Bifacial Solar Market Is Projected To Grow To US$ 22.97 Billion With A CAGR Of 14.1% From 2024 To 2032

(MENAFN- EIN Presswire)

Bifacial Solar Market

Rising technological advancements and increasing government supportive policies and incentives are the major trends in the market.

Bifacial solar panels are being increasingly used in commercial, industrial, and residential sectors to improve the overall energy yield of solar systems.” - Polaris Market ResearchNEW YORK CITY, NY, UNITED STATES, September 10, 2024 /EINPresswire / -- The market for bifacial solar is on a growth trajectory. The market, which was valued at USD 7.01 billion in 2023, is projected to grow to USD 22.97 billion by 2032. It is anticipated to register a robust CAGR of 14.1% from 2024 to 2032.

Market Introduction:
Bifacial solar panels are photovoltaic cells that can absorb sunlight from both the back and front of the panel. They are made using monocrystalline cells, which are more efficient but expensive as compared to traditional cells. Bifacial solar panels come with a reflective back or have dual panes of glass to hold the solar cells in place. This exposes the glass to sunlight at both the back and the front. As these panels are made to be completely transparent, they are usually frameless and don't carry metal gridlines.

The working of bifacial solar panels is similar to that of normal solar panels. However, the bifacial design can increase electricity yield by significant amounts. Also, the use of tempered glass means the glass can withstand high temperatures and strong winds. The increased need for efficient and sustainable energy solutions drives the demand for bifacial solar, impacting the bifacial solar market demand favorably.

Download Free Sample PDF Copy of the Report:
/request-for-sample

Top Report Findings
.The market for bifacial solar was valued at USD 7.01 billion in 2023 and is projected to grow to USD 22.97 billion by 2032.

.The potential for higher energy output per unit area has led to increased adoption of bifacial solar across several sectors.

.The market segmentation is primarily based on product type, installation type, panels type, technology, and region.

.By region, North America accounted for the largest market share.

Key Market Players:
Leading market participants focus on R&D to drive market growth. Besides, they are adopting strategic initiatives to maintain their competitive edge in the market.

The key players in the market are:
.Canadian Solar
.JinkoSolar
.Jolywood Group
.LG Electronics
.LONGi
.Lumos Solar
.Neosun Inc
.Panasonic
.Premier Energies Limited
.Prism Solar Technologies

Growth Drivers and Opportunities:

Rising Technological Advancements: Advances in technology continually improve the performance and efficiency of bifacial solar. Also, ongoing R&D results in the development of more efficient bifacial solar panels and modules. The growing technological advances in bifacial solar drives the market expansion.
Growing Government Initiatives: Several governments worldwide have introduced policies and incentives to reduce greenhouse gas emissions and increase the adoption of renewable energy. These schemes create a favorable environment for customer investment and boost bifacial solar market sales.

Rapid Urbanization: Rapid urbanization and industrialization, especially in emerging markets, have resulted in significant adoption of bifacial solar technology. This, in turn, is shaping the future of the market.

Request for a Discount on this Report Before Purchase:
/request-for-discount-pricing

Regional Overview:
North America: North America accounted for the largest share of the market. This is primarily because the region is at the forefront of technological innovation. In addition, the presence of top companies and manufacturers fosters competition and impacts the regional market growth favorably.

Canada: Canada accounted for a significant market share in 2023. Technological advancements in bifacial solar improve efficiency and performance and make them an increasingly viable option for Canadian solar projects.

Segmental Analysis:

Bifacial Solar Product Type Outlook
.Framed Bifacial Module
.Frameless Bifacial Module

Bifacial Solar Panel Type Outlook
.Monocrystalline Bifacial Solar Panels
.Polycrystalline Bifacial Solar Panels
.Thin-Film Bifacial Solar Panels
.Glass Bifacial Solar Panels
.Backsheet Bifacial Solar Panels

Bifacial Solar Installation Type Outlook
.Ground-Mounted Bifacial Solar Panels
.Rooftop Bifacial Solar Panels

Bifacial Solar By Technology Outlook
.Passivated Emitter Rear Cell (PERC)
.Heterojunction (HJT)
.Others Cell

Bifacial Solar End-User Outlook
.Commercial Sector
.Industrial Sector
.Residential Sector
.Power Plants

Bifacial Solar Regional Outlook
.North America
oUS
oCanada

.Europe
oGermany
oFrance
oUK
oItaly
oSpain
oNetherlands
oRussia
oRest of Europe

.Asia Pacific
oChina
oJapan
oIndia
oMalaysia
oSouth Korea
oIndonesia
oAustralia
oVietnam
oRest of Asia Pacific

.Middle East & Africa
oSaudi Arabia
oUAE
oIsrael
oSouth Africa
oRest of Middle East & Africa

.Latin America
oMexico
oBrazil
oArgentina
oRest of Latin America

Inquire more about this report before purchase:
/inquire-before-buying

FAQs:
What is the growth rate of the bifacial solar market?
The market is projected to register a CAGR of 14.1% from 2024 to 2032.

Which region accounted for the largest market share?
North America held the largest share of the market in 2023.

Which panels type led the bifacial solar market?
In 2023, the monocrystalline bifacial solar panels segment dominated the market.

Which end-user is expected to witness significant growth in the bifacial solar market?
The residential segment is anticipated to witness significant growth from 2024 to 2032.

Browse PMR's Bifacial Solar Market Report Coverage from Different Publications:

Bifacial Solar Market Size is Anticipated to Grow at a CAGR of 14.1%, Reaching a Valuation of US$ 22.97 Billion by 2032 | Polaris Market Research

Browse More Research Reports:
Lithium-Sulfur Battery Market:


Pad-mounted Switchgear Market:


Voluntary Carbon Credit Market:


Solar Panel Recycling Market:


Wave and Tidal Energy Market:


About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

Likhil G
Polaris Market Research and Consulting
+1 929-297-9727
...
Visit us on social media:
Facebook
X
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.

MENAFN10092024003118003196ID1108657449