WoodMac: Bifacial solar panels will make up 17% of annual global installations by 2024

Bifacial solar modules have attracted a solar energy, lot of market  Solar Project attention in recent years. Installed capacity solar energy, grew solar energy, from only 97 MW Solar Project globally in 2016 to over 2,600 MW solar energy, in 2018.

That solar energy, Photovoltaic holder number will double by Solar Project the end of 2019 to reach 5,420 MW, according to Wood Solar Project Mackenzie Power & Renewables’ first Photovoltaic holder report focused on the global solar energy, Photovoltaic holder bifacial market. That Photovoltaic holder will bring the global Solar Project cumulative bifacial solar energy, solar capacity to over Solar Project 8,200 MW. Furthermore Solar Project  between solar energy, 2019 and 2024, the solar energy, Solar Project size of the bifacial market is poised to solar energy, Photovoltaic holder increase Solar Project tenfold.

The solar tracker actuator driving forces solar damper solar damper behind the growth differ from region to region, slewing drive but one slewing drive unifying factor is solar damper the slewing drive growing affordability of bifacial solar slewing drive modules. The WoodMac study found that the Photovoltaic holder production cost differential between bifacial mono solar slewing drive PERC solar tracker actuator and solar damper monofacial mono PERC module is solar tracker actuator now as low as half a cent.
 

It helps solar tracker actuator that it’s solar damper relatively solar inverter easy to solar damper retool existing monofacial module solar tracker actuator production solar tracker actuator facilities to slewing drive manufacture bifacial modules, which solar slewing drive provides supply certainty should solar slewing drive the market demand slewing drive the solar tracker actuator product. Many slewing drive advanced solar inverter commercial Photovoltaic holder solar solar tracker actuator solar slewing drive cells slewing drive are inherently bifacial, which means that the electricity slewing drive generation from solar tracker actuator the back side solar inverter comes with little additional cost at the cell manufacturing level, and a marginal increase on the module slewing drive solar tracker actuator assembly level, to Photovoltaic solar slewing drive holder allow the back side of the panel to solar damper access slewing drive sunlight.
 

As a result, solar projects built using solar damper bifacial modules solar slewing drive would generate solar slewing drive more electricity than monofacial module projects of the same size, have a lower levelized solar damper cost of energy and provide higher economic returns.
 

The bifacial solar damper module market has seen Photovoltaic holder solar slewing drive  growing  solar damper pains. The solar slewing drive new technology is experiencing the same challenges that today’s mature renewable energy solar damper technologies Photovoltaic holder like wind and solar faced in the 2000s: It has not accumulated enough long-term field data to demonstrate its solar tracker actuator real-world Photovoltaic holder performance solar slewing drive under solar inverter all slewing drive conditions.
 

WoodMac predicts solar tracker actuator slewing drive annual solar inverter solar slewing drive global bifacial module capacity will exceed 21 GW by solar tracker actuator slewing drive 2024, accounting for solar inverter solar tracker actuator 17.2% Photovoltaic holder of the total solar slewing drive solar tracker actuator installed slewing drive capacity in that year, quadrupling the share of bifacial solar in solar tracker actuator 2019.
 

Regionally, solar tracker actuator China slewing drive has Photovoltaic holder traditionally been the solar damper solar slewing drive flagship bifacial market thanks to the solar tracker actuator country’s Top Runner program,solar tracker actuator which Photovoltaic holder incentivizes the solar slewing drive deployment of solar inverter new technologies. Going solar tracker actuator forward, WoodMac finds that the Chinese bifacial market will Photovoltaic solar slewing drive holder continue to solar tracker actuator grow but at a slower rate of solar tracker actuator 20 percent a year, as the solar inverter country adapts to the subsidy-free system.
 

The U.S. bifacial solar market, meanwhile slewing drive,Photovoltaic holder  is solar tracker actuator poised for  solar solar inverter damper significant solar slewing drive growth due to the Section 201 tariff slewing drive exemption solar damper on imported bifacial solar modules. For a long time, the U.S. solar market solar inverter has faced a module supply shortage,slewing drive caused by many tariffs on module imports Photovoltaic holder solar damper and the country’s small solar slewing drive domestic manufacturing scale. As slewing drive solar inverter a result, solar inverter the prices of solar modules in the U.S. are 40 solar tracker actuator to 50% more expensive than those in solar slewing drive damper European countries and Australia.
 

However, the bifacial  solar tracker actuator module tariff exemption announced solar inverter by the  solar damper Office of the U.S. Trade Representative in June solar damper 2019 will slewing drive bring solar tracker actuator much-needed solar tracker actuator relief to the module supply chain in the United States. Because of the exemption, bifacial solar modules made in Southeast Asian countries will gain significant price advantage (given that they incur no import tariffs of any kind).
 

