Global Bifacial Solar Market Set to Surge, Reaching $187.1 Billion by 2028, BCC Research Analyst Predicts

Marking a Robust 12.7% CAGR, the Bifacial Solar Market is Poised for Significant Growth, Doubling from $92.4 Billion in 2023

BOSTON, Feb. 1, 2024 /PRNewswire/ -- The "Global Bifacial Solar Market" refers to the worldwide industry that deals with a special kind of solar technology. Imagine a solar panel that can capture sunlight not only from the front but also from the back – that's what bifacial solar panels do. These panels have the ability to generate electricity by capturing sunlight on both sides, making them more efficient.

In the global market, companies are investing in and producing these innovative solar panels. They're becoming popular because they can generate more energy compared to traditional solar panels. This introduction highlights the exciting advancements in solar technology that are happening around the world, with a focus on the double-sided magic of bifacial solar panels.

"According to the latest research study, the demand for Global Bifacial Solar Market grow from $92.4 billion in 2023 and is estimated to increase from $187.1 billion in 2028, at a compound annual growth rate (CAGR) of 12.7% from 2023 to 2028."

This comprehensive report delves into the analysis of various ongoing technologies in the current landscape, evaluating their feasibility. It extensively covers the multifaceted aspects of the bifacial solar market, including segmentation based on panel type, frame type, application, and regional market development. The regional analysis drills down into major countries like the U.S., China, Germany, India, and others, pinpointing lucrative opportunities for the deployment of bifacial solar technologies. The report adopts a straightforward and reader-friendly format, complemented by tables and figures that illustrate historical, current, and future market scenarios. Leading companies are profiled, offering insights into their product portfolios, while a list of other companies in global and regional markets is also provided. Additionally, the report features a patent analysis, highlighting a noteworthy investment area for potential stakeholders. Using 2022 as the base year, estimated values for 2023 are presented, with market values forecasted from 2023 through 2028, all expressed in billions of dollars, while market shares and Compound Annual Growth Rates (CAGRs) are provided in percentages.

Currently, the solar panel industry as a whole has about a 30% acceptance rate for bifacial solar panels. However, because solar is being used in more and more green technologies, the adoption rate will soar to new heights and reach 70% by the end of 2030. 

Over the past few decades, installed capacity of solar photovoltaic (PV) modules has increased from 40 GW to over 600 GW, but the cost of these modules has decreased by 80%. Thus, it shows that the bifacial solar panels have a significant whitespace opportunity.

Compared to frameless solar panels, framed solar panels require less installation and maintenance, which is why over 90% of customers choose to install them.

Uncover the detailed insights and driving forces behind the booming Bifacial Solar Market in our comprehensive research report – click here to Learn More.

Driving forces behind the global bifacial solar market's growth comprise:

1.  Growing Expansion of Solar Power Generation Backed by Significant Investment in Solar Industry

Growing Expansion of Solar Power Generation Backed by Significant Investment in Solar Industry" sums up the solar power generation's ongoing development and progress. Significant investments in the solar sector are driving this expansion, which is indicative of a larger trend toward the adoption and expansion of solar energy infrastructure. The substantial financial resources committed highlight how important it is for the world to switch to renewable and sustainable energy sources, with solar energy being essential to supplying the increasing need for greener, cleaner electricity.

2.  Increasing Demand for Electricity Worldwide-describes the growing need for electricity around the world. Numerous causes, including population expansion, urbanization, industrialization, and the growing reliance on electronic devices, are responsible for this increased demand. To fulfil the growing needs of homes, businesses, and industries worldwide, there is a corresponding rise in the consumption of electricity as societies continue to progress. This trend emphasizes the continuous challenge and opportunity facing the energy sector to deliver dependable and sustainable solutions to meet the growing global demand for electricity.

3.  Supportive Government Regulations and Policies for Solar Energy- describes the proactive steps governments have made to promote the use and expansion of solar energy. This usually entails putting laws, rules, and other incentives into place that facilitate and increase the financial appeal of solar power solutions for consumers, companies, and sectors of the economy. Supportive policies could include feed-in tariffs, tax rebates, mandates for renewable energy, and expedited permitting procedures. The development of solar energy infrastructure and the shift to cleaner, more sustainable energy sources are greatly aided by such government programs.

