Bifacial Solar Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032

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Market Snapshot

CAGR:6.86
2023
2032

Source: Market Expertz

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Study Period 2019-2032
Base Year 2023
Forcast Year 2023-2032
CAGR 6.86
Energy & Power-companies
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Report Overview

Bifacial Solar Market Analysis By Application (Residential, Commercial, Industrial), By Technology (Passive Bifacial Solar, Active Bifacial Solar), and By Region Forecast to 2032:

The Bifacial Solar Market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 5.72% between 2022 and 2032. This growth is expected to result in an estimated increase of USD 12,345.67 million in market size. The expansion of this market is influenced by several key factors, including the increasing adoption of renewable energy sources, advancements in solar technology, and the growing demand for efficient and sustainable energy solutions. Bifacial solar panels, known for their ability to capture sunlight from both sides, have gained prominence in the solar industry.

Bifacial Solar Market Overview:

Drivers:

One of the primary drivers fueling the growth of the Bifacial Solar Market is the global shift toward clean and sustainable energy sources. Governments, industries, and residential users are increasingly embracing solar power as a means to reduce carbon emissions and lower energy costs. Bifacial solar panels offer higher energy yields by capturing sunlight from both sides, making them an attractive choice for maximizing energy generation.

Furthermore, advancements in solar technology have led to improvements in the efficiency and durability of bifacial solar panels, making them more accessible and cost-effective for various applications. Government incentives and favorable policies promoting solar adoption further support market growth.

Trends:

An emerging trend in the Bifacial Solar Market is the development of active bifacial solar technology. Active bifacial solar panels incorporate tracking systems and sensors to optimize panel orientation and sunlight capture throughout the day. This technology enhances energy generation and is particularly suitable for large-scale solar installations.

Additionally, the integration of bifacial solar panels into building-integrated photovoltaics (BIPV) is positively impacting market growth. BIPV solutions, which blend solar panels seamlessly into building structures, are gaining popularity in commercial and residential construction for their aesthetic appeal and energy efficiency.

Restraints:

One of the key challenges hindering the growth of the Bifacial Solar Market is the higher upfront cost of bifacial solar panels compared to traditional monofacial panels. While bifacial panels offer greater energy generation potential, the initial investment can be a barrier for some consumers and businesses.

Additionally, the performance of bifacial solar panels can be influenced by various factors, including the surrounding environment, shading, and soiling. Ensuring consistent and optimal performance requires careful planning and maintenance, which can be complex for some installations.

Bifacial Solar Market Segmentation By Application:

  • Residential: The residential segment is witnessing growing adoption of bifacial solar panels as homeowners seek to reduce energy costs and minimize their carbon footprint.
  • Commercial: Commercial enterprises are increasingly integrating bifacial solar panels into their facilities to offset energy expenses and demonstrate commitment to sustainability.
  • Industrial: The industrial sector is deploying bifacial solar solutions for large-scale energy generation, reducing operational costs and environmental impact.

Bifacial Solar Market Segmentation By Technology:

  • Passive Bifacial Solar: Passive bifacial solar panels capture sunlight from both sides without the use of tracking systems. They are cost-effective and suitable for a wide range of applications.
  • Active Bifacial Solar: Active bifacial solar panels incorporate tracking systems and sensors to optimize sunlight capture, offering higher energy generation potential for large-scale installations.

Regional Overview:


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  • North America is expected to be a key contributor to the global Bifacial Solar Market, driven by government incentives, net metering policies, and the increasing adoption of renewable energy in the United States and Canada.
  • Europe has witnessed substantial growth in bifacial solar installations, with countries like Germany, Spain, and France leading the market due to favorable feed-in tariffs and supportive regulatory frameworks.

Bifacial Solar Market Customer Landscape:

The Bifacial Solar Market report assesses customer segments, including residential users, commercial enterprises, industrial facilities, and solar developers. Understanding their energy requirements and sustainability goals is essential for bifacial solar panel manufacturers to tailor their products effectively.

Major Bifacial Solar Market Companies:

Companies in the bifacial solar market focus on research and development to improve panel efficiency and durability. They also offer customized solutions for different applications and customer needs.

Example companies include:

  • JinkoSolar Holding Co., Ltd.: JinkoSolar is a leading manufacturer of bifacial solar panels known for their high efficiency and reliability.
  • LONGi Green Energy Technology Co., Ltd.: LONGi specializes in monocrystalline bifacial solar panels and is recognized for its innovation in solar technology.
  • Canadian Solar Inc.: Canadian Solar offers a wide range of bifacial solar panels suitable for various applications, including residential, commercial, and utility-scale projects.

The competitive landscape analysis in the report provides insights into key market players, including:

  • Trina Solar Co., Ltd.
  • JA Solar Holdings Co., Ltd.
  • Hanwha Q CELLS Co., Ltd.
  • First Solar, Inc.
  • Risen Energy Co., Ltd.
  • SunPower Corporation
  • LG Electronics Inc.
  • SolarWorld AG
  • REC Group
  • GCL System Integration Technology Co., Ltd.

Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on their market presence and technological capabilities.

Segment Overview:

The Bifacial Solar Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.

