Bifacial Solar Market
Report ID: SQMIG45O2041
Bifacial Solar Market Size, Share, Growth Analysis, By Type(Framed, and Frameless), By Application(Commercial, Residential, and Industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45O2041 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|Tables:
62
|Figures:
68
Bifacial Solar Market Insights
Global Bifacial Solar Market size was valued at USD 6.7 billion in 2022 and is poised to grow from USD 7.79 billion in 2023 to USD 26.08 billion by 2031, growing at a CAGR of 16.3% in the forecast period (2024-2031).
Bifacial solar, also known as photovoltaic solar, are cells that generate power when exposed to light. Technological advancements, low production costs, and easy availability of solar panels are driving the market growth. Bifacial solar panels are gaining high importance compared to traditional panels. The high demand growth is attributed to its growing applications in various settings. These solar panels effectively produce energy from both sides. Bifocal solar is made so that they can tolerate high temperatures. Key market players are investing heavily in R&D to produce innovative bifacial solar panels. To lower their costs, they are also employing competitive pricing strategies. The rising investment in energy projects across the globe is also leading to a healthy demand for high-quality bifacial solar cells. Surging demand for clean energy and emphasis on reduction of fossil fuel use could also play in the hands of bifacial solar suppliers over the coming years.
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Bifacial Solar Market Segmental Analysis
The global bifacial solar market is segmented based on type, application, and region. In terms of type, the market is segmented into framed and frameless. Based on application, the market is bifurcated into commercial, residential, and industrial. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Type
Framed bifacial solar currently holds a dominant global market share. This dominance is due to their performance and cost-effectiveness. Framed bifacial solar produces high energy and is easy to install, these features are increasing their sales across the globe. The versatility of installation options makes them sought-after products in various applications. The upfront cost of framed bifacial solar may be high but they result in high energy production leading to better return on investment.
Frameless bifacial solar are lightweight when compared to other solar cells. This makes them easy to install. The low weight also leads to reduced cost of installation. Frameless bifacial solar panels have a modern design which attracts most customers. Frameless bifacial solar panels are also durable in nature and corrosion resistant. Their longer lifespan is further boosting the demand for reliable frameless bifacial solar panels.
Analysis by Technology
The commercial setting segment is set to hold a dominant share of the global bifacial solar market in 2024. Commercial buildings make high use of their rooftops to install solar panels to earn extra income and reduce electricity charges. Bifacial solar panels with advanced technologies and materials are gaining high acceptance in commercial settings. Even though the initial cost of bifacial solar is high, their commercial application is increasing at a robust pace.
The demand for bifacial solar panels in residential settings is likely to increase at a robust pace during the coming decade. Bifacial solar panels can offer an efficient energy supply by capturing sunlight through both ends. The high efficiency of bifacial solar panels is appealing to their demand in low-space residential buildings. Bifacial solar panels result in high energy production and long-term cost savings. Homeowners are rapidly showing interest in the installation of bifacial solar panels.
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Bifacial Solar Market Regional Insights
North America is holding a dominant share of the global market. The growing solar market in North America is fueling the sales of bifacial solar. The United States is the major consumer of bifacial solar cells. This is due to their growing awareness and presence of tech-savvy consumers. Supportive government policies, initiatives, and environmental regulations are driving the sales of bifacial solar panels in the United States and Canada. High consumer awareness regarding the use of solar products and technologies in this region is also slated to bolster the demand for bifacial solar products in the future.
Asia Pacific is the largest market of bifacial solar manufacturers, and this is somewhere leading to its high demand growth across the region. During the projected period, sales of bifacial solar panels are expected to increase at a high pace. China, Japan, India, and South Korea are major markets for bifacial solar producers. Respective governments are implementing strict environmental regulations, and several companies are adopting sustainable practices, which is leading to high sales of bifacial solar cells. Advancements in solar technology by manufacturers in China and increasing affordability of solar products are also slated to create new opportunities for bifacial solar providers through 2031.
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Bifacial Solar Market Dynamics
Drivers
High Demand for Efficient Energy Generation
- Bifacial solar panels are much more efficient and effective in energy generation as compared to monofacial panels and increasing efforts to improve energy generation efficiency in the solar industry to satisfy clean energy demand is slated to bolster bifacial solar market growth in the future.
Solar Technology Advancements
- High focus on sustainability has resulted in a boost in solar R&D initiatives around the world, which are giving some significant solar tech advancements. These advancements could improve the affordability and efficiency of bifacial solar products thereby driving market growth as well.
Restraints
Requirement of Specialized Mounting and Its Limited Availability
- Bifacial solar panels are mounted on special structures that are not as wide available as structures for monofacial panels. This limited availability of specialized mounting structures is projected to hamper the bifacial solar market development going forward.
Shading and Installation Issues
- Bifacial solar panels need to be installed in a perfect place so that they receive adequate sunlight to generate energy and finding such as spot in urban spaces where high rises shade the entire city blocks could be a challenge that could impede bifacial solar adoption.
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Bifacial Solar Market Competitive Landscape
The bifacial solar companies should invest in R&D to improve the efficiency, performance, accessibility, and availability of their products on a global level. Market players can also invest in the development of specialized manufacturing equipment to maximize their revenue generation potential in the long run. Bifacial solar providers can also focus on providing advanced tracking and mounting solutions to improve business scope in the future. Companies can also leverage the trend of sustainability to market their products and boost sales potential.
Top Player’s Company Profiles
- PVG Solutions
- Tigo Energy Inc.
- LG Electronics
- Jolywood Solar Technology
- Yingli Green Energy
- LONGi Solar
- Lumos Solar
- Trina Solar
- Ecoppia
- Panasonic
- Sunpreme Inc.
- Neo Solar Panel
- MegaCell
Recent Developments
- AIKO Solar, a renowned provider of clean energy products and services based in China announced the launch of its new bifacial solar module in December 2023. The new bifacial solar products were designed especially for utility applications and featured bifacially of up to 70%.
- In February 2024, Navitas Solar, a provider of solar products based in Gujrat, India, announced the launch of its new bifacial solar modules at an event called InterSolar India 2024.
- Jakson, a leading provider of solar products and infrastructure, announced the launch of its new bifacial solar panels back in October 2023. These panels offered a power conversion efficiency of around 22.6%.
Bifacial Solar Key Market Trends
- Expansion of Application Scope: Bifacial solar providers can focus on optimizing the application scope of their products by investing in research and development of novel products. Companies can also develop specialized bifacial solar products to maximize their sales and revenue generation potential in the long run.
Bifacial Solar Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, high demand for clean energy and growing popularity of solar energy products as well as their rising acceptance are slated to be key prospects driving sales of bifacial solar products. Advancements in solar technologies could also create attractive growth opportunities for bifacial solar companies in the long run. However, the requirement of specialized mounting structures and their limited availability are slated to slow down the demand for bifacial solar products across the forecast period. North America is estimated to account for a massive share of the global bifacial solar marketplace through 2031. Investments in research and development of novel bifacial solar products will be a key strategy for new as well as established bifacial solar companies in the global landscape.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.7 billion |
| Market size value in 2031 | USD 26.08 billion |
| Growth Rate | 16.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Bifacial Solar Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Bifacial Solar Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Bifacial Solar Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Bifacial Solar Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Bifacial Solar Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Bifacial Solar Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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