Rising technological advancements and increasing government supportive policies and incentives are the major trends in the market.

NEW YORK CITY, NY, UNITED STATES, September 10, 2024 /EINPresswire.com/ -- 𝐓𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐟𝐨𝐫 𝐛𝐢𝐟𝐚𝐜𝐢𝐚𝐥 𝐬𝐨𝐥𝐚𝐫 𝐢𝐬 𝐨𝐧 𝐚 𝐠𝐫𝐨𝐰𝐭𝐡 𝐭𝐫𝐚𝐣𝐞𝐜𝐭𝐨𝐫𝐲. 𝐓𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭, 𝐰𝐡𝐢𝐜𝐡 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 𝐔𝐒𝐃 7.01 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 2023, 𝐢𝐬 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐠𝐫𝐨𝐰 𝐭𝐨 𝐔𝐒𝐃 22.97 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 2032. 𝐈𝐭 𝐢𝐬 𝐚𝐧𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐞𝐝 𝐭𝐨 𝐫𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐚 𝐫𝐨𝐛𝐮𝐬𝐭 𝐂𝐀𝐆𝐑 𝐨𝐟 14.1% 𝐟𝐫𝐨𝐦 2024 𝐭𝐨 2032.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧:
Bifacial solar panels are photovoltaic cells that can absorb sunlight from both the back and front of the panel. They are made using monocrystalline cells, which are more efficient but expensive as compared to traditional cells. Bifacial solar panels come with a reflective back or have dual panes of glass to hold the solar cells in place. This exposes the glass to sunlight at both the back and the front. As these panels are made to be completely transparent, they are usually frameless and don’t carry metal gridlines.

The working of bifacial solar panels is similar to that of normal solar panels. However, the bifacial design can increase electricity yield by significant amounts. Also, the use of tempered glass means the glass can withstand high temperatures and strong winds. The increased need for efficient and sustainable energy solutions drives the demand for bifacial solar, impacting the bifacial solar market demand favorably.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.polarismarketresearch.com/industry-analysis/bifacial-solar-market/request-for-sample

𝐓𝐨𝐩 𝐑𝐞𝐩𝐨𝐫𝐭 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬
• The market for bifacial solar was valued at USD 7.01 billion in 2023 and is projected to grow to USD 22.97 billion by 2032.

• The potential for higher energy output per unit area has led to increased adoption of bifacial solar across several sectors.

• The market segmentation is primarily based on product type, installation type, panels type, technology, and region.

• By region, North America accounted for the largest market share.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:
Leading market participants focus on R&D to drive market growth. Besides, they are adopting strategic initiatives to maintain their competitive edge in the market.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞:
• Canadian Solar
• JinkoSolar
• Jolywood Group
• LG Electronics
• LONGi
• Lumos Solar
• Neosun Inc
• Panasonic
• Premier Energies Limited
• Prism Solar Technologies

𝐆𝐫𝐨𝐰𝐭𝐡 𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬:

𝐑𝐢𝐬𝐢𝐧𝐠 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬: Advances in technology continually improve the performance and efficiency of bifacial solar. Also, ongoing R&D results in the development of more efficient bifacial solar panels and modules. The growing technological advances in bifacial solar drives the market expansion.
Growing Government Initiatives: Several governments worldwide have introduced policies and incentives to reduce greenhouse gas emissions and increase the adoption of renewable energy. These schemes create a favorable environment for customer investment and boost bifacial solar market sales.

𝐑𝐚𝐩𝐢𝐝 𝐔𝐫𝐛𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧: Rapid urbanization and industrialization, especially in emerging markets, have resulted in significant adoption of bifacial solar technology. This, in turn, is shaping the future of the market.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐁𝐞𝐟𝐨𝐫𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞:
https://www.polarismarketresearch.com/industry-analysis/bifacial-solar-market/request-for-discount-pricing

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
North America: North America accounted for the largest share of the market. This is primarily because the region is at the forefront of technological innovation. In addition, the presence of top companies and manufacturers fosters competition and impacts the regional market growth favorably.

Canada: Canada accounted for a significant market share in 2023. Technological advancements in bifacial solar improve efficiency and performance and make them an increasingly viable option for Canadian solar projects.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

𝐁𝐢𝐟𝐚𝐜𝐢𝐚𝐥 𝐒𝐨𝐥𝐚𝐫 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐓𝐲𝐩𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤
• Framed Bifacial Module
• Frameless Bifacial Module

𝐁𝐢𝐟𝐚𝐜𝐢𝐚𝐥 𝐒𝐨𝐥𝐚𝐫 𝐏𝐚𝐧𝐞𝐥 𝐓𝐲𝐩𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤
• Monocrystalline Bifacial Solar Panels
• Polycrystalline Bifacial Solar Panels
• Thin-Film Bifacial Solar Panels
• Glass Bifacial Solar Panels
• Backsheet Bifacial Solar Panels

