Bifacial Solar Panel Market: Overview

Solar energy has become one of the major sources of energy. Solar photovoltaic (PV) is an important source of renewable energy in the world. The cost of photovoltaic module has dropped significantly since the last few years. Governments are providing subsidies and encouraging the implementation of solar energy on a large scale. The current levelized cost of electricity (LCOE) of large-scale photovoltaic is lower than that of fossil fuel in some cases. New technological innovations, such as bifacial solar panel, can further reduce the levelized cost of electricity.

Bifacial Solar Panel Market: Trends

Bifacial solar panel absorbs light from the rear and front sides, allowing it to better use albedo light and diffused light. Albedo light is the part of light that hits a surface and reflects without being absorbed. The scattered light that comes from any direction is known as diffused light. Increase in efficiency up to 30% is predicted, depending on aspects such as height above ground, tilt angle, and reflectivity of the ground surface. Bifacial solar panel can absorb direct radiations from the sun, indirect diffused radiation caused by air particles or clouds, and also from the reflected radiation from surfaces close to the solar module. Furthermore, the glass-to-glass structure of bifacial module enhances long term durability vis-à-vis traditional glass-to-backsheet monofacial module. Various current thin-film photovoltaic technologies such as CIGS and dye-sensitized can be easily converted into bifacial solar panels.

Bifacial solar panel consists of bifacial solar cells and rear cover glass. The photon that does not get absorbed in the front layer can be absorbed when rebound from any adjacent surface. This increases the efficiency of the cell. The dual glass mounting provides various advantages such as reduction in delamination, micro cracking, and moisture corrosion. They have low degradation rate & cell temperature also have, high flameproof rating, mechanical strength and less flexing.

Bifacial Solar Panel Market: Key Segmentations

The global bifacial solar panel market can be segmented based on type, cell, and region. Based on cell, the bifacial solar panel market can be bifurcated into heterojunction cell and passivated emitter rear cell. Passivated emitter rear cell is available in poly and monocrystalline silicon versions, while heterojunction cells use monocrystalline silicon. In terms of type, the bifacial solar panel market can be divided into framed bifacial module and frameless bifacial module. Framed bifacial module is easy to install than the frameless module.

Bifacial Solar Panel Market: Regional Outlook

Based on region, the global bifacial solar panel market can be classified into North America, Europe, Latin America, Middle East & Africa, and Asia Pacific. Asia Pacific is projected to lead the global bifacial solar panel market during the forecast period, followed by North America and Europe. The bifacial solar panel market in Asia Pacific is likely to expand at a rapid pace during the forecast period, as countries such as Japan, China, and India are investing significantly in the field of solar energy. These countries also possess the largest installed base of solar panels in the world. Latin America and Middle East & Africa are anticipated to account for moderate shares of the global bifacial solar panel market by the end of the forecast period.

Bifacial Solar Panel Market: Key Players

Key players operating in the global bifacial solar panel market include bSolar, LG Electronics, MegaCell, Neo Solar Power, Panasonic, Prism Solar, PVG Solutions, SolarWorld, Yingli Green Energy, LONGi, Lumos Solar, Silfab, Sunpreme, and Trina Solar.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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