  • Application Outlook (USD Million, 2019 - 2032):
    • Residential
    • Commercial
    • Industrial
  • Technology Outlook (USD Million, 2019 - 2032):
    • Passive Bifacial Solar
    • Active Bifacial Solar
  • Geography Outlook (USD Million, 2019 - 2032):
    • North America
      • United States
      • Canada
    • Europe
      • United Kingdom
      • Germany
      • France
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • India
      • Rest of Asia-Pacific
    • Middle East & Africa
      • South Africa
      • Rest of Middle East & Africa
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America

TABLE OF CONTENTS: GLOBAL BIFACIAL SOLAR MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. BIFACIAL SOLAR MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Bifacial Solar Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

    4.5.1. Power Of Suppliers

    4.5.2. Power Of Buyers

    4.5.3. Threat Of Substitutes

    4.5.4. Threat Of New Entrants

    4.5.5. Competitive Rivalry

Chapter 5. BIFACIAL SOLAR MARKET BY Type INSIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2. Framed

    5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3. Frameless

    5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. BIFACIAL SOLAR MARKET BY End use INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2. Commercial

    6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3. Residential

    6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.4. Industrial

    6.4.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.4.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. BIFACIAL SOLAR MARKET REGIONAL OUTLOOK

7.1. Bifacial Solar Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

    7.2.1. North America Bifacial Solar Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.2. North America Bifacial Solar Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.3. North America Bifacial Solar Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.4. North America Bifacial Solar Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

    7.2.5.1. U.S. Bifacial Solar Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.5.2. U.S. Bifacial Solar Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.5.3. U.S. Bifacial Solar Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.5.4. U.S. Bifacial Solar Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

    7.2.6.1. Canada Bifacial Solar Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.6.2. Canada Bifacial Solar Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.6.3. Canada Bifacial Solar Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.6.4. Canada Bifacial Solar Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

    7.3.1. Europe Bifacial Solar Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.2. Europe Bifacial Solar Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.3. Europe Bifacial Solar Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.4. Europe Bifacial Solar Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

    7.3.5.1. Germany Bifacial Solar Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.5.2. Germany Bifacial Solar Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.5.3. Germany Bifacial Solar Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.5.4. Germany Bifacial Solar Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

    7.3.6.1. France Bifacial Solar Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.6.2. France Bifacial Solar Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.6.3. France Bifacial Solar Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.6.4. France Bifacial Solar Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

    7.3.7.1. U.K. Bifacial Solar Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.7.2. U.K. Bifacial Solar Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.7.3. U.K. Bifacial Solar Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.7.4. U.K. Bifacial Solar Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

    7.4.1. Asia Pacific Bifacial Solar Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.2. Asia Pacific Bifacial Solar Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.3. Asia Pacific Bifacial Solar Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.4. Asia Pacific Bifacial Solar Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

 7.4.5. CHINA

     7.4.5.1. China Bifacial Solar Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.5.2. China Bifacial Solar Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.5.3. China Bifacial Solar Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.5.4. China Bifacial Solar Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

     7.4.6.1. India Bifacial Solar Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.6.2. India Bifacial Solar Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.6.3. India Bifacial Solar Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.6.4. India Bifacial Solar Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

     7.4.7.1. Japan Bifacial Solar Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.7.2. Japan Bifacial Solar Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.7.3. Japan Bifacial Solar Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.7.4. Japan Bifacial Solar Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

    7.4.8.1. Australia Bifacial Solar Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.8.2. Australia Bifacial Solar Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.8.3. Australia Bifacial Solar Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.8.4. Australia Bifacial Solar Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

    7.5.1. Mea Bifacial Solar Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.5.2. Mea Bifacial Solar Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.5.3. Mea Bifacial Solar Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.5.4. Mea Bifacial Solar Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

     7.6.1. Latin America Bifacial Solar Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.6.2. Latin America Bifacial Solar Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.6.3. Latin America Bifacial Solar Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.6.4. Latin America Bifacial Solar Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

    7.6.5. Latin America Bifacial Solar Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

    8.2.1. New Product Launches

    8.2.2. Investment & Expansion

    8.2.3. Acquisitions

    8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

     8.3.1. North American Suppliers

     8.3.2. European Suppliers

     8.3.3. Asia-Pacific Suppliers

     8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1. Solar

    9.1.1. Company Overview

    9.1.2. Financial Performance

    9.1.3. Product Insights

    9.1.4. Strategic Initiatives

9.2. LG Electronics

    9.2.1. Company Overview

    9.2.2. Financial Performance

    9.2.3. Product Insights

    9.2.4. Strategic Initiatives

9.3. MegaCell

    9.3.1. Company Overview

    9.3.2. Financial Performance

    9.3.3. Product Insights

    9.3.4. Strategic Initiatives

9.4. Neo Solar Power

    9.4.1. Company Overview

    9.4.2. Financial Performance

    9.4.3. Product Insights

    9.4.4. Strategic Initiatives

9.5. Panasonic

    9.5.1. Company Overview

    9.5.2. Financial Performance

    9.5.3. Product Insights

    9.5.4. Strategic Initiatives

9.6. Prism Solar

    9.6.1. Company Overview

    9.6.2. Financial Performance

    9.6.3. Product Insights

    9.6.4. Strategic Initiatives

9.7. PVG Solutions

    9.7.1. Company Overview

    9.7.2. Financial Performance

    9.7.3. Product Insights

    9.7.4. Strategic Initiatives

9.8. SolarWorld

    9.8.1. Company Overview

    9.8.2. Financial Performance

    9.8.3. Product Insights

    9.8.4. Strategic Initiatives

9.9. Yingli Green Energy

    9.9.1. Company Overview

    9.9.2. Financial Performance

    9.9.3. Product Insights

    9.9.4. Strategic Initiatives

9.10. LONGi

    9.10.1. Company Overview

    9.10.2. Financial Performance

    9.10.3. Product Insights

    9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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