Bifacial Solar Market to Surge: Forecasting $31.1 Billion by 2031, Growing at 13.6% CAGR from 2022

WILMINGTON, DE , UNITED STATES, June 20, 2024 /EINPresswire.com/ -- The bifacial solar industry was valued at $8.7 billion in 2021, and bifacial solar market size is estimated to reach $31.1 billion by 2031, growing at a CAGR of 13.6% from 2022 to 2031.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.alliedmarketresearch.com/request-sample/A16957

Bifacial solar panels are the latest technology designed with high-efficiency solar cells installed on both sides of a module to produce electricity at the same time. It can capture light as it reflects off the roof or ground surface under the panel and absorbs light from rear and front sides, allowing diffused light to be used. Bifacial solar cells use high-watt modules and high-efficiency panels in solar panels and cell development. Rise in demand from commercial & industrial sectors for electricity propels growth of the market, especially during peak times. Increase in demand for solar-based electricity across the globe has led companies to introduce latest advanced solar modules that focus on cost, efficiency, and design. Moreover, reduction of energy cost and rise in affordability has accelerated the bifacial solar market forecast growth.

Feed in Tariff (FiT) is one of the major attractions of taking up renewable energy such as solar panels. The initiative essentially meant that electricity produced by solar panel system was paid by governments to help offset the cost of buying the system. In addition, the European Union initiated "Green Deal" program to reduce carbon emissions and harness residential potential to harvest solar energy. Various other initiatives of the government to improve the environment in rural areas and provide electricity for basic electronic gadgets are the factors that drive growth of the bifacial solar market trends.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/4006bdcfd42c41824050731e32a53e7d

The bifacial solar market is proliferating on global platform witnessing increase in installations of bifacial modules globally. Bifacial solar modules offer several advantages compared to traditional solar panels, including power production from both sides, increase in total energy generation. Bifacial modules can generate more power in a smaller array footprint; reduce in balance of system (BOS) costs. In addition, these modules are extremely durable, with UV resistant applied on both sides. Frameless bifacial modules are considered beneficial for reducing potential-induced degradation (PID) concerns. Many research institutes are increasing studies to improve functionalities of bifacial solar modules that can decrease the level of cost of electricity (LCOE). Presence of above-mentioned initiatives and applications is expected to provide ample opportunities for development of the market.

The global bifacial solar market is segmented on the basis of cell type, frame type, end use, and region.

On the basis of cell type of bifacial solar, the market is segmented into heterojunction cell and passivated emitter rear cells. On the basis of frame type, it is bifurcated into framed and frameless. On the basis of end use, it is segmented into residential, commercial, and industrial.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Europe accounts the largest share of the market, followed by North America and Asia-Pacific.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/A16957

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

Europe would exhibit CAGR of 13.2% during 2022-2031.
As per global bifacial solar market share analysis, by cell type, the Passivated emitter rear cell segment accounted for the largest share in 2021.
As per global bifacial solar market analysis, by frame type, framed type bifacial solar was the leading segment in 2021.
Industrial end use segment was the highest revenue contributor in 2021.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Wuxi Suntech Power Co., Ltd.
Jinko Solar Holdings
Sharp Corporation
Canadian Solar
Trina Solar
LONGi
JA Solar Holding Co. Ltd.
LG Electronics
Yingli Green Energy
Sun Power Corporation

David Correa
Allied Market Research
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