The global bifacial solar market size was US$ 8.7 billion in 2021. The global bifacial solar market size is forecast to reach US$ 27.4 billion by 2030, growing at a compound annual growth rate (CAGR) of 13.6% during the forecast period from 2022 to 2030.
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Since it can produce power from both the front and back sides of the panels, bifacial solar differs from traditional mono-facial solar modules in that it increases the energy yield. Bifacial solar cells and a back cover glass make up its construction. When photons bounce off any surface, the back layer can absorb any that are not absorbed in the front layer. The dual glass covering offers a number of benefits, including less delamination, microcracking, and moisture corrosion. It also has a high flameproof rating, less flexibility, mechanical strength, a low degradation rate, and a high cell temperature.
Factors Influencing Market Growth
The increasing installations of renewable energy sources for power generation across the globe drive the global market.
The growing investment in green energy resources among developing and developed countries boosts the global market growth.
The rising awareness about the usage of low carbon-intensive technologies to mitigate GHG emissions fuels the global market growth.
The increased installation costs may slow down the overall market growth.
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on global market growth. Several governments worldwide imposed a lockdown in order to curb the virus from spreading. This resulted in the industrial manufacturer’s closure, which decreased demand for solar-related equipment in the majority of the world’s countries and decreased demand the bifacial solar market. The decline in energy use in industrial facilities around the world during the outbreak has had a detrimental effect on the market’s growth.
Regional Analysis
Europe garnered a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the existence of strict rules about the deduction of carbon footprint across the country and growing expansions have exceeded expectations about steep cost decrease, flexibility, user-friendliness, and its various applications in many sectors. As a result, the manufacturer has expanded its manufacturing capabilities. Renewable energy sources have entered the mainstream of the energy industry due to technological advancements and falling capital costs. In addition, there has been a surge in green investments, and ambitious policies have been adopted to dominate the capacity, technological advancement, and energy consumption of global renewable energy. Thus, these factors drive the market growth in the region.
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Leading Competitors
The leading prominent companies profiled in the global bifacial solar market are:
Jinko Solar Holdings
Canadian Solar
Yingli Green Energy
LG Electronics
LONGi
JA Solar Holding Co. Ltd.
Sharp Corporation
Sun Power Corporation
Trina Solar
Wuxi Suntech Power Co., Ltd.
Other Prominent Players
Scope of the Report
The global bifacial solar market segmentation focuses on Cell Type, Frame Type, End-User, and Region.
Segmentation based on Cell Type
Heterojunction Cell
Passivated Emitter Rear Cell
Segmentation based on Frame Type
Framed
Frameless
Segmentation based on End-User
Residential
Commercial
Industrial
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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