The global bifacial solar panel market size is anticipated to project a CAGR of 28.9% during the forecast period (2021-2027). According to the Wood Mackenzie Power & Renewables report, the installed capacity of bifacial grew from around 97 MW globally in 2016 to more than 2,600 MW in 2018. It is projected to reach 32,000 MW in 2027. In addition, the recent data by Infolink expects global bifacial demand to reach 12GW in 2020.
The framed bifacial panel production is gaining traction across the globe, supported by its ease in installation and cost-effectiveness. Further, due to its ease of conversion into bi-facial solar panels, thin-film photovoltaic technologies are growing over the forecast period.
Factors Affecting the Bifacial Solar Panel Market over the Forecast Period:
- Rising demand for electricity and the cost of large-scale electric photovoltaics is lower than that of fossil fuel are the main drivers of the bifacial solar panel market.
- Governments across the globe are offering incentives and promoting the large-scale deployment of solar energy, which is boosting the bifacial solar panel market growth.
- The key manufacturers are focused on improving various properties such as low degradation rate, cell temperature, high flameproof rating, mechanical strength, less flexing, reduction of delamination, micro-cracking, and moisture corrosion to improve the quality and functions of the bifacial solar panels, which attract the customers and positively impact on the growth of the market.
- However, the high installation and management costs are the key restraining factor of the bifacial solar panel market. The lack of awareness, standardization, and interoperability is expected to impede the growth of the bifacial solar panel market.
Impact of COVID-19 on Bifacial Solar Panel Market:
The COVID-19 has disrupted the global bifacial solar panel market, and companies have been forced to restructure their plans to cope with the pandemic. COVID-19 influences the world economy in three major ways: impacting production and demand, disturbing the supply chain and market, and its economic effect on companies. Owing to manufacturing discrepancies and global economic issues, several companies have delayed their plans.
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Scope of the Report
The report outlines the global bifacial solar panel market based on cell type, frame type, solar panel type, and application.
Based on the cell type, the bifacial solar panel market has been segmented into –
- Heterojunction Cell
- Passivated Emitter Rear Cell
Based on the frame type, the bifacial solar panel market has been segmented into –
- Framed Bifacial Solar Panel
- Frameless Bifacial Solar Panel
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Based on the solar panel type, the bifacial solar panel market has been segmented into–
- Monocrystalline Solar Panels
- Polycrystalline Solar Panels
- Thin-film Solar Panels
Based on the application, the bifacial solar panel market has been segmented into –
Bifacial Solar Panel Market: Regional Outlook
The global bifacial solar panel market has been segmented into five geographical regions, namely, North America, Asia Pacific, South America, Europe, and the Middle East, and Africa. North America holds the largest share in the global bifacial solar panel market in 2020, followed by the Asia Pacific and Europe. Several countries in the region are making major investments in the solar energy industry. Moreover, Asia Pacific is the fastest-growing market and is expected to have the highest CAGR in the global market over the forecast period.
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Key Global Bifacial Solar Panel Market Competitors Includes –
The global bifacial solar panel market is highly fragmented, with the presence of a large number of players across the globe. The key players operating in the global bifacial solar panel market include–
- LG Electronics
- Neo Solar Power
- Prism Solar
- PVG Solutions
- Yingli Green Energy
- Lumos Solar
- Trina Solar.
The bifacial solar panel market report provides a thorough analysis of macro-economic factors and the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the presence of the market players in the respective segment and region/country. The information concluded in the report includes the inputs.
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