Allied Market Research published a report, titled, Bifacial Solar Market by cell type, by frame type, by end use and region: Global Opportunity Analysis and Industry Forecast, 2021-2031. According to the report, the global bifacial solar market generated $8.7 billion in 2021, and is projected to reach $31.1 billion by 2031, growing at a CAGR of 13.6% from 2022 to 2031.The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Extensive installations of renewable energy source for power generation in various countries, increase in investment in green energy resources among both developed and developing countries, and rise in awareness regarding the use of low carbon intensive technologies among people are expected to drive the growth of the global bifacial solar market. On the other hand, high cost of bifacial solar panels is expected to hinder the growth to some extent. However, the presence of government incentives and reduction in taxes in developing countries are expected to create remarkable opportunities for the growth of the industry.
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Bifacial solar panels are the latest technology designed with high-efficiency solar cells installed on both sides of a module to produce electricity at the same time. It can capture light as it reflects off the roof or ground surface under the panel and absorbs light from rear and front sides, allowing diffused light to be used. Bifacial solar cells use high-watt modules and high-efficiency panels in solar panels and cell development. Rise in demand from commercial & industrial sectors for electricity propels growth of the market, especially during peak times. Increase in demand for solar-based electricity across the globe has led companies to introduce latest advanced solar modules that focus on cost, efficiency, and design. Moreover, reduction of energy cost and rise in affordability has accelerated the bifacial solar market forecast growth.
The report offers a detailed segmentation on the global bifacial solar market based on cell type, frame type, end use, and region.
Based on frame type, the framed segment held the largest market share in 2021, garnering around three-fourths of the global market. The frameless segment, on the other hand, is predicted to cite the fastest CAGR of 14.0% during the forecast period.
Based on end use, the industrial segment held the majority market share in 2021, holding nearly half of the global market. The residential segment, on the other hand, is expected to cite the fastest CAGR of 14.0% during the forecast period.
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Based on region, the market across Europe held the lion’s share in 2021, holding more than one-third of the global market. The Asia-Pacific region, on the other hand, is predicted to exhibit the fastest CAGR of 14.3% during the forecast period.
The key players analyzed in the global bifacial solar industry report include Jinko Solar Holdings, Canadian Solar, Yingli Green Energy, LG Electronics, LONGi, JA Solar Holding Co. Ltd., Sharp Corporation, Sun Power Corporation, Trina Solar, and Wuxi Suntech Power Co., Ltd.
Key findings of the study
• Europe would exhibit CAGR of 13.2% during 2022-2031.
• As per global bifacial solar market share analysis, by cell type, the Passivated emitter rear cell segment accounted for the largest share in 2021.
• As per global bifacial solar market analysis, by frame type, framed type bifacial solar was the leading segment in 2021.
• Industrial end use segment was the highest revenue contributor in 2021.