Bifacial Solar Panel Market Size, Strategic Analysis, Growth Drivers, Industry Trends, Demand and Future Opportunities and Forecast Period

 

The market for bifacial solar panel market was estimated to be worth USD 7.9 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 16.2% from 2024 to 2034, reaching USD 34.8 billion in 2034. Dual-purpose solar panel designed to collect light from the ground or surrounding surfaces on the back and absorb direct sunlight on the front. This two-pronged strategy greatly increases their capacity to produce energy. The market is developing and sustainable since it is associated with a variety of sectors.

 

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This implies that light reflected off of the ground or another surface can be absorbed by a bifacial solar panel. While bifacial solar panels feature two panes of glass or a reflecting back to hold the solar cells in place, classic mono facial solar panels have an opaque back sheet. exposing both the front and rear of the solar cells to sunlight. Bifacial solar panels may therefore collect sunlight from both sides, which increases their efficiency.

GROWTH DRIVERS

A survey published in the Sage Journal by Rahimat O. Yakubu, Lena D. Mensah, David A. Quansah, and Muyiwa S. Adaramola states that for each configuration, the bifacial gains, tracker gains, and bifacial-tracker gains were computed. The bifacial system with a solar tracker gained 8.9% over a monofacial system with a solar tracker, whereas the fixed ground-mounted inclined bifacial PV system obtained 12% annual average bifacial gain over the former.

The market is growing significantly and is being adopted due to the declining cost of solar technology. The cost of installing solar has decreased by more than 40% over the past ten years, according to the Solar Energy Industries Association, which has allowed the sector to grow into new markets and install thousands of systems across the country. Before incentives, the cost of an average-sized residential system was USD 40,000 in 2010; by 2023, that price has decreased to about USD 25,000. Meanwhile, utility-scale pricing have just plummeted to USD 16–35/MWh, which is competitive with all other kinds of generation.

MARKET SEGMENTATION:

·         By Cell Type- Monocrystalline, polycrystalline and thin-film

·         By Frame Type- Framed and Frameless

·         By Application- Utility-scale power plants, industrial and commercial, residential

·         By Installation Type- rooftop mounted, ground and floating

·         By Transparency Type- back sheet, glass transparent and others

·         By Technology Type- heterojunction, half cut Mono PERC and others

·         By End-Users- Residential, commercial and industrial

·         By Region- North America, Europe, Asia Pacific, Middle East and Africa, South America

Global Key Players:

·         Jinko Solar

·         Longi

·         Trina Solar

·         Canadian Solar

·         JA Solar Holdings

·         Hanwha

·         Risen Energy

·         LG Electronics

·         Prism Solar

·         Adani Solar

·         Other Players

 

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