Bifacial Solar Panels Market Size, Share and Global Trend By Type (Monocrystalline Solar Panels, Polycrystalline Solar Panels, Thin-film Solar Panels), By Application (Residential, Commercial) and By Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
The global bifacial solar panel market size expected to grow at moderate growth rate during forecast period. The increasing demand for clean energy, enhanced efficiency, cost reduction, and environmental benefits to boost the growth of market.The bifacial solar panel is the new generation technology with the high-efficiency bifacial module on both sides producing electricity at the same time. It can also capture light as it reflects off of the roof or ground surface below the panel.
The bifacial solar panels are more durable because both the sides are UV resistant, reduce the cost of Balance of System (BOS), and concern over potential-induced degradation (PID). Traditional solar panels are opaque-backsheeted and have limited exposure to light however, bifacial panels generate power from both sides. Some bifacial module manufacturers claim up to 30% increase in power production from the rear side of the panel. The Bifacial solar panel are offered in many designs & sizes and some can be customized as per customer requirements. These panels offer high energy efficiency when frameless. It’s easy to install a framed bifacial solar panel on traditional mounting and racking system as compared with the frameless panel which requires specific clamps to mount the panels. The market for the Bifacial solar panel can be segmented on the basis of type, application, and geography.
On the basis of type, the Bifacial Solar Panels are available in different cell types such as monocrystalline panel, polycrystalline panel, and thin film panel. The monocrystalline panel provides more energy-efficiency than its counterpart and hence mostly preferred on commercial projects due to its high cost. Whereas polycrystalline solar panels are cheaper and find its wide application in the residential application.
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On the basis of application, the Bifacial Solar Panels Market can be bifurcated by residential, commercial, and others. The other segment includes applications such as utility, military, industrial, etc. Currently, the commercial sector accounts for the major market share of bifacial solar panel owing to the increasing demand for electricity during peak hours.
The major market driver for the bifacial solar panel is the increasing demand for electricity from commercial & industrial sectors, especially during peak hours. As the demand for solar-based electricity is increasing across the world, companies are coming up with latest advanced solar modules focusing on efficiency, cost, and design of the solar panel.
The factor that is expected to inhibit the growth of the market is the huge installation cost. The bifacial solar panel comes in a variety of sizes suitable for a different kind of requirement. Globally, prices of the solar panel have gone down considerably over the years and the trend is going to follow in the forecast period.
KEY PLAYERS COVERED
Some of the major companies that are present in the global bifacial solar panel market are LONGi Solar, Sunpreme, Prism Solar, Ankara Solar, SP Enerji, Adani Solar, AE Solar, LG Electronics, SoliTek, JA Solar, Canadian Solar Inc., Trina Solar, Lumos Solar, Jinko Solar, Yingli Solar and, Suntech Power.
SEGMENTATION
SEGMENTATION | DETAILS |
By Type | · Monocrystalline Solar Panels · Polycrystalline Solar Panels · Thin-film Solar Panels |
By Application | · Residential · Commercial · Others |
By Geography | · North America (USA and Canada) · Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe) · Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific) · Latin America (Brazil, Mexico and Rest of Latin America) · Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa) |
REGIONAL ANALYSIS
The global bifacial solar panel market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe and North America are going to dominate the bifacial solar panel market owing to increasing investment in the solar project in the region and it is also expected to account for a large proportion of the market in the forecast period. Asia Pacific countries such as China, Australia, and Indonesia are expected to gain the largest market opportunity owing to increasing huge potential of planned solar projects in the coming years. Followed by Latin America and Middle East & Africa respectively.
Key Industry Developments |
· In Feb 2019, LONGi Solar has bagged a contract to supply bifacial PERC modules for the largest solar project to be built in Mitchell County, Georgia, with a capacity of 224 MW. The project is expected to come online by the end of 2019 · In Feb 2019, Sunpreme, Inc. and Tigo Energy, Inc. has announced the completion of commercial solar installation on smart bifacial solar panels in California’s largest contiguous solar carport structures in the bay area · In Jan 2017, Suntech Power has signed a strategic cooperation agreement with Jolywood Solar Technology to bring high-efficiency N-type bifacial solar module to the market |
- Ongoing
- 2023
- 2019-2022
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