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Global Bifacial Solar Panels Market: By Cell: Heterojunction Cell, Passivated Emitter Rear Cell; By Frame: Framed Bifacial Solar Panel, Frameless Bifacial Solar Panel; By Solar Panel Type; By Application; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Bifacial Solar Panels Market Outlook
The global bifacial solar panels market is expected to grow at a CAGR of 19.3% during the period 2023-2028. North America, Europe and Asia are expected to be key markets.
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Global Market Likely to be Driven by Benefits and Growing Installations of Bifacial Solar Panels
Bifacial solar modules provide several advantages over traditional solar panels. In a bifacial solar module, power can be generated from both sides, increasing total energy generation. As both sides are UV resistant, these panels are generally more durable. Potential-induced degradation (PID) concerns are decreased when the bifacial module is frameless. Further, balance of system (BOS) costs are also decreased as more power can be produced from bifacial modules in a smaller array footprint. When bifacial modules are mounted on a highly reflective surface (such as a white TPO roof or on the ground with light-coloured stones), some bifacial module manufacturers claim up to a thirty percent increase in production just from additional power produced from the rear.
Bifacial modules are available in several designs; these may be framed as well as frameless. Some are dual-glass, while others employ clear backsheets. Most modules use monocrystalline cells, but polycrystalline designs are also available. Power generated from both sides remains constant. There are modules that are frameless and expose the backside of cells, but are not bifacial. Indeed, bifacial modules have contacts/busbars on the front and back sides of their cells.
How a bifacial module is installed depends on its type. A framed bifacial module may be relatively easy to install because traditional mounting and racking systems are already adapted to framed models. Most bifacial module producers offer their own clamps to mount their specific brand, eliminating installation hesitations.
To produce more power through its bifacial properties, the bifacial module is tilted higher. Bifacial modules mounted flat to a rooftop block any reflected light from reaching the rear side of the cells. Thus, bifacial modules deliver superior performance on flat commercial rooftops and ground-mounted arrays (as there is remaining room for tilt and bouncing reflected light to the back of the modules).
Competitive Prices Expected to Stimulate Market Growth
Bifacial solar panels are expected to witness increased demand during the forecast period and boost global bifacial solar panels market growth. A key reason for increase in market demand is prices becoming increasingly competitive with those of monofacial solar panels.
Bifacial technology supports the concept of using quality materials for high-energy yields. Bifacial modules carry all advantages of mono PERC modules - high power density leading to significant BOS savings, high energy yield with better low light performance and lower temperature coefficient. Further, bifacial PERC modules also harvest energy from the backside side, exhibiting higher energy yield.
Residential Applications of Bifacial Solar Panels Likely to Drive Market Growth
Bifacial solar panel installations have been generally considered for large-scale commercial applications; electric utility companies also used bifacial panels for the greater efficiency these modules offered. However, residential applications of bifacial solar technology are also possible; considerations include goals for energy independence, budget, environment, space, etc. The global bifacial solar panels market is expected to be driven by residential applications. Bifacial panels offer shade or rain/snow protection while enabling reduction in the electricity bill. Bifacial panels may be integrated into the house’s appearance to enhance aesthetic and functional appeal.
Advantages of Bifacial Solar Panels Expected to Boost Market Growth
The global bifacial solar panels market is expected to be driven by advantages afforded by bifacial solar panels. Advantages include:
Enhanced Efficiency - Bifacial modules can generate power from both sides of the panel, leading to an overall increase in energy production.
Better Durability - Bifacial panels are frameless and covered on both sides by tempered glass (which is weather-resistant, UV resistant and can withstand high temperatures and strong winds) making the panels more durable.
Aesthetically Pleasing - Bifacial modules are available in several designs, including frameless. The complete glass frame is considered more aesthetically pleasing as compared to monofacial solar panels.
Functions Well in Diffuse Light - The extra surface area enables better performance of bifacial panels in diffuse light, reducing long-term costs as compared to monofacial panels.
Decreased PID - In frameless bifacial panels, solar cells are less likely to display potential-induced degradation (PID).
Longer Warranties - Bifacial solar panels are often available with a longer warranty of up to 30 years.
Market Segmentation
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By cell, the market is segmented into:
- Heterojunction Cell
- Passivated Emitter Rear Cell
By frame, the market is divided into:
- Framed Bifacial Solar Panel
- Frameless Bifacial Solar Panel
By solar panel type, the market is classified into:
- Monocrystalline Solar Panels
- Polycrystalline Solar Panels
- Thin-film Solar Panels
By application, the market is segmented into:
- Residential
- Commercial
By region, the market is classified into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Industry Players in the Market
The report presents a detailed analysis of the following key players in the global bifacial solar panels market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Ankara Solar AS
- LONGi Green Energy Technology Co., Ltd.
- Adani Group
- LG Electronics Inc.
- Canadian Solar Inc.