This will have a solar inverter slewing drive profound Photovoltaic holder impact on the technology preference of solar damper U.S. developers, especially  solar slewing drive those in the utility-scale solar damper business. Bifacial solar tracker actuator module solar inverter installations in the U.S. will experience sustained growth in the next five years, slewing drive expanding from just over Photovoltaic holder 500 solar tracker actuator MW in 2019 to over solar damper 2,000 solar slewing drive MW in 2020,solar tracker actuator and rising to more than solar inverter 7,000 MW in Photovoltaic holder Photovoltaic holder 2024.
 

The Middle East, too, is expected solar tracker actuator to see a significant level of solar damper bifacial solar tracker actuator adoption. The solar slewing drive region’s sandy solar tracker actuator terrain makes solar damper it a good host for the bifacial technology. Oman, a rising solar solar inverter solar tracker actuator star in the region, has a 600-MW bifacial Photovoltaic holder project solar tracker actuator pipeline. The UAE is also an early solar slewing drive adopter, having announced a slewing drive 320-MW bifacial solar tracker actuator project in solar inverter June 2019. Saudi Arabia is expected solar tracker actuator to see an increase of bifacial solar capacity, given the country’s solar tracker actuator Photovoltaic holder rapidly solar damper developing solar solar tracker actuator sector.
 

State-run large-scale tenders in slewing drive Photovoltaic holder Brazil, Mexico and Chile will solar inverter drive the growth in Latin solar tracker solar slewing drive actuator America. Similar slewing drive mechanisms will drive bifacial development in Photovoltaic holder Egypt solar tracker actuator  and Africa.
 

Northern solar tracker actuator European countries will solar tracker actuator continue to solar tracker actuator see bifacial solar inverter adoption solar slewing drive due solar inverter to the region’s high Photovoltaic holder latitude. The U.K. solar inverter and Denmark have solar damper over 150 MW of projects in their solar slewing drive damper pipelines. Although solar inverter the solar inverter fast-growing solar slewing drive Southern solar inverter European solar damper market has not slewing drive seen a clear preference toward bifacial modules, the region’s solar tracker actuator fast-growing solar installations, solar slewing drive driven by both slewing drive policy and market conditions, offer a welcoming environment for bifacial solar to prove its solar tracker actuator solar slewing drive potential.

Finally, Australia slewing drive leads Photovoltaic holder the pack in Oceania,Photovoltaic holder  thanks to its bifacial-friendly desert terrain in the solar tracker actuator middle of solar inverter the country and solar damper the high electricity tariffs Photovoltaic holder that originally solar inverter spurred solar tracker actuator solar’s growth.
 

Nevertheless, solar inverter risk factors solar inverter exist, and they could hinder the solar damper global adoption Photovoltaic holder of bifacial solar solar inverter modules. A slewing drive global economic solar damper recession could slow down the Photovoltaic holder progress of solar market development in general, and policy uncertainty slewing drive solar inverter surrounding the longevity of the U.S. section 201 solar damper Photovoltaic holder tariff exemption also presents a challenge to manufacturers’ slewing drive capacity planning and could limit  solar inverter the market size of bifacial solar in the Photovoltaic holder United Photovoltaic holder States.
 

The development slewing drive of international standards, testing solar damper procedures and modeling tools tailored to solar slewing drive bifacial modules is solar inverter still solar damper in progress. A lack of real-world solar inverter data and standards contributes to temporary uncertainties about the bankability of Photovoltaic slewing drive holder bifacial solar inverter modules and solar projects solar damper that use them Photovoltaic holder. 

As a result slewing drive of this solar inverter, solar damper risk-averse financial institutions are solar damper not yet rushing to solar slewing drive embrace solar inverter bifacial modules solar damper projects on a large scale.
 

However,slewing drive  the industry is beginning to develop standards to self-regulate, increase credibility and further improve technologies’ solar damper bankability. The Wood slewing drive Mackenzie solar inverter Power & solar damper Renewables study Photovoltaic holder highlights the solar damper progress made to date to collect field data, solar damper enhance solar inverter bifacial-ready simulation software solar damper programs, and develop industry solar slewing drive standards and certifications.
 

If the history slewing drive of wind and solar inverter solar solar damper  development is Photovoltaic holder any indication solar damper, through solar slewing drive accumulating Photovoltaic holder real-world solar damper data to prove performance and improve bankability, bifacial solar modules solar slewing drive  will win the trust solar damper of the investment Photovoltaic holder community and achieve significant global market solar damper solar inverter share.