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.
Bifacial Solar Market Report Snapshots
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