- 5.1 Introduction
- 5.2 Passivated emitter rear cells
- 5.3 Heterojunction cells
- 5.4 Other Cell Types
6 Global Bifacial Solar Market, By Frame Type
- 6.1 Introduction
- 6.2 Frameless
- 6.3 Framed
- 6.4 Other Frame Types
7 Global Bifacial Solar Market, By Type
- 7.1 Introduction
- 7.2 Monocrystalline
- 7.3 Polycrystalline
- 7.4 Other Types
8 Global Bifacial Solar Market, By End User
- 8.1 Introduction
- 8.2 Industrial
- 8.3 Commercial
- 8.4 Residential
- 8.5 Other End Users
9 Global Bifacial Solar Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 Canadian Solar Inc
- 11.2 Jinkosolar holding CO. Ltd
- 11.3 LG Electronics
- 11.4 LONGi
- 11.5 Lumos Solar
- 11.6 MegaCell
- 11.7 Neo Solar Power
- 11.8 Panasonic
- 11.9 Prism Solar
- 11.10 PVG Solutions
- 11.11 Silfab
- 11.12 SolarWorld
- 11.13 Sunpreme
- 11.14 Trina Solar
- 11.15 Yingli Green Energy
Product Code: SMRC23713
List of Tables
- Table 1 Global Bifacial Solar Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Bifacial Solar Market Outlook, By Cell Type (2021-2030) ($MN)
- Table 3 Global Bifacial Solar Market Outlook, By Passivated emitter rear cells (2021-2030) ($MN)
- Table 4 Global Bifacial Solar Market Outlook, By Heterojunction cells (2021-2030) ($MN)
- Table 5 Global Bifacial Solar Market Outlook, By Other Cell Types (2021-2030) ($MN)
- Table 6 Global Bifacial Solar Market Outlook, By Frame Type (2021-2030) ($MN)
- Table 7 Global Bifacial Solar Market Outlook, By Frameless (2021-2030) ($MN)
- Table 8 Global Bifacial Solar Market Outlook, By Framed (2021-2030) ($MN)
- Table 9 Global Bifacial Solar Market Outlook, By Other Frame Types (2021-2030) ($MN)
- Table 10 Global Bifacial Solar Market Outlook, By Type (2021-2030) ($MN)
- Table 11 Global Bifacial Solar Market Outlook, By Monocrystalline (2021-2030) ($MN)
- Table 12 Global Bifacial Solar Market Outlook, By Polycrystalline (2021-2030) ($MN)
- Table 13 Global Bifacial Solar Market Outlook, By Other Types (2021-2030) ($MN)
- Table 14 Global Bifacial Solar Market Outlook, By End User (2021-2030) ($MN)
- Table 15 Global Bifacial Solar Market Outlook, By Industrial (2021-2030) ($MN)
- Table 16 Global Bifacial Solar Market Outlook, By Commercial (2021-2030) ($MN)
- Table 17 Global Bifacial Solar Market Outlook, By Residential (2021-2030) ($MN)
- Table 18 Global Bifacial Solar Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 19 North America Bifacial Solar Market Outlook, By Country (2021-2030) ($MN)
- Table 20 North America Bifacial Solar Market Outlook, By Cell Type (2021-2030) ($MN)
- Table 21 North America Bifacial Solar Market Outlook, By Passivated emitter rear cells (2021-2030) ($MN)
- Table 22 North America Bifacial Solar Market Outlook, By Heterojunction cells (2021-2030) ($MN)
- Table 23 North America Bifacial Solar Market Outlook, By Other Cell Types (2021-2030) ($MN)
- Table 24 North America Bifacial Solar Market Outlook, By Frame Type (2021-2030) ($MN)
- Table 25 North America Bifacial Solar Market Outlook, By Frameless (2021-2030) ($MN)
- Table 26 North America Bifacial Solar Market Outlook, By Framed (2021-2030) ($MN)
- Table 27 North America Bifacial Solar Market Outlook, By Other Frame Types (2021-2030) ($MN)
- Table 28 North America Bifacial Solar Market Outlook, By Type (2021-2030) ($MN)
- Table 29 North America Bifacial Solar Market Outlook, By Monocrystalline (2021-2030) ($MN)
- Table 30 North America Bifacial Solar Market Outlook, By Polycrystalline (2021-2030) ($MN)
