Bifacial Solar Market to Witness Exponential Growth by 2031 - Sharp Corp, Canadian Solar, Trina Solar, etc.

Advancement in Technology Foreseen to Drive the Global Bifacial Solar Market from 2021 to 2031

WILMINGTON, DELAWARE, UNITED STATES, April 16, 2024 /EINPresswire.com/ -- 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 the 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. The rise in demand from commercial & industrial sectors for electricity propels the growth of the market, especially during peak times. The increase in demand for solar-based electricity across the globe has led companies to introduce the latest advanced solar modules that focus on cost, efficiency, and design. Moreover, the reduction of energy costs and rise in affordability have accelerated the bifacial solar market forecast growth. The bifacial solar industry was valued at $8.7 billion in 2021, and the bifacial solar market size is estimated to reach $31.1 billion by 2031, growing at a CAGR of 13.6% from 2022 to 2031.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.alliedmarketresearch.com/request-sample/17339

Feed in Tariff (FiT) is one of the major attractions of taking up renewable energy such as solar panels. The initiative essentially meant that electricity produced by solar panel systems was paid for by governments to help offset the cost of buying the system. In addition, the European Union initiated the "Green Deal" program to reduce carbon emissions and harness residential potential to harvest solar energy. Various other initiatives of the government to improve the environment in rural areas and provide electricity for basic electronic gadgets are the factors that drive the growth of the bifacial solar market trends.

The bifacial solar market is proliferating on a global platform witnessing an increase in installations of bifacial modules globally. Bifacial solar modules offer several advantages compared to traditional solar panels, including power production from both sides and an increase in total energy generation. Bifacial modules can generate more power in a smaller array footprint, and reduce the balance of system (BOS) costs. In addition, these modules are extremely durable, with UV resistance applied on both sides. Frameless bifacial modules are considered beneficial for reducing potential-induced degradation (PID) concerns. Many research institutes are increasing studies to improve the functionalities of bifacial solar modules that can decrease the level of cost of electricity (LCOE). The presence of the above-mentioned initiatives and applications is expected to provide ample opportunities for the development of the market.

𝐆𝐞𝐭 𝐚 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/request-for-customization/17339

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Bifacial Solar industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐁𝐢𝐟𝐚𝐜𝐢𝐚𝐥 𝐒𝐨𝐥𝐚𝐫𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

Sun Power Corporation
LG Electronics
Wuxi Suntech Power Co., Ltd.
Canadian Solar
Yingli Green Energy
JA Solar Holding Co. Ltd.
LONGi
Sharp Corporation
Trina Solar
Jinko Solar Holdings

𝐏𝐫𝐞𝐬𝐬 𝐑𝐞𝐥𝐞𝐚𝐬𝐞: https://www.alliedmarketresearch.com/press-release/bifacial-solar-market.html

The global bifacial solar market is segmented based on cell type, frame type, end-use, and region.

Based on the cell type of bifacial solar, the market is segmented into heterojunction cells and passivated emitter rear cells. On the basis of frame type, it is bifurcated into framed and frameless. Based on end-use, it is segmented into residential, commercial, and industrial.

Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Europe accounts for the largest share of the market, followed by North America and Asia-Pacific.

The rapid development of industrialization, modernization, and the spread of information through the internet led to the development of the tourism industry, which fuels demand for bifacial solar. Furthermore, growth strategies such as expansion of production capacity, acquisitions, partnerships, and research & innovation in solar energy applications led to a significant development in trends of the global bifacial solar market.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/17339

𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲:

- Europe would exhibit a 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.
- The industrial end-use segment was the highest revenue contributor in 2021.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝟏. 𝐏𝐄𝐑𝐂 𝐒𝐨𝐥𝐚𝐫 𝐏𝐚𝐧𝐞𝐥𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/perc-solar-panels-market-to-garner-304-9-billion-globally-by-2032-at-8-2-cagr-allied-market-research-301889264.html

𝟐. 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐭 𝐒𝐨𝐥𝐚𝐫 𝐂𝐞𝐥𝐥𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/en/news-release/2023/03/17/2629597/0/en/Transparent-Solar-Cells-Market-Is-Expected-to-Reach-83-5-Million-by-2031-Allied-Market-Research.html

𝟑. 𝐒𝐦𝐚𝐫𝐭 𝐒𝐨𝐥𝐚𝐫 𝐏𝐨𝐰𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/smart-solar-power-market-to-reach-47-7-bn-globally-by-2031-at-13-6-cagr-allied-market-research-301642493.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

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Allied Market Research
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