Market Overview:
The global bifacial solar panels market is expected to grow at a CAGR of over 20% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for renewable energy sources and the declining prices of solar panels. In terms of type, the monocrystalline solar panel segment is expected to hold a major share in the global bifacial solar panels market during the forecast period. This can be attributed to its high efficiency as compared to other types of solar panels. In terms of application, residential applications are expected to account for a major share in the global bifacial solar panels market during the forecast period.
Product Definition:
Bifacial solar panels are photovoltaic panels that can absorb sunlight from both the front and the back. This makes them more efficient than traditional solar panels, which can only absorb sunlight from the front. Bifacial solar panels are becoming increasingly popular due to their high efficiency and lower cost per watt.
Monocrystalline Solar Panels:
Monocrystalline solar panels are made from a single crystal of silicon. They produce electricity in the form of direct current (DC). Monocrystalline solar panels can be used for residential and commercial applications. The efficiency level of monocrystalline solar panel is almost 80% as compared to polycrystalline and amorphous solar panel which has a efficiency level around 40%.
Polycrystalline Solar Panels:
Polycrystalline solar panels are made up of many small crystals that together form a large panel. These panels have higher efficiency as compared to monocrystalline and polycrystalline silicon solar panels. The average power output of a polycrystalline panel is 10% more than monocrystalline and 15% more than crystalline silicone, which makes it the most efficient type of solar cell in the market currently.
Application Insights:
The residential application segment accounted for the largest share of more than 50% in 2017. The growing need for electricity, coupled with rising income levels and improved economic conditions in emerging economies such as China, India, Brazil and Mexico is expected to drive the demand from the residential sector over the forecast period.
Commercial applications are projected to expand at a CAGR of XX% from 2018 to 2030 owing to increasing adoption of solar power for heating water in industrial facilities and data centers across countries including China, Japan, Germany and Belgium. Furthermore, expansion of commercial buildings including offices & shops is likely to propel market growth over the coming years.
Regional Analysis:
Asia Pacific is expected to be the largest regional market over the forecast period owing to increasing government subsidies and growing adoption of solar energy in countries such as Japan, China, South Korea, and India. In 2016, India installed a total of 1.35 GW worth of bifacial panels which was more than any other country in the world. The country plans on having 20 GW worth of installations by 2020 which would make it one of the largest markets globally.
Europe is also expected to witness significant growth over the next eight years due to rising environmental concerns coupled with government incentives for clean energy sources such as bifacial solar panels that are eco-friendly and cheaper than conventional systems based on parabolic troughs or Concentrated Solar Power (CSP) technology or monocrystalline silicon photovoltaic cells with tracking devices installed throughout its lifetime thus reducing maintenance cost considerably over time.
Growth Factors:
- Increasing demand for renewable energy sources: The growing concerns over climate change and the need to reduce greenhouse gas emissions are driving the demand for renewable energy sources such as solar and wind power. This is expected to boost the growth of the bifacial solar panels market.
- Declining costs of solar energy: The cost of installing a solar system has been declining steadily in recent years, making it more affordable for consumers and businesses to switch to solar power. This is expected to support the growth of the bifacial solar panels market.
- Government incentives and subsidies: Governments around the world are offering incentives and subsidies for installing rooftop photovoltaic (PV) systems, which is helping to drive adoption of PV technology, including bifacial solar panels.
Scope Of The Report
Report Attributes
Report Details
Report Title
Bifacial Solar Panels Market Research Report
By Type
Monocrystalline Solar Panels, Polycrystalline Solar Panels, Thin-Film Solar Panels
By Application
Residential, Commercial
By Companies
LONGi Solar, Sunpreme, Prism Solar, Ankara Solar, SP Enerji, Adani Solar, AE Solar, LG Electronics, SoliTek, JA Solar, LONGi Solar, Trina Solar, Lumos Solar, Jinko Solar, Yingli, Suntech Power
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
195
Number of Tables & Figures
137
Customization Available
Yes, the report can be customized as per your need.