- Table 31 North America Bifacial Solar Market Outlook, By Other Types (2021-2030) ($MN)
- Table 32 North America Bifacial Solar Market Outlook, By End User (2021-2030) ($MN)
- Table 33 North America Bifacial Solar Market Outlook, By Industrial (2021-2030) ($MN)
- Table 34 North America Bifacial Solar Market Outlook, By Commercial (2021-2030) ($MN)
- Table 35 North America Bifacial Solar Market Outlook, By Residential (2021-2030) ($MN)
- Table 36 North America Bifacial Solar Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 37 Europe Bifacial Solar Market Outlook, By Country (2021-2030) ($MN)
- Table 38 Europe Bifacial Solar Market Outlook, By Cell Type (2021-2030) ($MN)
- Table 39 Europe Bifacial Solar Market Outlook, By Passivated emitter rear cells (2021-2030) ($MN)
- Table 40 Europe Bifacial Solar Market Outlook, By Heterojunction cells (2021-2030) ($MN)
- Table 41 Europe Bifacial Solar Market Outlook, By Other Cell Types (2021-2030) ($MN)
- Table 42 Europe Bifacial Solar Market Outlook, By Frame Type (2021-2030) ($MN)
- Table 43 Europe Bifacial Solar Market Outlook, By Frameless (2021-2030) ($MN)
- Table 44 Europe Bifacial Solar Market Outlook, By Framed (2021-2030) ($MN)
- Table 45 Europe Bifacial Solar Market Outlook, By Other Frame Types (2021-2030) ($MN)
- Table 46 Europe Bifacial Solar Market Outlook, By Type (2021-2030) ($MN)
- Table 47 Europe Bifacial Solar Market Outlook, By Monocrystalline (2021-2030) ($MN)
- Table 48 Europe Bifacial Solar Market Outlook, By Polycrystalline (2021-2030) ($MN)
- Table 49 Europe Bifacial Solar Market Outlook, By Other Types (2021-2030) ($MN)
- Table 50 Europe Bifacial Solar Market Outlook, By End User (2021-2030) ($MN)
- Table 51 Europe Bifacial Solar Market Outlook, By Industrial (2021-2030) ($MN)
- Table 52 Europe Bifacial Solar Market Outlook, By Commercial (2021-2030) ($MN)
- Table 53 Europe Bifacial Solar Market Outlook, By Residential (2021-2030) ($MN)
- Table 54 Europe Bifacial Solar Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 55 Asia Pacific Bifacial Solar Market Outlook, By Country (2021-2030) ($MN)
- Table 56 Asia Pacific Bifacial Solar Market Outlook, By Cell Type (2021-2030) ($MN)
- Table 57 Asia Pacific Bifacial Solar Market Outlook, By Passivated emitter rear cells (2021-2030) ($MN)
- Table 58 Asia Pacific Bifacial Solar Market Outlook, By Heterojunction cells (2021-2030) ($MN)
- Table 59 Asia Pacific Bifacial Solar Market Outlook, By Other Cell Types (2021-2030) ($MN)
- Table 60 Asia Pacific Bifacial Solar Market Outlook, By Frame Type (2021-2030) ($MN)
- Table 61 Asia Pacific Bifacial Solar Market Outlook, By Frameless (2021-2030) ($MN)
- Table 62 Asia Pacific Bifacial Solar Market Outlook, By Framed (2021-2030) ($MN)
- Table 63 Asia Pacific Bifacial Solar Market Outlook, By Other Frame Types (2021-2030) ($MN)
- Table 64 Asia Pacific Bifacial Solar Market Outlook, By Type (2021-2030) ($MN)
- Table 65 Asia Pacific Bifacial Solar Market Outlook, By Monocrystalline (2021-2030) ($MN)
- Table 66 Asia Pacific Bifacial Solar Market Outlook, By Polycrystalline (2021-2030) ($MN)
- Table 67 Asia Pacific Bifacial Solar Market Outlook, By Other Types (2021-2030) ($MN)
- Table 68 Asia Pacific Bifacial Solar Market Outlook, By End User (2021-2030) ($MN)
- Table 69 Asia Pacific Bifacial Solar Market Outlook, By Industrial (2021-2030) ($MN)
- Table 70 Asia Pacific Bifacial Solar Market Outlook, By Commercial (2021-2030) ($MN)
- Table 71 Asia Pacific Bifacial Solar Market Outlook, By Residential (2021-2030) ($MN)
