Bifacial Solar Market size was valued at USD 16.18 billion in 2023 and is anticipated to reach USD 98.43 billion by the end of 2036, expanding at around 14.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of bifacial solar is assessed at USD 18.11 billion.
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.
According 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.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
14.9% |
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Base Year Market Size (2023) |
USD 16.18 billion |
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Forecast Year Market Size (2036) |
USD 98.43 billion |
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Regional Scope |
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The bifacial solar 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 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.
Our in-depth analysis of the global market includes the following segments:
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Type |
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End-User |
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On the basis of geographical analysis, the 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 industry is expected to account for largest revenue share by 2036, backed by abundance of sunlight all around the year in countries, such as, China, Japan, Vietnam, 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.
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.
Author Credits: Dhruv Bhatia
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