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Bifacial Solar Market projected to garner huge traction, registering approximately 15.26% CAGR | Market Research Future (MRFR)

Market Research Future
·9-min read

Key Companies Profiled are MegaCell, LG Electronics, Neo Solar Power, Prism Solar, Panasonic, PVG Solutions, Yingli Green Energy, SolarWorld, LONGi, Silfab, Lumos Solar, Trina Solar, and Sunpreme, among others.

Pune, March 04, 2021 (GLOBE NEWSWIRE) -- Bifacial Solar Modules to Witness Significant Upgrades

The bifacial solar market is proliferating on the global platform witnessing the increasing installations of bifacial modules worldwide. Bifacial solar modules offer several advantages over traditional solar panels, including power production from both sides, increasing total energy generation. Bifacial modules can generate more power in a smaller array footprint, reducing balance of system (BOS) costs.

Besides, these modules are extremely durable, with UV resistants applied on both sides. Frameless bifacial modules are considered beneficial for reducing potential-induced degradation (PID) concerns. Many research institutes are increasingly conducting studies to improve functionalities of bifacial solar modules that can decrease the Levelized cost of electricity (LCOE).

Recently, on Nov. 08, 2020, Researchers at Helmholtz-Zentrum Berlin (HZB) announced the development of an illumination model for deploying bifacial solar modules that can significantly reduce LCOE for large-scale solar projects. Such researches are anticipated to contribute to the market growth, driving primary energy production.

Leading research firm - Market Research Future (MRFR) asserts that the global bifacial solar market is projected to garner huge traction in coming years, registering approximately 15.26% CAGR during the forecast period.




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The COVID-19 disruption did not affect much to the bifacial solar industry. Of course, industry players faced several challenges due to the coronavirus-driven lockdowns, such as disrupted supply chains, logistic issues in delivering end products, and attracting workers from quarantines.

However, the pandemic reassured a robust rise in the renewable energy market, increasing the energy demand continually. Due to the increased energy demand from the industrial sectors, the renewable energy market kept growing steadily throughout 2020. The bifacial solar market is rapidly returning to normal and is projected to pick up further, following lockdown mandates get relaxed in many countries.

Overview

The bifacial solar market outlook appears promising mainly due to the continually growing energy demand worldwide. Additionally, the rise in solar panel installations in commercial, industrial, and residential applications impacts the market growth positively. The growing government initiatives and installations benefit the bifacial solar market growth. Also, the rapid uptake of rooftop and ground-mounted bifacial solar modules in residential set-ups, commercial sectors, and utility-scale systems fosters the market's growth.

Industry Trends

Bifacial PV systems are unique electronic devices with extreme durability that goes beyond 25 to 30 years. This makes bifacial modules and systems one of the cornerstones of guaranteed returns on investment (ROI). However, PID is a critical failure mode with a potentially high financial impact on bifacial technology. There are several researches taking place to look for the possibilities to reduce the damaging impact that PID.

Also, increasing technological advances is another trend influencing market growth. Substantial investments are poured into technology development. Bifacial solar manufacturers are majorly investing in improving communication between the PV modules and the smart environment & smart grids. On the other hand, high costs of production, installation, and maintenance of bifacial solar modules restrict the market growth.



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Segmentation

The Bifacial Solar market analysis is segmented into cell, type, end-use, and regions.

The cell segment is sub-segmented into heterojunction cell and passivated emitter rear cell. Of these, the passivated emitter real cell segment holds a larger market share. The segment is further expected to grow at a faster rate during the forecast period.

The type segment is sub-segmented into framed and frameless. Among these, the framed segment holds a larger market share due to its easy installation comparatively. The segment is further expected to grow at a faster rate during the forecast period.

The end-user segment is sub-segmented into commercial, residential, and industrial. Of these, the commercial segment holds a larger market share. The segment is further expected to grow at a faster rate during the forecast period.

Regional Segmentation

It is observed that APAC has consistently been dominating the global bifacial solar market. The region is one the largest producers and consumers of power globally, accounting for over half of the total global population. Therefore, the region is projected to maintain its market position throughout the assessment period. Besides, the ample availability of renewable/ natural resources and raw material required for the bifacial solar module production increases the region's markets share.

Substantial investments in solar energy due to the rising focus on the development of renewable energy sources, especially India, China, and a few South Asian countries, boost the region's bifacial solar market size. In 2018, China held the major share in the regional market, followed by India, due to the extensive government support for renewable energy development.



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North America holds the second-best position globally in terms of the bifacial solar market revenue. Factors such as the high numbers of solar panel installations and research and development activities in the US drive the growth of the market.

The US held the largest share in the North American bifacial solar market. However, bifacial solar production in the US is currently low. Also, the October 2020 solar proclamation, which increased tariffs on solar panels and rescinds the exclusion for bifacial solar panels, significantly impacted the growth of the market.

Europe accounts for a sizable share in the global bifacial solar market. The market is driven by the increasing demand for energy and the rising solar panel installation in the region. A large number of solar power projects have been erected in the region over the past few years, and many are under construction. Additionally, government initiatives to promote renewable energy use increases the region's bifacial solar market value.

Germany and the Netherlands held the largest market shares in 2019. Furthermore, increasing solar energy investments and the efforts to minimize fossil fuel usages led by the regulations to reduce environmental effects substantiate the regional market growth. The European bifacial solar is projected to grow at the fastest rate during the forecast period.


Competitive Analysis


List of the Key Companies Profiled in the Bifacial Solar Market Research Report are:

  • MegaCell

  • LG Electronics

  • Neo Solar Power

  • Prism Solar

  • Panasonic

  • PVG Solutions

  • Yingli Green Energy

  • SolarWorld

  • LONGi

  • Silfab

  • Lumos Solar

  • Trina Solar

  • Sunpreme

  • among others.

Manufacturers strive to increase production capacities with improved cost efficiency and a leaner organization supported by new possibilities offered by digitalization. Many bifacial module manufacturers are exploring the possibility of new development after mastering their existing product lines.

Increasing strategic partnership deals and approaches, such as collaboration, mergers & acquisitions, expansion, and product launches, are expected to be seen during the next few years. Industry players make strategic investments in driving research and development activities and fostering their expansion plans.

For instance, recently, on Feb. 25, 2021, Ecoppia, a leading provider of photovoltaic solar robotic solutions, announced signing an agreement with an international energy company to deploy its robotic solutions in BenBan Solar Park, Egypt. This partnership strengthens Ecoppia's presence in the Middle East.



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