- Table 72 Asia Pacific Bifacial Solar Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 73 South America Bifacial Solar Market Outlook, By Country (2021-2030) ($MN)
- Table 74 South America Bifacial Solar Market Outlook, By Cell Type (2021-2030) ($MN)
- Table 75 South America Bifacial Solar Market Outlook, By Passivated emitter rear cells (2021-2030) ($MN)
- Table 76 South America Bifacial Solar Market Outlook, By Heterojunction cells (2021-2030) ($MN)
- Table 77 South America Bifacial Solar Market Outlook, By Other Cell Types (2021-2030) ($MN)
- Table 78 South America Bifacial Solar Market Outlook, By Frame Type (2021-2030) ($MN)
- Table 79 South America Bifacial Solar Market Outlook, By Frameless (2021-2030) ($MN)
- Table 80 South America Bifacial Solar Market Outlook, By Framed (2021-2030) ($MN)
- Table 81 South America Bifacial Solar Market Outlook, By Other Frame Types (2021-2030) ($MN)
- Table 82 South America Bifacial Solar Market Outlook, By Type (2021-2030) ($MN)
- Table 83 South America Bifacial Solar Market Outlook, By Monocrystalline (2021-2030) ($MN)
- Table 84 South America Bifacial Solar Market Outlook, By Polycrystalline (2021-2030) ($MN)
- Table 85 South America Bifacial Solar Market Outlook, By Other Types (2021-2030) ($MN)
- Table 86 South America Bifacial Solar Market Outlook, By End User (2021-2030) ($MN)
- Table 87 South America Bifacial Solar Market Outlook, By Industrial (2021-2030) ($MN)
- Table 88 South America Bifacial Solar Market Outlook, By Commercial (2021-2030) ($MN)
- Table 89 South America Bifacial Solar Market Outlook, By Residential (2021-2030) ($MN)
- Table 90 South America Bifacial Solar Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 91 Middle East & Africa Bifacial Solar Market Outlook, By Country (2021-2030) ($MN)
- Table 92 Middle East & Africa Bifacial Solar Market Outlook, By Cell Type (2021-2030) ($MN)
- Table 93 Middle East & Africa Bifacial Solar Market Outlook, By Passivated emitter rear cells (2021-2030) ($MN)
- Table 94 Middle East & Africa Bifacial Solar Market Outlook, By Heterojunction cells (2021-2030) ($MN)
- Table 95 Middle East & Africa Bifacial Solar Market Outlook, By Other Cell Types (2021-2030) ($MN)
- Table 96 Middle East & Africa Bifacial Solar Market Outlook, By Frame Type (2021-2030) ($MN)
- Table 97 Middle East & Africa Bifacial Solar Market Outlook, By Frameless (2021-2030) ($MN)
- Table 98 Middle East & Africa Bifacial Solar Market Outlook, By Framed (2021-2030) ($MN)
- Table 99 Middle East & Africa Bifacial Solar Market Outlook, By Other Frame Types (2021-2030) ($MN)
- Table 100 Middle East & Africa Bifacial Solar Market Outlook, By Type (2021-2030) ($MN)
- Table 101 Middle East & Africa Bifacial Solar Market Outlook, By Monocrystalline (2021-2030) ($MN)
- Table 102 Middle East & Africa Bifacial Solar Market Outlook, By Polycrystalline (2021-2030) ($MN)
- Table 103 Middle East & Africa Bifacial Solar Market Outlook, By Other Types (2021-2030) ($MN)
- Table 104 Middle East & Africa Bifacial Solar Market Outlook, By End User (2021-2030) ($MN)
- Table 105 Middle East & Africa Bifacial Solar Market Outlook, By Industrial (2021-2030) ($MN)
- Table 106 Middle East & Africa Bifacial Solar Market Outlook, By Commercial (2021-2030) ($MN)
- Table 107 Middle East & Africa Bifacial Solar Market Outlook, By Residential (2021-2030) ($MN)
- Table 108 Middle East & Africa Bifacial Solar Market Outlook, By Other End Users (2021-2030) ($MN)
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