Bifacial Solar Market

Segmentation by Type (Framed and Frameless); and by End-Use (Residential, Industrial, Commercial, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Report ID: 3690 | Published On: Feb 07, 2023
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Global Bifacial Solar Market Regional Synopsis

On the basis of geographical analysis, the global bifacial solar market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to garner largest share over the forecast period on the back of the immense growth potential, backed by the abundance of sunlight all around the year in countries, such as, China, Japan, Viet Nam, India, and others. The growing government investment in renewable energy sources, in countries such as China, India, Japan, and Thailand, is further projected to boost the market growth.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the technological advancement, growing public awareness, increasing adoption of solar farms as a commercial activity, and growing government investment in renewable energy sources.

Bifacial Solar Market

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The global bifacial solar market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Bifacial Solar Market
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Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Market Segmentation

Our in-depth analysis of the global bifacial solar market includes the following segments:

By Type

  • Framed
  • Frameless

By End-User

  • Residential
  • Industrial
  • Commercial
  • Others

Growth Drivers

  • Higher Productivity from Using Bifacial Solar
  • Growing Production of Solar Cells and Solar Panels
  • Increasing Installation of Utility-Scale Solar Panels


  • Lack of Proper Infrastructure in Developing Nations
  • Higher Cost as Compared to Monofacial Solar

Solar Power
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Top Featured Companies Dominating the Market

    • Cybrid Technologies Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Trina Solar Co., Ltd
    • UAB Soli Tek Cells
    • First Solar, Inc.
    • TATA Power Solar Systems Limited (TATA Group)
    • Canadian Solar Inc, S.A.
    • Shanghai Aiko Solar Energy Co., Ltd.
    • JA Solar Technology Co., Ltd.
    • Yingli Solar

In The News

  • January, 2021: Trina Solar Co. Ltd., announced the launch of Trina Tracker Vanguard 600+ Series which aims to increase solar panel efficiency by 2%-8%.

  • October, 2020: Yingli Solar plans to install 10 GW solar panels by 2025, Driven by growing project pipeline.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the bifacial solar market?

Ans: Increasing government initiatives to promote the use of solar energy, and higher capacity of bifacial solar are the major factors driving the market growth.

2) What would be the CAGR of bifacial solar market over the forecast period?

Ans: The market is anticipated to attain ~15% CAGR over the forecast period, i.e., 2022-2030.

3) What are the challenges affecting the bifacial solar market growth?

Ans: Lack of proper infrastructure is one of the factors estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of bifacial solar market in future?

Ans: The market in Asia Pacific is estimated to garner the largest market share owing to the large number of commercial solar farms in the region.

5) Who are the major players dominating the bifacial solar market?

Ans: The major players in the market are Trina Solar Co., Ltd, TATA Power Solar Systems Limited, JA Solar Technology Co., Ltd., ISOVOLTAIC AG, UAB Soli Tek Cells, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the bifacial solar market?

Ans: The market is segmented by type, end-user, and by region.

8) Which sub-segment captures the largest market size in the type segment in the market?

Ans: The framed segment is anticipated to hold largest market over the forecast period on the back of ease of installation.

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