CHICAGO, July 16, 2024 /PRNewswire/ -- Bifacial Solar Market in terms of revenue was estimated to be worth $18.5 billion in 2024 and is poised to reach $37.6 billion by 2029, growing at a CAGR of 15.2% from 2024 to 2029 according to a new report by MarketsandMarkets™. 

The global Bifacial Solar Market is anticipated to grow at a higher level. There are various drivers responsible for the growth of the market such as government policies and incentives and technological advancements among others. The rising global demand for energy, particularly from developing countries, pushes the need for increased bifacial solar panels exploration and production, subsequently driving the Bifacial Solar Market.

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Bifacial Solar Market Scope:

Utilities, by application, is expected to be the largest segment during the forecast period.

Field testing and demonstration projects play a crucial role in validating the enhanced performance of bifacial solar panels specifically in utility-scale applications. These initiatives provide empirical evidence of the panels' ability to generate higher energy yields by capturing sunlight from both sides. By showcasing improved efficiency and energy production metrics in real-world conditions, such as diverse geographic locations and varying climates, these projects substantiate the viability and reliability of bifacial technology for utility-scale installations. This empirical validation not only boosts confidence among investors and developers but also accelerates the broader adoption of bifacial solar panels in utility applications, reinforcing their position as a preferred choice for maximizing energy output and optimizing land use in large-scale solar projects.

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North America is expected to be the second fastest growing region in the Bifacial Solar Market.

In North America, the availability of diverse financing options and robust investment in solar projects are pivotal in accelerating the adoption of bifacial solar installations. Financial institutions, including banks and private equity firms, are increasingly recognizing the long-term viability and profitability of solar energy projects utilizing bifacial technology. This recognition has led to tailored financing solutions and investment vehicles specifically designed to support the development and expansion of bifacial solar across the continent. Moreover, government initiatives and policies promoting renewable energy investments further bolster confidence among investors. Incentives such as tax credits and grants specifically for bifacial solar projects incentivize developers and investors to commit capital, thereby facilitating project financing and reducing financial risks. As a result, the financial landscape in North America not only supports the growth of bifacial solar installations but also encourages innovation in financing structures to maximize returns while driving sustainable energy development.

Key Players

Some of the major players in the Bifacial Solar Market are LONGi (China), Trinasolar (China), Canadian Solar (Canada), JA SOLAR Technology Co., Ltd. (China), and SHARP CORPORATION (Japan). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.

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