Pune, India, Dec. 13, 2022 (GLOBE NEWSWIRE) -- The global bifacial solar panels market is likely to gain momentum from a rise in the demand for electricity from industrial and commercial sectors. According to an upcoming report by Fortune Business Insights, titled, "Bifacial Solar Panels Market Size, Share and Global Trend by Type (Monocrystalline Solar Panels, Polycrystalline Solar Panels, Thin-film Solar Panels), by Application (Residential, Commercial) and by Geography Forecast till 2029," various small, medium, and big enterprises are coming up with solar modules that are infused with the latest technology. They are aiming to increase the global bifacial solar panels market sales by focusing on design, cost, and efficiency of the solar panels.
The report classifies the global bifacial solar panels market on the basis of type, application, and geography. In terms of type, the market is segmented into polycrystalline solar panels, monocrystalline solar panels, and thin-film solar panels. Amongst these, the monocrystalline panel offers more energy-efficiency than the other two solar panels. This, combined with the high cost, makes it preferable for usage in commercial projects. Polycrystalline solar panels, on the other hand, are cost-effective and hence, are used more in residential projects.
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Increasing Number of Planned Solar Projects to Favor Growth in Asia Pacific
The global bifacial solar panels market is geographically segmented into Europe, the Middle East and Africa, Asia Pacific, North America, and Latin America. Amongst these areas, North America and Europe are anticipated to lead the bifacial solar panels market. This is because of a rise in the investment by numerous enterprises in solar projects in these regions. They will acquire a notable share of the market in the forthcoming years.
In Asia Pacific, countries, such as Indonesia, Australia, and China will have a huge potential to gain the largest market opportunity during the forecast period. This will occur due to the planned solar projects that are likely to begin during the forthcoming years. Asia Pacific will be followed by the Middle East and Africa as well as Latin America.
Suntech Power, LONGi Solar, and Other Key Players to Focus on Strategic Collaboration and Contract Acquirement to Gain Competitive Edge
Suntech Power, a producer of solar panels, headquartered in China, announced that it has signed a strategic cooperation agreement with Jolywood Solar Technology, a prominent producer of PV, bifacial solar cell, solar module, and more, based in Taizhou, in January 2017. The agreement was signed with the aim to bring high-efficiency N-type bifacial in the global market.
According to Suntech, there has been a rapid rise in the homogenization of PV market. This has further resulted in the product and technological innovations which are necessary for sustainable development. N-type bifacial solar cells have several advantages, namely, low LID, double side power generation, impressive weak light performance, and high efficiency.
Sunpreme, Inc., solar PV manufacturer, announced that it has completed the commercial rooftop and carport solar system installation at a shopping center in California with the assistance of Tigo Energy, Inc. in January 2019. The system includes Tigo TS4-L (Long Strings) Optimizers integrated with Sunpreme's award winning GxB380 SM Bifacial PV Panels.
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LONGi Solar, a manufacturer of high-efficiency mono-crystalline solar cells and modules, headquartered in China, acquired a contract in February 2019. According to the contract, the company will supply 224MW bifacial PERC modules for the largest solar project that will be built in Mitchell County. The entire project is anticipated to be completed by 2019. It will aid in providing electricity to more than 30,000 households.
Fortune Business Insights has profiled some of the prominent market players operating in the global bifocal solar panels marker. Some of them are Prism Solar, Lumos Solar, Ankara Solar, Sunpreme, Suntech Power, LG Electronics, LONGi Solar, Trina Solar, SP Enerji, Adani Solar, Yingli Solar, AE Solar, JA Solar, SoliTek, Jinko Solarm, Canadian Solar Inc., and other key market players.
Some of the key questions answered in this report:
- What is the size of the overall Bifacial Solar Panels market and its segments?
- What are the key segments and sub-segments in the market?
- What are the key drivers, restraints, opportunities, and challenges of the Bifacial Solar Panels market, and how they are expected to impact the market?
- What are the attractive investment opportunities within the market?
- What is the Bifacial Solar Panels market size at the regional and country level?
- Who are the key market players and their key competitors?
- What are the strategies for growth adopted by the key players in the Bifacial Solar Panels market?
- What are the recent trends in the market? (MandA, partnerships, new product developments, expansions)?
- What are the challenges to the market growth?
- What are the key market trends impacting the growth of the market?
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