CHICAGO, July 16, 2024 /PRNewswire/ -- Bifacial Solar
Market in terms of revenue was estimated to be worth
$18.5 billion in 2024 and is poised
to reach $37.6 billion by 2029,
growing at a CAGR of 15.2% from 2024 to 2029 according to a new
report by MarketsandMarkets™.
The global Bifacial Solar Market is anticipated to grow at a
higher level. There are various drivers responsible for the growth
of the market such as government policies and incentives and
technological advancements among others. The rising global demand
for energy, particularly from developing countries, pushes the need
for increased bifacial solar panels exploration and production,
subsequently driving the Bifacial Solar Market.
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Browse in-depth TOC on "Bifacial Solar
Market"
212 - Tables
61 - Figures
325 -
Pages
Bifacial Solar Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$18.5
billion
|
Estimated Value by
2029
|
$37.6
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 15.2%
|
Market Size Available
for
|
2019–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD Million)/
Volume (Units)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Bifacial Solar Market
by type, frame type, cell technology, application and
region.
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and RoW.
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Rise in government
initiatives for bifacial solar technology
|
Key Market
Drivers
|
Higher Efficiency and
Durability
|
Utilities, by application, is expected to be the largest
segment during the forecast period.
Field testing and demonstration projects play a crucial role in
validating the enhanced performance of bifacial solar panels
specifically in utility-scale applications. These initiatives
provide empirical evidence of the panels' ability to generate
higher energy yields by capturing sunlight from both sides. By
showcasing improved efficiency and energy production metrics in
real-world conditions, such as diverse geographic locations and
varying climates, these projects substantiate the viability and
reliability of bifacial technology for utility-scale installations.
This empirical validation not only boosts confidence among
investors and developers but also accelerates the broader adoption
of bifacial solar panels in utility applications, reinforcing their
position as a preferred choice for maximizing energy output and
optimizing land use in large-scale solar projects.
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North America is expected to
be the second fastest growing region in the Bifacial Solar
Market.
In North America, the
availability of diverse financing options and robust investment in
solar projects are pivotal in accelerating the adoption of bifacial
solar installations. Financial institutions, including banks and
private equity firms, are increasingly recognizing the long-term
viability and profitability of solar energy projects utilizing
bifacial technology. This recognition has led to tailored financing
solutions and investment vehicles specifically designed to support
the development and expansion of bifacial solar across the
continent. Moreover, government initiatives and policies promoting
renewable energy investments further bolster confidence among
investors. Incentives such as tax credits and grants specifically
for bifacial solar projects incentivize developers and investors to
commit capital, thereby facilitating project financing and reducing
financial risks. As a result, the financial landscape in
North America not only supports
the growth of bifacial solar installations but also encourages
innovation in financing structures to maximize returns while
driving sustainable energy development.
Key Players
Some of the major players in the Bifacial Solar
Market are LONGi (China),
Trinasolar (China), Canadian Solar
(Canada), JA SOLAR Technology Co.,
Ltd. (China), and SHARP
CORPORATION (Japan). The major
strategies adopted by these players include new product launches,
acquisitions, contracts, agreements, partnerships, joint ventures,
collaborations, investments, and expansions.
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Get access to the latest updates on Bifacial Solar
Companies and Bifacial Solar Industry Growth
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