Global Bifacial Solar Market Size, Share, And Growth Analysis For 2024-2033

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON , UNITED KINGDOM, September 18, 2024 /EINPresswire.com/ -- The bifacial solar market has experienced robust growth in recent years, expanding from $8.02 billion in 2023 to $9.14 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The growth in the historic period can be attributed to advancements in solar technology, government incentives, decreasing costs of solar panels, increased awareness of renewable energy sources, and significant investments in research and development.

What Is The Estimated Market Size Of The Global Bifacial Solar Market And Its Annual Growth Rate?
The bifacial solar market is projected to continue its strong growth, reaching $15.48 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to growing installations of renewable energy, increased investment in green energy resources, continued government support through subsidies and policies, ongoing technological advancements in solar technology, initiatives aimed at reducing costs, and rising corporate adoption of sustainable energy solutions.

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Growth Driver Of The Bifacial Solar Market
The increasing demand for solar-based electricity is expected to propel the growth of the bifacial solar market going forward. Solar-based electricity refers to electrical power generated from sunlight using photovoltaic cells or solar thermal systems. The demand for solar-based electricity is experiencing growth due to increasing environmental concerns and the push towards renewable energy sources to mitigate climate change. The bifacial solar enhances solar-based electricity generation by allowing solar panels to capture sunlight from both sides, significantly increasing energy yield compared to traditional monofacial panels.

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Which Market Players Are Driving The Bifacial Solar Market Growth?
Key players in the bifacial solar market include Reliance Industries Ltd, LG Electronics, LONGi Green Energy Technology Co. Ltd., Sharp Corporation, Trina Solar Co Ltd, Jinko Solar Holdings, JA Solar Technology Co. Ltd., Hanwha Solutions, Canadian Solar Inc., Risen Energy, First Solar Inc, Sun Power Corporation, GCL System Integration Technology Co Ltd, Wuxi Suntech Power Co. Ltd., Adani Green Energy Ltd, Zhongli Talesun Solar Co. Ltd, SoliTek, Seraphim Solar System Co. Ltd., Jiangsu Sunport Power Corp. Ltd., Yingli Green Energy Holding Co Ltd.

What Are The Emerging Trends Shaping The Bifacial Solar Market Size?
Major companies operating in the bifacial solar market are focusing on shifting towards advancements in bifacial solar technology, such as TOPCon bifacial PV modules, to gain a competitive edge in the market. TOPCon (Tunnel Oxide Passivated Contact) bifacial PV modules are advanced photovoltaic modules that combine TOPCon technology with bifacial capability. They are designed to capture sunlight from both sides of the module, enhancing energy generation efficiency compared to traditional monofacial modules.

How Is The Global Bifacial Solar Market Segmented?
1) By Type: Monocrystalline Bifacial Solar Panels, Polycrystalline Bifacial Solar Panels, Thin-Film Bifacial Solar Panels
2) By Installation: Ground-Mounted Bifacial Solar Panels, Rooftop Bifacial Solar Panels
3) By Cell Type: Passivated Emitter Rear Cell, Heterojunction, Other Cell Types
4) By End-User: Utility-Scale Solar Projects, Commercial And Industrial (C And I) Sector, Residential Sector

Geographical Insights: North America Leading The Bifacial Solar Market
North America was the largest region in the bifacial solar market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bifacial solar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Bifacial Solar Market Definition
Bifacial solar refers to panels that are photovoltaic modules that can capture sunlight on both their front and rear sides, increasing energy generation. They are typically more efficient than traditional monofacial panels because they utilize reflected and diffused light from the surrounding environment. Bifacial panels can be installed on various surfaces, including rooftops, ground mounts, and vertical surfaces. They are especially effective in environments with high albedo, such as snowy or sandy areas.

Bifacial Solar Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global bifacial solar market report covering trends, opportunities, strategies, and more
The Bifacial Solar Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on bifacial solar market size, bifacial solar market drivers and trends, bifacial solar market major players, bifacial solar competitors' revenues, bifacial solar market positioning, and bifacial solar market growth across geographies. The bifacial solar market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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