Asia-Pacific Bifacial Solar Market Leading Players Envisioned By The Analysts Forecast

Asia-Pacific Bifacial Solar Market Overview

According to MRFR analysis, The Asia-Pacific Bifacial Solar market was estimated to be worth USD 6.8 billion in 2022. The industry for Asia-Pacific Bifacial Solar is expected to expand at a compound annual growth rate (CAGR) of 16.30% between 2024 and 2032, from USD 7.9 billion in 2023 to USD 26.4 billion.

Asia-Pacific Bifacial Solar refers to a type of solar panel that can capture sunlight on both sides of the panel, rather than just one side, increasing the overall energy output. During the COVID-19 pandemic, the electricity demand may have decreased due to lockdowns and closures of non-essential businesses, which may have led to a decrease in the demand for Asia-Pacific Bifacial Solar panels.

Additionally, supply chain disruptions and labor shortages caused by the pandemic may have affected the manufacturing and installation of Asia-Pacific Bifacial Solar panels. However, the overall impact on the Asia-Pacific Bifacial Solar industry may have varied depending on specific factors such as location and market conditions.

Asia-Pacific Bifacial Solar Key Players

• LONGi Solar
• Tigo Energy Inc.
• Sunpreme Inc.
• Suntech Power
• Jolywood Solar Technology
• MegaCell
• Trina Solar
• Ecoppia
• Prism Solar
• Panasonic
• PVG Solutions
• Lumos Solar
• LG Electronics
• Neo Solar Panel
• Yingli Green Energy

Regional Analysis

Asia-Pacific has the highest market share for solar energy, as it is the largest producer and consumer of the global market. The huge potential of planned solar projects in the coming years is expected to rise the market growth in this region. Growing investments in solar energy due to the rising focus on the development of renewable energy sources especially in India, China, and a few South Asian countries is escalating the market growth in this region.

Market Segmentation

The Global Asia-Pacific Bifacial Solar panels market has been segmented into type, cell, and end user.

Based on the type, the market has been segmented into Framed and Frameless.

Based on the cell, the market has been segmented into Heterojunction Cells & Passivated Emitter Rear Cells.

Based on the end user, the market has been segmented into Residential, Industrial, and Commercial.

Asia-Pacific Bifacial Solar Industry Update:

Falling PV System Prices: The cost of installing solar systems, including both bifacial and monofacial panels, has decreased slightly in the United States [source: Department of Energy]. This trend makes solar power more accessible to a wider range of consumers.

High Import Levels: The US has seen record imports of solar panels in 2023, with a significant portion likely being bifacial due to exemptions from import duties [source: Department of Energy]. This indicates strong demand for this technology.

Asia-Pacific Bifacial Solar Market Trends

1. Increased Efficiency: Asia-Pacific Bifacial Solar panels can capture sunlight on both sides, allowing them to generate more electricity compared to traditional monofacial panels. Advances in materials and design have improved the efficiency of bifacial panels, making them increasingly attractive to solar developers.

2. Cost Reduction: While bifacial panels tend to have higher upfront costs compared to monofacial panels, the overall cost of Asia-Pacific Bifacial Solar installations has been decreasing. This trend is driven by economies of scale, improved manufacturing processes, and increased competition among manufacturers.

3. Market Adoption: The adoption of Asia-Pacific Bifacial Solar technology has been steadily increasing across various market segments, including utility-scale solar farms, commercial and industrial rooftops, and residential installations. This growth is fueled by the desire for higher energy yields and improved project economics.

4. Technological Innovation: Research and development efforts continue to focus on enhancing the performance and reliability of Asia-Pacific Bifacial Solar panels. This includes innovations in cell design, module architecture, and tracking systems to maximize energy output and minimize shading effects.