Global Bifacial Solar Panels Market Report Segments:
The global Bifacial Solar Panels market is segmented on the basis of:
Types
Monocrystalline Solar Panels, Polycrystalline Solar Panels, Thin-Film Solar Panels
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Residential, Commercial
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- LONGi Solar
- Sunpreme
- Prism Solar
- Ankara Solar
- SP Enerji
- Adani Solar
- AE Solar
- LG Electronics
- SoliTek
- JA Solar
- LONGi Solar
- Trina Solar
- Lumos Solar
- Jinko Solar
- Yingli
- Suntech Power
Highlights of The Bifacial Solar Panels Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Monocrystalline Solar Panels
- Polycrystalline Solar Panels
- Thin-Film Solar Panels
- By Application:
- Residential
- Commercial
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Bifacial Solar Panels Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Bifacial solar panels are a type of solar panel that have two different types of cells, one that is oriented towards the sun's rays and one that faces away from the sun. This allows for more energy to be collected from the sun than with a single-type cell solar panel.
Some of the major players in the bifacial solar panels market are LONGi Solar, Sunpreme, Prism Solar, Ankara Solar, SP Enerji, Adani Solar, AE Solar, LG Electronics, SoliTek, JA Solar, LONGi Solar, Trina Solar, Lumos Solar, Jinko Solar, Yingli, Suntech Power.
The bifacial solar panels market is expected to register a CAGR of 20%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Bifacial Solar Panels Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Bifacial Solar Panels Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Bifacial Solar Panels Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Bifacial Solar Panels Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Bifacial Solar Panels Market Size & Forecast, 2018-2028
4.5.1 Bifacial Solar Panels Market Size and Y-o-Y Growth
4.5.2 Bifacial Solar Panels Market Absolute $ Opportunity
Chapter 5 Global Bifacial Solar Panels Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Bifacial Solar Panels Market Size Forecast by Type
5.2.1 Monocrystalline Solar Panels
5.2.2 Polycrystalline Solar Panels
5.2.3 Thin-Film Solar Panels
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Bifacial Solar Panels Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Bifacial Solar Panels Market Size Forecast by Applications
6.2.1 Residential
6.2.2 Commercial
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Bifacial Solar Panels Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Bifacial Solar Panels Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Bifacial Solar Panels Analysis and Forecast
9.1 Introduction
9.2 North America Bifacial Solar Panels Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Bifacial Solar Panels Market Size Forecast by Type
9.6.1 Monocrystalline Solar Panels
9.6.2 Polycrystalline Solar Panels
9.6.3 Thin-Film Solar Panels
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Bifacial Solar Panels Market Size Forecast by Applications
9.10.1 Residential
9.10.2 Commercial
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Bifacial Solar Panels Analysis and Forecast
10.1 Introduction
10.2 Europe Bifacial Solar Panels Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Bifacial Solar Panels Market Size Forecast by Type
10.6.1 Monocrystalline Solar Panels
10.6.2 Polycrystalline Solar Panels
10.6.3 Thin-Film Solar Panels
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Bifacial Solar Panels Market Size Forecast by Applications
10.10.1 Residential
10.10.2 Commercial
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Bifacial Solar Panels Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Bifacial Solar Panels Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Bifacial Solar Panels Market Size Forecast by Type
11.6.1 Monocrystalline Solar Panels
11.6.2 Polycrystalline Solar Panels
11.6.3 Thin-Film Solar Panels
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Bifacial Solar Panels Market Size Forecast by Applications
11.10.1 Residential
11.10.2 Commercial
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Bifacial Solar Panels Analysis and Forecast
12.1 Introduction
12.2 Latin America Bifacial Solar Panels Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Bifacial Solar Panels Market Size Forecast by Type
12.6.1 Monocrystalline Solar Panels
12.6.2 Polycrystalline Solar Panels
12.6.3 Thin-Film Solar Panels
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Bifacial Solar Panels Market Size Forecast by Applications
12.10.1 Residential
12.10.2 Commercial
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Bifacial Solar Panels Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Bifacial Solar Panels Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Bifacial Solar Panels Market Size Forecast by Type
13.6.1 Monocrystalline Solar Panels
13.6.2 Polycrystalline Solar Panels
13.6.3 Thin-Film Solar Panels
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Bifacial Solar Panels Market Size Forecast by Applications
13.10.1 Residential
13.10.2 Commercial
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Bifacial Solar Panels Market: Competitive Dashboard
14.2 Global Bifacial Solar Panels Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 LONGi Solar
14.3.2 Sunpreme
14.3.3 Prism Solar
14.3.4 Ankara Solar
14.3.5 SP Enerji
14.3.6 Adani Solar
14.3.7 AE Solar
14.3.8 LG Electronics
14.3.9 SoliTek
14.3.10 JA Solar
14.3.11 LONGi Solar
14.3.12 Trina Solar
14.3.13 Lumos Solar
14.3.14 Jinko Solar
14.3.15 Yingli
14.3.16 Suntech Power
