The bifacial solar technology market is currently growing, primarily because the bifacial solar system provides better energy production compared to normal solar systems and has become integrated into multiple regions. There are many factors affecting the growth of the market such as government policies, economic trends, and various regional issues. Thus, this article aims to explain the regional perspective of the bifacial solar market, addressing policies, initiatives, and challenges in the North American, European, Asia-Pacific, and emerging markets. According to the UnivDatos Market Insights, “Bifacial Solar Market” report, the global market was valued at USD 9.2 Billion in 2023 and growing at a CAGR of 15.83% during the forecast period from 2024 – 2032. 

Access sample report (including graphs, charts, and figures): https://univdatos.com/get-a-free-sample-form-php/?product_id=65512

North America

North America especially the United States has a significant presence for bifacial solar technology due to the well-established policies on the use of renewable energy sources. Several incentives have been deployed by the U. S. government and these include the Investment Tax credit (ITC) where the government refunds up to 30% for solar installations including the bifacial systems. Such a demand has led to increased funding for utility solar projects primarily in California, Texas, and Nevada where the solar prospects are promising.

However, the bifacial solar market in North America also has its limitations, such as the trade conflict with China, which has become the world’s largest producer of bifacial solar panels. Also, some issues such as the performance of bifacial panels in snowy regions or areas with low albedo pose technical issues that may slow down the adoption of the panels. However, North America is one of the leading regions in bifacial solar, and it has the possibility of further improvement due to favorable policies and advances.

Europe

Europe is another region that is focused on the adoption of bifacial solar solutions with countries like Germany Spain and the Netherlands taking the lead. EU has also adopted its green deal aiming at climate neutrality by the year 2050, with a plan to increase the usage of renewable energy sources. The EU Renewable Energy Directive has established binding targets in terms of the share of renewable energies adopted while several countries have set up national-level statutes acknowledging solar energy and bifacial technology. In Germany, photovoltaic subsidies and feed-in tariffs are explained by the Renewable Energy Sources Act (EEG) making both the residential and commercial segments grow rapidly. Spain, receiving a lot of solar radiation, is also one of the leaders in the bifacial solar market, with many large-scale plants deploying bifacial panels for maximum production in warm climates.

However, Europe faces some issues in the bifacial solar market such as grid integration and the instability of solar power. For solar technology to be adopted at a faster rate, many European countries are now focusing on upgrading their grids to accommodate renewable input, but this has remained a major challenge. However, owing to its higher efficiency, and rigid regulatory norms for renewable energy projects the European region can be indicated as a highly prospective market for bifacial solar panels.

Asia-Pacific

The Asia-Pacific region has recorded an upward trend in the use of bifacial solar, particularly in China, Japan, and India. China, the world’s largest producer and consumer of solar energy, has adopted the notion of bifacial technology in its enormous solar system. The Chinese government has outlined high targets for solar power generation in its “13th Five-Year Plan” for renewable energy and state-owned utilities are using bifacial solar panels in utility-scale PV power stations across China. China also enjoys the advantage of having a strong position in the solar manufacturing industry which was able to quickly ramp up bifacial production.

Japan being a technologically advanced country with scarce and expensive land and focusing more on roofing structures is also considering the bifacial modules, especially in the rooftop and other small-scale applications where the efficiency of the modules is paramount. Japan has implemented a Feed-in Tariff (FIT) to support the growth of solar, however, the country also suffered some challenges to solar growth including shortages of the area of land and high installation costs.

However, bifacial solar still has some issues in the process of development in the Asia-Pacific region where the market is growing very actively. This can be attributed to factors such as the availability of skilled labor to install bifacial panels and constraints in physical infrastructure in some countries like India in terms of grid infrastructure which may not be able to cope with the increasing solar power installments. Nevertheless, bifacial solar remains one of the promising frontiers in the renewable energy sector as countries in the region earmark efforts to diversify their energy sources.

Click here to view the Report Description & TOC https://univdatos.com/report/bifacial-solar-market/

Conclusion:

Government policies, economic conditions, and regional circumstances play a decisive role in forming the regional outlook of the bifacial solar market. North America and Europe take the positions of leaders in the aspect of policy support and innovations, whereas the Asia Pacific region is up-and-coming worldwide due to the manufacturing and installation capabilities and large-scale demand in the region. With the increasing focus of the global economy towards clean energy, the use of bifacial solar tech is expected to have several applications in the global demand by different regions.

Related Report

 India Heat Transfer Fluids Market: Current Analysis and Forecast (2024-2032)

 Gear Motors Market: Current Analysis and Forecast (2024-2032)

 India Gas Insulated Switchgear Market: Current Analysis and Forecast (2024-2032)

 Fuel Flexible Boiler Market: Current Analysis and Forecast (2024-2032)

Contact Us:

UnivDatos Market Insights

Email - contact@univdatos.com

Contact Number - +1 9782263411

Website - https://univdatos.com/