Press release
Bifacial Solar Market Anticipated To Witness Robust Growth, Surpassing $17.63 Billion By 2029
Bifacial Solar
What Is the Current Bifacial Solar Market Size and Its Estimated Growth Rate?
The bifacial solar market size has experienced rapid growth in recent years. It will increase from $9.14 billion in 2024 to $10.45 billion in 2025, with a CAGR of 14.4%. This rise is attributed to advancements in solar technology, government incentives, declining solar panel costs, growing renewable energy awareness, and substantial investments in research and development.
The bifacial solar market is expected to grow to $17.63 billion by 2029 at a CAGR of 14.0%. This growth is driven by renewable energy installations, green energy investments, and technological advancements in solar technology. Key trends include higher efficiency, wider adoption, and integration with other renewable technologies.
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How Are Emerging Segments Shaping the Bifacial Solar Market Landscape?
The bifacial solar market covered in this report is segmented -
1) By Type: Monocrystalline Bifacial Solar Panels, Polycrystalline Bifacial Solar Panels, Thin-Film Bifacial Solar Panels
2) By Installation: Ground-Mounted Bifacial Solar Panels, Rooftop Bifacial Solar Panels
3) By Cell Type: Passivated Emitter Rear Cell, Heterojunction, Other Cell Types
4) By End-User: Utility-Scale Solar Projects, Commercial And Industrial (C And I) Sector, Residential Sector
Subsegments:
1) By Monocrystalline Bifacial Solar Panels: High-Efficiency Monocrystalline Bifacial Panels, PERC (Passivated Emitter and Rear Contact) Monocrystalline Bifacial Panels, Dual-Glass Monocrystalline Bifacial Panels
2) By Polycrystalline Bifacial Solar Panels: Standard Polycrystalline Bifacial Panels, Dual-Glass Polycrystalline Bifacial Panels, High-Performance Polycrystalline Bifacial Panels
3) By Thin-Film Bifacial Solar Panels: Amorphous Silicon Bifacial Panels, Cadmium Telluride (CdTe) Bifacial Panels, Copper Indium Gallium Selenide (CIGS) Bifacial Panels
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Which Growth Factors Are Influencing Bifacial Solar Market Expansion?
The bifacial solar market is poised to grow due to the increasing demand for solar-based electricity. Solar power, generated through photovoltaic cells or solar thermal systems, is becoming more popular as concerns about the environment and the shift toward renewable energy sources to combat climate change rise. Bifacial solar panels enhance solar power generation by capturing sunlight from both sides, increasing energy yield. The Energy Information Administration (EIA) reported in January 2024 that U.S. solar generation is projected to rise by 75%, from 163 billion kWh in 2023 to 286 billion kWh by 2025. This growing demand for solar energy is driving the bifacial solar market.
Who Are the Dominant Players Across Different Bifacial Solar Market Segments?
Major companies operating in the bifacial solar market are Reliance Industries Ltd, LG Electronics, LONGi Green Energy Technology Co. Ltd., Sharp Corporation, Trina Solar Co Ltd, Jinko Solar Holdings, JA Solar Technology Co. Ltd., Hanwha Solutions, Canadian Solar Inc., Risen Energy, First Solar Inc, Sun Power Corporation, GCL System Integration Technology Co Ltd, Wuxi Suntech Power Co. Ltd., Adani Green Energy Ltd, Zhongli Talesun Solar Co. Ltd, SoliTek, Seraphim Solar System Co. Ltd., Jiangsu Sunport Power Corp. Ltd., Yingli Green Energy Holding Co Ltd
What Trends Are Driving Growth in The Bifacial Solar Market?
Companies in the bifacial solar market are advancing bifacial solar technology to gain a competitive edge. In April 2024, Adani Solar, an Indian company, launched the 575 W TOPCon bifacial PV module. This module, which captures sunlight from both sides for enhanced efficiency, is designed to support high-demand solar projects globally, with a power output range from 550 W to 575 W.
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Which Geographic Regions Are Expected to Dominate the Bifacial Solar Market in the Coming Years?
North America was the largest region in the bifacial solar market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bifacial solar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Bifacial Solar Market?
2. What is the CAGR expected in the Bifacial Solar Market?
3. What Are the Key Innovations Transforming the Bifacial Solar Industry?
4. Which Region Is Leading the Bifacial Solar Market?
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