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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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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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.
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The global bifacial solar market is further classified on the basis of region as follows:
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.
Our in-depth analysis of the global bifacial solar market includes the following segments:
By Type
By End-User
Growth Drivers
Challenges
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.
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.
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.
Ans: The market is anticipated to attain ~15% CAGR over the forecast period, i.e., 2022-2030.
Ans: Lack of proper infrastructure is one of the factors estimated to hamper the market growth.
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.
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.
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.
Ans: The market is segmented by type, end-user, and by region.
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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