Bifacial Solar Market Size, Share, Growth Analysis, By Type(Framed, and Frameless), By Application(Commercial, Residential, and Industrial), By Region - Industry Forecast 2024-2031

Q: What is the global market size of Bifacial Solar Market?

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).

Q: Which region accounted for the largest share in Global Bifacial Solar Market?

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.

Report ID: SQMIG45O2041 | Region: Global | Published Date: March, 2024
Pages: 184 | Tables: 62 | Figures: 68

Bifacial Solar Market News

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 Market Report Snapshots

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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).

The bifacial solar companies should invest in R&D to improve the efficiency, performance, accessibility, and availability of their products on a 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. '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'

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.

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.

North America is holding a dominant share of the 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.

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Bifacial Solar Market Size, Share, Growth Analysis, By Type(Framed, and Frameless), By Application(Commercial, Residential, and Industrial), By Region - Industry Forecast 2024-2031

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