𝐁𝐢𝐟𝐚𝐜𝐢𝐚𝐥 𝐒𝐨𝐥𝐚𝐫 𝐈𝐧𝐬𝐭𝐚𝐥𝐥𝐚𝐭𝐢𝐨𝐧 𝐓𝐲𝐩𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤
• Ground-Mounted Bifacial Solar Panels
• Rooftop Bifacial Solar Panels

𝐁𝐢𝐟𝐚𝐜𝐢𝐚𝐥 𝐒𝐨𝐥𝐚𝐫 𝐁𝐲 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐎𝐮𝐭𝐥𝐨𝐨𝐤
• Passivated Emitter Rear Cell (PERC)
• Heterojunction (HJT)
• Others Cell

𝐁𝐢𝐟𝐚𝐜𝐢𝐚𝐥 𝐒𝐨𝐥𝐚𝐫 𝐄𝐧𝐝-𝐔𝐬𝐞𝐫 𝐎𝐮𝐭𝐥𝐨𝐨𝐤
• Commercial Sector
• Industrial Sector
• Residential Sector
• Power Plants

𝐁𝐢𝐟𝐚𝐜𝐢𝐚𝐥 𝐒𝐨𝐥𝐚𝐫 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐎𝐮𝐭𝐥𝐨𝐨𝐤
• North America
o US
o Canada

• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe

• Asia Pacific
o China
o Japan
o India
o Malaysia
o South Korea
o Indonesia
o Australia
o Vietnam
o Rest of Asia Pacific

• Middle East & Africa
o Saudi Arabia
o UAE
o Israel
o South Africa
o Rest of Middle East & Africa

• Latin America
o Mexico
o Brazil
o Argentina
o Rest of Latin America

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐦𝐨𝐫𝐞 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐛𝐞𝐟𝐨𝐫𝐞 𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞:
https://www.polarismarketresearch.com/industry-analysis/bifacial-solar-market/inquire-before-buying

𝐅𝐀𝐐𝐬:
What is the growth rate of the bifacial solar market?
The market is projected to register a CAGR of 14.1% from 2024 to 2032.

Which region accounted for the largest market share?
North America held the largest share of the market in 2023.

Which panels type led the bifacial solar market?
In 2023, the monocrystalline bifacial solar panels segment dominated the market.

Which end-user is expected to witness significant growth in the bifacial solar market?
The residential segment is anticipated to witness significant growth from 2024 to 2032.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐏𝐌𝐑'𝐬 𝐁𝐢𝐟𝐚𝐜𝐢𝐚𝐥 𝐒𝐨𝐥𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞 𝐟𝐫𝐨𝐦 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐏𝐮𝐛𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬:

𝐁𝐢𝐟𝐚𝐜𝐢𝐚𝐥 𝐒𝐨𝐥𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐢𝐳𝐞 𝐢𝐬 𝐀𝐧𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐞𝐝 𝐭𝐨 𝐆𝐫𝐨𝐰 𝐚𝐭 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 14.1%, 𝐑𝐞𝐚𝐜𝐡𝐢𝐧𝐠 𝐚 𝐕𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐔𝐒$ 22.97 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 2032 | 𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
𝐋𝐢𝐭𝐡𝐢𝐮𝐦-𝐒𝐮𝐥𝐟𝐮𝐫 𝐁𝐚𝐭𝐭𝐞𝐫𝐲 𝐌𝐚𝐫𝐤𝐞𝐭:
https://www.polarismarketresearch.com/industry-analysis/lithium-sulfur-battery-market

𝐏𝐚𝐝-𝐦𝐨𝐮𝐧𝐭𝐞𝐝 𝐒𝐰𝐢𝐭𝐜𝐡𝐠𝐞𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭:
https://www.polarismarketresearch.com/industry-analysis/pad-mounted-switchgear-market

𝐕𝐨𝐥𝐮𝐧𝐭𝐚𝐫𝐲 𝐂𝐚𝐫𝐛𝐨𝐧 𝐂𝐫𝐞𝐝𝐢𝐭 𝐌𝐚𝐫𝐤𝐞𝐭:
https://www.polarismarketresearch.com/industry-analysis/voluntary-carbon-credit-market

𝐒𝐨𝐥𝐚𝐫 𝐏𝐚𝐧𝐞𝐥 𝐑𝐞𝐜𝐲𝐜𝐥𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭:
https://www.polarismarketresearch.com/industry-analysis/solar-panel-recycling-market

𝐖𝐚𝐯𝐞 𝐚𝐧𝐝 𝐓𝐢𝐝𝐚𝐥 𝐄𝐧𝐞𝐫𝐠𝐲 𝐌𝐚𝐫𝐤𝐞𝐭:
https://www.polarismarketresearch.com/industry-analysis/wave-and-tidal-energy-market

𝐀𝐛𝐨𝐮𝐭 𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 & 𝐂𝐨𝐧𝐬𝐮𝐥𝐭𝐢𝐧𝐠, 𝐈𝐧𝐜:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

Likhil G
Polaris Market Research and Consulting
+1 929-297-9727
sales@polarismarketresearch.com
Visit us on social media:
Facebook
X
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.