Covina, Aug. 12, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global bifacial solar market size and share is projected to grow from USD 18.24 Billion in 2024 and is forecasted to reach USD 69 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 15.7% during the forecast period (2024 - 2034).
Bifacial Solar Market Report Overview
- What is Bifacial Solar? How big is Bifacial Solar Market?
Bifacial solar technology represents a significant advancement in photovoltaic (PV) technology, offering enhanced efficiency and performance compared to traditional monofacial solar panels. Bifacial solar panels use light that reflects off surfaces underneath them to generate extra electricity. They are made to capture sunlight on both the front and rear sides of the panel.
Bifacial solar panels are more efficient overall because of their capacity to absorb light from various angles. Higher energy yields and better performance in a range of environmental settings are the outcomes of this. The higher efficiency is especially helpful in places where there is a lot of solar reflection like in sandy or snowy regions.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Bifacial Solar Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- LONGi Solar
- Tigo Energy Inc.
- Sunpreme Inc.
- Suntech Power
- Jolywood Solar Technology
- MegaCell
- Trina Solar
- Ecoppia
- Prism Solar
- Panasonic
- PVG Solutions
- Lumos Solar
- LG Electronics
- Neo Solar Panel
- Yingli Green Energy
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Analyst View:
The bifacial solar panels market is expanding significantly and changing as a result of the technology’s increasing acceptance in many sectors of solar energy. According to analysts, the market is a potential and quickly growing sector that is being driven by changes in consumer needs, increased efficiency, and technological improvements.
Market Dynamics:
Drivers:
Government Incentives and Policies
- Bifacial solar market is expanding due to government initiatives and subsidies that encourage the use of renewable energy sources. The favorable market conditions for bifacial technology are partly attributed to programs and subsidies designed to increase the deployment of solar energy systems.
Increased Efficiency and Energy Output
- As bifacial solar panels can collect sunlight from both sides, they are more efficient than standard monofacial solar panels. For solar projects, this increased energy output means higher Returns on Investment (ROI), especially for large-scale systems and areas with high albedo surfaces. The adoption of bifacial technology is mostly being driven by the promise of enhanced performance.
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Market Trends:
Growing Adoption in Utility-Scale Projects
- Utility-scale solar farms are increasingly using bifacial solar panels because of their enhanced performance and higher energy production. The market for bifacial solar is significantly driven by the increasing trend of large-scale solar installations, as these projects profit tremendously from the increased energy output and efficiency of bifacial panels.
Segmentation:
Bifacial Solar Market is segmented based on Product Type, Application, and Region.
Product Type Insights
- This sector includes [Cell Technology (PERC, TOPCon, HJT), Frame Type (Framed, Frameless), and Panel Type (Glass-Glass, Backsheet)]. Cell Technology segment is expected to dominate the target market growth as significant progress has been made in cell technology for bifacial panels, as evidenced by the creation of high-efficiency bifacial solar cells that increase light absorption and energy generation.
Application Insights
- In the target market commercial sector is the most dominant. Commercial buildings use more energy than residential ones. More effective solar solutions are in high demand because of these facilities' substantial energy requirements. Commercial buildings have significant energy needs, and bifacial solar panels with their dual-sided solar cell technology may meet those needs while producing additional electricity.
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Recent Development:
- In July 2024, RECOM has launched a new solar panel, the Lion HJT 750Wp. The module comes with a 30-year product warranty and an efficiency rating of 24.1%. With a bifaciality factor of up to 90% and heterojunction technology (HJT), the Lion HJT 750Wp solar module is impressive. Its n-type technology avoids light-induced degradation (LID) and potential-induced degradation (PID) effects, as well as power losses.
Regional Insights
- North America: This region is leading the way in the adoption of cutting-edge solar technologies, especially the US and Canada. A growing number of new and existing solar installations are including bicluster solar panels because of their exceptional performance and efficiency.
- Asia Pacific: the adoption of renewable energy is being encouraged by the policies and initiatives being implemented by governments throughout the region. Subsidies, taxes, breaks, and goals for renewable energy are some of them. Policies that lower the initial investment costs and promote wider use of bifacial solar panels increase their appeal.
Browse Detail Report on "Bifacial Solar Market Size, Share, By Product Type [Cell Technology (PERC, TOPCon, HJT), Frame Type (Framed, Frameless), and Panel Type (Glass-Glass, Backsheet)], By Application (Commercial, Industrial, and Residential), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/bifacial-solar-market-5544
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