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.
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Scope Of Bifacial Solar Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Bifacial Solar Market Overview
Market Drivers –
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.
Market Trends –
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 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
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Regional Insights –
North America was the largest region in the bifacial solar market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bifacial solar market market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the bifacial solar market market are Reliance Industries Ltd, LG Electronics, LONGi Green Energy Technology Co. Ltd., Sharp Corporation, Trina Solar Co Ltd, Jinko Solar Holdings, JA Solar Technology Co. Ltd., Hanwha Solutions, Canadian Solar Inc., Risen Energy, First Solar Inc, Sun Power Corporation, GCL System Integration Technology Co Ltd, Wuxi Suntech Power Co. Ltd., Adani Green Energy Ltd, Zhongli Talesun Solar Co. Ltd, SoliTek, Seraphim Solar System Co. Ltd., Jiangsu Sunport Power Corp. Ltd., Yingli Green Energy Holding Co Ltd
Table of Contents
1. Executive Summary
2. Bifacial Solar Market Report Structure
3. Bifacial Solar Market Trends And Strategies
4. Bifacial Solar Market – Macro Economic Scenario
5. Bifacial Solar Market Size And Growth
…..
27. Bifacial Solar Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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