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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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Extensive insights into the Growth of Bifacial Solar Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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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 Bifacial Solar Market Highlights over 2022 – 2030

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.

Bifacial Solar MarketAccording 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.

Solar Power

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

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.

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

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

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

Challenges

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

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.
  • ISOVOLTAIC AG
  • Yingli Solar

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