The global bifacial solar market is expected to grow from USD 6.8 billion in 2022 to USD 26.4 billion by 2032, at a CAGR of 16.30%.
This growth is attributed to a number of factors, including:
· Increasing adoption of solar power: Solar power is becoming increasingly popular as a source of clean and renewable energy. This is being driven by factors such as rising energy costs, growing environmental awareness, and government support for solar power development.
· Falling costs of bifacial solar panels: The cost of bifacial solar panels has been falling in recent years, making them more attractive to consumers and businesses.
· Technological advancements: Bifacial solar panel technology is constantly advancing, resulting in more efficient panels that can generate more electricity.
· Government support: Many governments around the world are offering subsidies and other incentives to promote the adoption of bifacial solar power.
Bifacial solar refers to a type of solar panel that can capture sunlight on both sides of the panel, rather than just one side, increasing the overall energy output.
Additionally, supply chain disruptions and labor shortages caused by the pandemic may have affected the manufacturing and installation of bifacial solar panels. However, the overall impact on the bifacial solar industry may have varied depending on specific factors such as location and market conditions.
Key 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
Regional Analysis
Asia-Pacific has the highest market share for solar energy, as it is the largest producer and consumer of the global market. The huge potential of planned solar projects in the coming years is expected to rise the market growth in this region. Growing investments in solar energy due to the rising focus on the development of renewable energy sources especially in India, China, and a few South Asian countries is escalating the market growth in this region.
Market Segmentation
The Global Bifacial solar panels Market size has been segmented into type, cell, and end user.
Based on the type, the market has been segmented into Framed and Frameless.
Based on the cell, the market has been segmented into Heterojunction Cells & Passivated Emitter Rear Cells.
Based on the end user, the market has been segmented into Residential, Industrial, and Commercial.
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