The global bifacial solar market is estimated to grow at a CAGR of ~15% over the forecast period, i.e., 2022 – 2030. Bifacial solar panels can collect solar energy from both the sides, resulting in better performance, and more energy generated by the panel. The growth of the market can be attributed to the increasing adoption of solar power, backed by the increasing environment awareness amongst the people. The growing awareness for the use of clean and renewable energy to curb the rising pollution level is estimated to be one of the primary factors estimated to drive the market growth.
According to the data by the International Energy Agency (IEA), power generation from solar PV has increased by 22% in 2019, to 720 TWh, which is up by 131 TWh globally in 2019. Rising government initiatives to promote the use of solar energy for various applications, as solar energy is a green and clean energy, are estimated to fuel the market growth.
The market is segmented by end-user into residential, industrial, commercial, and others, out of which, the commercial segment is anticipated to hold the notable share in the global bifacial solar market over the forecast period on account of rapid commercialization of solar plants, and increasing investment in renewable energy sources by government and private-sector companies. Bifacial solar can generate a larger amount of solar electricity, which is further estimated to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
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.
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.
The global bifacial solar market is further classified on the basis of region as follows:
Our in-depth analysis of the global bifacial solar market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing government initiatives to promote the use of solar energy, and higher capacity of bifacial solar are the major factors driving the market growth.
The market is anticipated to attain ~15% CAGR over the forecast period, i.e., 2022-2030.
Lack of proper infrastructure is one of the factors estimated to hamper the market growth.
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.
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.
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.
The market is segmented by type, end-user, and by region.
The framed segment is anticipated to hold largest market over the forecast period on the back of ease of installation.
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