Bifacial Solar Market

The global bifacial solar market is expected to reach USD 37.6 billion by 2029, up from an anticipated USD 18.5 billion in 2024, at a CAGR of 15.2% over the forecast period. Bifacial solar occupies a crucial position in the ongoing global energy transition. The decreasing cost of solar technology, including bifacial panels, makes it more economically viable for large-scale and residential projects.

Due to the abundant availability of networks, a few global and regional firms have a solid presence in the bifacial solar market. Bifacial Solar industry leaders include LONGi (China), Trinasolar (China), Canadian Solar (Canada), JA SOLAR Technology Co., Ltd. (China), and SHARP CORPORATION (Japan). To grow their market share, these organizations used techniques such as product launches, contracts, agreements, partnerships, acquisitions, investments, and expansions.

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LONGi, a subsidiary of LONGi Green Energy Technology Co., Ltd., is a global leader in the solar industry, renowned for its high-efficiency monocrystalline solar cells and modules. The company has made significant strides in the bifacial solar market with its Hi-MO series, which captures sunlight on both sides of the panel, thereby increasing energy yield. LONGi's advanced PERC technology, extensive R&D investments, and state-of-the-art manufacturing facilities enable it to produce cost-competitive, high-performance bifacial modules. The company’s global reach and strategic partnerships have secured its position as a top provider in the bifacial solar market. LONGi's global presence spans 15 manufacturing facilities and over 30 branches, strategically positioned to produce monocrystalline silicon wafers and modules. By focusing on distributed and ground mount power systems, LONGi plays a pivotal role in shaping the global PV sector and accelerating the transition to renewable energy.

Canadian Solar, is a prominent player in the bifacial solar market, known for its advanced product offerings, including the BiHiKu series, which features high power output and efficiency due to its mono PERC technology. The company's bifacial modules capture sunlight on both sides, enhancing energy generation by up to 30% compared to traditional panels. Canadian Solar's global reach, with installations in diverse regions, and involvement in large-scale projects underscore its significant market presence. The company's focus on durability and performance, even in harsh conditions, ensures long-term reliability, making it a preferred choice for utility-scale solar farms. With a global footprint spanning 23 countries and regions across six continents, Canadian Solar boasts extensive reach and operates over 26 manufacturing facilities in Asia and the Americas. Their cumulative solar module shipments have reached 125 GW, solidifying their position as a leader in the renewable energy industry.

Trinasolar, established in 1997 and headquartered in Changzhou, China, is a prominent player in the bifacial solar market. Known for its high-efficiency products and innovative technologies, Trina Solar's flagship bifacial modules, such as the Duomax Twin and Tallmax Twin, utilize dual-glass technology and PERC (Passivated Emitter and Rear Cell) technology to enhance durability and energy yield. The company's competitive edge lies in its continuous investment in research and development, large manufacturing capacity, and commitment to sustainability. By collaborating with governments, utilities, and private sector partners, Trina Solar has successfully deployed numerous bifacial solar projects worldwide. The bifacial solar market is poised for significant growth, driven by rising demand for high-efficiency solutions and favorable regulatory environments. Trina Solar is well-positioned to capitalize on this trend, leveraging its technological prowess and market strategy to maintain its leadership and drive future advancements in the solar industry. Additionally, Trinasolar has established offices and branches in various locations such as Madrid, Mexico City, Sydney, and Rome. The company operates manufacturing facilities in multiple countries including the USA, Thailand, Vietnam, Indonesia, and the UAE, enabling its presence and operations in over 170 countries and regions worldwide.

Related Reports:

Bifacial Solar Market by Type (Dual-Glass, Glass-Backsheet), Frame Type (Framed, Frameless), Cell Technology (Passivated Emitter Rear Contact, Heterojunction, TOPCon), Application (Residential, Commercial & Industrial, Utilities) - Global Forecast to 2029

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