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Report Synopsis        

The Rising Demand for Global Bifacial Solar Market:

The rising demand for the Global Bifacial Solar Market reflects a growing appetite for advanced solar technologies worldwide. Bifacial solar panels, capable of harnessing sunlight from both sides, are gaining prominence due to their increased energy efficiency. The market's upward trajectory is fueled by a surge in interest from diverse sectors seeking more effective and sustainable energy solutions. This demand is further propelled by the global emphasis on cleaner energy sources, with bifacial solar technology emerging as a key player in meeting this objective. As businesses, industries, and nations increasingly recognize the benefits of harnessing energy from both the front and back of solar panels, the Global Bifacial Solar Market continues to witness a notable surge in demand, marking a significant shift towards innovative and environmentally conscious solar power generation.

Trends and Innovations:

The Global Bifacial Solar Market's trends and breakthroughs reflect a changing environment propelled by ongoing developments in solar technology. Enhancing bifacial solar panels' performance and efficiency is a prominent priority as the market develops. Better materials, more efficient manufacturing techniques, and creative designs that optimize energy absorption from both sides of the panels are examples of innovations. Furthermore, bifacial solar technology is increasingly being incorporated into non-traditional solar farm applications, like building-integrated photovoltaics. The market is changing in Favor of more intelligent and environmentally friendly energy solutions, and continuous research and development is opening new avenues for innovations that will help bifacial solar technology become widely used.

Challenges and Opportunities:

The Global Bifacial Solar Market faces both challenges and opportunities. Challenges include dealing with higher initial costs and changes in energy production when the weather shifts. Figuring out regulations in different places can also be tricky. On the bright side, there are opportunities. As technology gets better and more popular, the costs of bifacial solar panels should come down. With the world wanting cleaner energy, there's a chance for the market to grow. New ideas and designs for solar panels also create chances for improvement and expansion. Support from governments and more people caring about the environment add to the positive outlook for the Global Bifacial Solar Market. Balancing these challenges and opportunities is crucial for the continued success of bifacial solar technology worldwide.

This report on the global bifacial solar market provides comprehensive insights and analysis, addressing the following key questions:

1.  What is the market's expected size and rate of growth?

The market is expected to reach $187.1 billion in 2028, with a compound annual growth rate (CAGR) of 12.7% throughout the forecast period.

2.  What are the main elements propelling the market's expansion?

• Growing solar power generation is supported by substantial industrial investment in the solar sector.
• Rising Electricity Consumption.
• Government Policies and Regulations That Encourage Solar Energy.

3.  What segments are covered in the market?

• By Panel Type
• By Module Type
• By Frame Type
• By Installation
• By Application

4.  Which market category, according to panel type, will be in the lead by the end of 2028?

By 2028, the monocrystalline solar panel category will control the market.

5.  Which region has the highest market share in the market?

Asia-Pacific region holds the highest share of the global market.

Some of the Key Market Players Are:

• AESOLAR
• CANADIAN SOLAR INC.
• HD HYUNDAI ENERGY SOLUTIONS CO. LTD.
• JINKO SOLAR
• LG ELECTRONICS INC.
• LONGI
• SHARP CORP.
• TRINA SOLAR CO. LTD.
• WAAREE ENERGIES LTD.
• WUXI SUNTECH POWER CO. LTD.

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Luminescent Solar Concentrators (LSC) For Photovoltaic (PV) Solar Cells: Luminescent Solar Concentrators (LSC) represent an innovative approach to enhancing the efficiency of Photovoltaic (PV) solar cells. These devices utilize luminescent materials to capture sunlight and guide it to solar cells, concentrating and optimizing the absorption of light. Luminescent Solar Concentrators enhance the performance of photovoltaic cells by increasing the amount of sunlight they can convert into electricity. This technology holds promise for improving the cost-effectiveness and energy output of solar panels, offering a potential solution to enhance the efficiency of solar energy capture in various applications. The integration of Luminescent Solar Concentrators showcases ongoing efforts to advance the capabilities of solar power systems, contributing to the evolution of sustainable and renewable energy solutions.

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