The new report by Expert Market Research titled, ‘Global Bifacial Solar Panels Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global bifacial solar panels market, assessing the market based on its segments like cells, frames, solar panel types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028):19.3%
The increased use of bifacial solar panels in residential and commercial applications is likely to drive the global market for these panels. Bifacial panels provide shade or rain/snow protection while reducing the electric bill. Bifacial panels can be integrated into the design to improve the visual and functional attractiveness of the home.
Growing support from governments of several countries such as India and China in the form of subsidies, incentives, investments, and tariff exemptions is also driving the market growth further. In addition, several advantages of the bifacial solar panel over monofacial and increased investments by companies for innovation in this solar panel are also analysed to drive the market growth.
Industry Definition and Major Segments
Bifacial solar modules provide several advantages over traditional solar panels. Power can be generated from both sides of a bifacial solar module, aiding overall energy generation. These panels are more durable because both sides are UV resistant. When the bifacial module is frameless, worries about potential-induced deterioration (PID) are reduced.
By cell, the market is segmented into:
Heterojunction Cell
Passivated Emitter Rear Cell
Based on frame, the market is divided into:
Framed Bifacial Solar Panel
Frameless Bifacial Solar Panel
By solar panel type, the market is classified into:
Monocrystalline Solar Panels
Polycrystalline Solar Panels
Thin-film Solar Panels
The major applications of the market are:
Residential
Commercial
On the basis of region, the market is segmented into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Market Trends
The major drivers of the bifacial solar panel industry include rising energy consumption and the cheaper cost of large-scale electric photovoltaics than fossil fuels. A key reason for the increase in market demand for bifacial solar panels is that prices are becoming increasingly competitive with monofacial solar panels. As opposed to conventional monofacial solar modules, bifacial solar panels can generate electricity from both the front and back sides of the panel, thereby increasing energy yield. Key manufacturers are also focusing on improving various properties, such as low degradation rate, high flameproof rating, mechanical strength, reduction of delamination, micro-cracking, less flexing, and moisture corrosion to improve the quality and functions of the bifacial solar panel.
Key Market Players
The major players in the market are Ankara Solar AS, LONGi Green Energy Technology Co., Ltd., Adani Group, LG Electronics Inc., and Canadian Solar Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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