How big is the bifacial solar market today, and what are its future growth expectations?
The bifacial solar market size has grown rapidly in recent years. It will grow from $9.14 billion in 2024 to $10.45 billion in 2025 at a compound annual growth rate (CAGR) of 14.4%. 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 $17.63 billion in 2029 at a compound annual growth rate (CAGR) of 14.0%. 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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What have been the primary factors driving the bifacial solar market’s growth?
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 January 2024, according to the Energy Information Administration, a US-based government agency, US solar power generation is expected to rise by 75%, from 163 billion kWh in 2023 to 286 billion kWh in 2025. Wind power generation is projected to grow by 11%, increasing from 430 billion kWh in 2023 to 476 billion kWh in 2025. Therefore, the increasing demand for solar-based electricity is driving the growth of the bifacial solar market.
What are the key segments within the bifacial solar market?
The bifacial solar 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
Subsegments:
1) By Monocrystalline Bifacial Solar Panels: High-Efficiency Monocrystalline Bifacial Panels, PERC (Passivated Emitter and Rear Contact) Monocrystalline Bifacial Panels, Dual-Glass Monocrystalline Bifacial Panels
2) By Polycrystalline Bifacial Solar Panels: Standard Polycrystalline Bifacial Panels, Dual-Glass Polycrystalline Bifacial Panels, High-Performance Polycrystalline Bifacial Panels
3) By Thin-Film Bifacial Solar Panels: Amorphous Silicon Bifacial Panels, Cadmium Telluride (CdTe) Bifacial Panels, Copper Indium Gallium Selenide (CIGS) Bifacial Panels
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Which key players are shaping the bifacial solar market?
Major companies operating in the bifacial solar 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
How will emerging trends drive the bifacial solar market throughout the forecast period?
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.
How do regional factors impact the bifacial solar market, and which region is the largest contributor?
North America was the largest region in the bifacial solar market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bifacial solar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Bifacial Solar Market Report 2025 Offer?
The bifacial solar market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Bifacial solar refers to panels that are photovoltaic modules that can capture sunlight on both their front and rear sides, increasing energy generation. They are typically more efficient than traditional monofacial panels because they utilize reflected and diffused light from the surrounding environment. Bifacial panels can be installed on various surfaces, including rooftops, ground mounts, and vertical surfaces. They are especially effective in environments with high albedo, such as snowy or sandy areas.
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