The Bifacial Solar Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Bifacial Solar Global Market Report 2024, The bifacial solar market size has grown rapidly in recent years. It will grow from $8.02 billion in 2023 to $9.14 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The growth in the historic period can be attributed to advancements in solar technology, government incentives, decreasing costs of solar panels, increased awareness of renewable energy sources, and significant investments in research and development.
The bifacial solar market size is expected to see rapid growth in the next few years. It will grow to $15.48 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to growing installations of renewable energy, increased investment in green energy resources, continued government support through subsidies and policies, ongoing technological advancements in solar technology, initiatives aimed at reducing costs, and rising corporate adoption of sustainable energy solutions. Major trends in the forecast period include increased efficiency of bifacial panels, wider adoption across various sectors, expansion into emerging markets, integration with other renewable energy technologies, a stronger focus on sustainability and green energy solutions, corporate social responsibility initiatives, and a continuing decline in the costs associated with bifacial solar technology.
The increasing demand for solar-based electricity is expected to propel the growth of the bifacial solar market going forward. Solar-based electricity refers to electrical power generated from sunlight using photovoltaic cells or solar thermal systems. The demand for solar-based electricity is experiencing growth due to increasing environmental concerns and the push towards renewable energy sources to mitigate climate change. The bifacial solar enhances solar-based electricity generation by allowing solar panels to capture sunlight from both sides, significantly increasing energy yield compared to traditional monofacial panels. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, renewable electricity generation by solar photovoltaic (PV) increased to 1,020,439.0 GWh in 2021 from 825,700.0 GWh in 2020. Therefore, the increasing demand for solar-based electricity is driving the growth of the bifacial solar market.
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The bifacial solar market market covered in this report is segmented –
1) By Type: Monocrystalline Bifacial Solar Panels, Polycrystalline Bifacial Solar Panels, Thin-Film Bifacial Solar Panels
2) By Installation: Ground-Mounted Bifacial Solar Panels, Rooftop Bifacial Solar Panels
3) By Cell Type: Passivated Emitter Rear Cell, Heterojunction, Other Cell Types
4) By End-User: Utility-Scale Solar Projects, Commercial And Industrial (C And I) Sector, Residential Sector
Major companies operating in the bifacial solar market are focusing on shifting towards advancements in bifacial solar technology, such as TOPCon bifacial PV modules, to gain a competitive edge in the market. TOPCon (Tunnel Oxide Passivated Contact) bifacial PV modules are advanced photovoltaic modules that combine TOPCon technology with bifacial capability. They are designed to capture sunlight from both sides of the module, enhancing energy generation efficiency compared to traditional monofacial modules. For instance, in April 2024, Adani Solar, an India-based solar manufacturing company, launched the 575 W TOPCon bifacial PV module, which offers high power output ranging from 550 W to 575 W with efficiencies up to 22.4%. Designed with domestic content compliance and featuring advanced specifications such as a transparent back sheet and robust performance warranties, these modules cater to demanding solar power projects globally.
The bifacial solar market report table of contents includes:
1. Executive Summary
2. Bifacial Solar Market Characteristics
3. Bifacial Solar Market Trends And Strategies
4. Bifacial Solar Market – Macro Economic Scenari
5. Global Bifacial Solar Market Size and Growth
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32. Global Bifacial Solar Market Competitive Benchmarking
33. Global Bifacial Solar Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Bifacial Solar Market
35. Bifacial Solar Market Future Outlook and Potential Analysis
36. Appendix
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