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Cell |
|
| Breakup by Frame |
|
| Breakup by Solar Panel Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Region
7 Opportunities and Challenges in the Market
8 Global Bifacial Solar Panels Market Analysis
8.1 Key Industry Highlights
8.2 Global Bifacial Solar Panels Historical Market (2018-2022)
8.3 Global Bifacial Solar Panels Market Forecast (2023-2028)
8.4 Global Bifacial Solar Panels Market by Cell
8.4.1 Heterojunction Cell
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Passivated Emitter Rear Cell
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Global Bifacial Solar Panels Market by Frame
8.5.1 Framed Bifacial Solar Panel
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Frameless Bifacial Solar Panel
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Bifacial Solar Panels Market by Solar Panel Type
8.6.1 Monocrystalline Solar Panels
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Polycrystalline Solar Panels
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Thin-film Solar Panels
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.7 Global Bifacial Solar Panels Market by Application
8.7.1 Residential
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Commercial
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.8 Global Bifacial Solar Panels Market by Region
8.8.1 North America
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2018-2022)
8.8.4.3 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Market Share
8.8.5.2 Historical Trend (2018-2022)
8.8.5.3 Forecast Trend (2023-2028)
9 North America Bifacial Solar Panels Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Bifacial Solar Panels Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Bifacial Solar Panels Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Bifacial Solar Panels Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Bifacial Solar Panels Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Ankara Solar AS
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 LONGi Green Energy Technology Co., Ltd.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Adani Group
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 LG Electronics Inc.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Canadian Solar Inc.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Bifacial Solar Panels Market: Key Industry Highlights, 2018 and 2028
2. Global Bifacial Solar Panels Historical Market: Breakup by Cell (USD Million), 2018-2022
3. Global Bifacial Solar Panels Market Forecast: Breakup by Cell (USD Million), 2023-2028
4. Global Bifacial Solar Panels Historical Market: Breakup by Frame (USD Million), 2018-2022
5. Global Bifacial Solar Panels Market Forecast: Breakup by Frame (USD Million), 2023-2028
6. Global Bifacial Solar Panels Historical Market: Breakup by Solar Panel Type (USD Million), 2018-2022
7. Global Bifacial Solar Panels Market Forecast: Breakup by Solar Panel Type (USD Million), 2023-2028
8. Global Bifacial Solar Panels Historical Market: Breakup by Application (USD Million), 2018-2022
9. Global Bifacial Solar Panels Market Forecast: Breakup by Application (USD Million), 2023-2028
10. Global Bifacial Solar Panels Historical Market: Breakup by Region (USD Million), 2018-2022
11. Global Bifacial Solar Panels Market Forecast: Breakup by Region (USD Million), 2023-2028
12. North America Bifacial Solar Panels Historical Market: Breakup by Country (USD Million), 2018-2022
13. North America Bifacial Solar Panels Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Europe Bifacial Solar Panels Historical Market: Breakup by Country (USD Million), 2018-2022
15. Europe Bifacial Solar Panels Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Asia Pacific Bifacial Solar Panels Historical Market: Breakup by Country (USD Million), 2018-2022
17. Asia Pacific Bifacial Solar Panels Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Latin America Bifacial Solar Panels Historical Market: Breakup by Country (USD Million), 2018-2022
19. Latin America Bifacial Solar Panels Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Middle East and Africa Bifacial Solar Panels Historical Market: Breakup by Country (USD Million), 2018-2022
21. Middle East and Africa Bifacial Solar Panels Market Forecast: Breakup by Country (USD Million), 2023-2028
22. Global Bifacial Solar Panels Market Structure
Key Questions Answered in the Report
The global bifacial solar panels market is projected to grow at a CAGR of 19.3% between 2023 and 2028.
The major drivers of the market include the reduction in the electricity bill, increase in energy production, and longer warranty.
Increased demand for electricity from commercial and industrial sectors and growing investment in the field of solar energy are the key industry trends propelling the market's growth.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various cells in the market are heterojunction cell and passivated emitter rear cell.
The several frames in the market are framed bifacial solar panel and frameless bifacial solar panel.
Based on solar panel type, the market is classified into monocrystalline solar panels, polycrystalline solar panels, and thin-film solar panels.
The major applications of the market are residential and commercial.
The major players in the industry are Ankara Solar AS, LONGi Green Energy Technology Co., Ltd., Adani Group, LG Electronics Inc., and Canadian Solar Inc., among others.
Analyst Review
The global bifacial solar panels market has been driven by the increased demand for electricity from commercial and industrial sectors in the historical period. Aided by the reduction in the electricity bill and growing investment in the field of solar energy, the market is expected to grow at a CAGR of 19.3% in the forecast period of 2023-2028.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The various cells in the market are heterojunction cell and passivated emitter rear cell. The several frames in the market are framed bifacial solar panel and frameless bifacial solar panel. Based on solar panel type, the market is classified into monocrystalline solar panels, polycrystalline solar panels, and thin-film solar panels. The major applications of the market are residential and commercial. The major regional markets for bifacial solar panels are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The major players in the industry are Ankara Solar AS, LONGi Green Energy Technology Co., Ltd., Adani Group, LG Electronics Inc., and Canadian Solar Inc., among others.
EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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