Bifacial Solar Panels Market Outlook
According to the report by Expert Market Research (EMR), the global bifacial solar panels market size is projected to grow at a CAGR of 19.3% between 2024 and 2032. Aided by the shift towards renewable sources of energy, the market is expected to grow significantly by 2032.
Bifacial solar panels, characterised by their ability to capture sunlight from both sides, stand out as a revolutionary advancement in solar technology. Unlike traditional monofacial panels, bifacial modules can absorb light on the rear side, enhancing electricity generation significantly. This dual-sided feature not only improves efficiency but also offers various applications in different settings, from large-scale solar farms to residential installations.
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The bifacial solar panels market growth is propelled by several factors, chief among them being the global shift towards renewable energy sources. The increasing awareness of climate change and the need for sustainable energy solutions has led to a rise in the adoption of solar energy systems. Bifacial solar panels, with their higher efficiency and potential for more energy output, are becoming a preferred choice for both commercial and residential users.
Another factor driving the bifacial solar panels market demand is the ongoing technological advancements in solar panel manufacturing. Innovations aimed at increasing the efficiency and lifespan of bifacial panels have made them more attractive to consumers. Additionally, the decreasing cost of solar technologies, partly due to improved manufacturing processes and economies of scale, has made bifacial solar panels more accessible and affordable.
The bifacial solar panels market outlook is being influenced by integration with smart energy systems. The compatibility of bifacial solar panels with energy storage systems and smart grid technologies is enhancing their appeal. This integration allows for more efficient energy management and supports the development of smart, sustainable urban environments.
Geographically, the market sees significant growth in regions with high solar irradiance. Countries in the Middle East, Africa, and certain parts of Asia and North America, where sunlight is abundant, are emerging as key markets for bifacial solar panels. Government policies and incentives in these regions, aimed at promoting renewable energy, are further boosting the market growth.
Market Segmentation
The market can be divided based on cell, frame, solar panel type, application, and region.
Market Breakup by Cell
- Heterojunction Cell
- Passivated Emitter Rear Cell
Market Breakup by Frame
- Framed Bifacial Solar Panel
- Frameless Bifacial Solar Panel
Market Breakup by Solar Panel Type
- Monocrystalline Solar Panels
- Polycrystalline Solar Panels
- Thin-film Solar Panels
Market Breakup by Application
- Residential
- Commercial
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global bifacial solar panels market. Some of the major players explored in the report by Expert Market Research are as follows:
- Ankara Solar AS
- LONGi Green Energy Technology Co., Ltd.
- Adani Group
- LG Electronics Inc.
- Canadian Solar Inc.
- Others
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