What Is The Scope Of The Global Market?
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.
Bifacial Solar Global Market Report 2024 provides data on the global bifacial solar market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bifacial solar market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Bifacial Solar ?
The market size has experienced significant growth in recent years, increasing from $8.02 billion in 2023 to $9.14 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. This growth in the historic period can be attributed to advancements in technology, government incentives, decreasing costs, increased awareness of renewable energy sources, and substantial investments in research and development. It is expected to continue expanding rapidly, reaching $15.48 billion in 2028 at a CAGR of 14.1%. This forecasted growth is driven by rising installations, growing investments in green energy, government support through subsidies and policies, technological advancements, cost reduction initiatives, and increased corporate adoption of sustainable energy solutions. Key trends include enhanced efficiency, broader sector adoption, market expansion, integration with other renewable technologies, a focus on sustainability, corporate social responsibility, and ongoing cost reductions.
What Factors Are Driving Growth In The Bifacial Solar Market?
The growing demand for solar-powered electricity is expected to drive the expansion of the bifacial solar market in the coming years. Solar-based electricity, generated through photovoltaic cells or solar thermal systems, is seeing increased demand due to rising environmental concerns and the global push towards renewable energy to combat climate change. Bifacial solar panels improve solar electricity generation by capturing sunlight from both sides, which increases energy output compared to traditional monofacial panels. For example, in July 2023, the International Energy Agency reported that global renewable electricity generation from solar photovoltaic systems rose to 1,020,439 GWh in 2021, up from 825,700 GWh in 2020. Thus, the growing need for solar electricity is fueling the growth of the bifacial solar market.
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What Are The Main Segments Of The Global Bifacial Solar Market?
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
What Emerging Trends Are Influencing The Growth Of The Bifacial Solar Market?
Leading players in the bifacial solar market are increasingly adopting advanced bifacial solar technologies like TOPCon bifacial PV modules to maintain a competitive edge. These modules leverage Tunnel Oxide Passivated Contact (TOPCon) technology combined with bifacial functionality to capture sunlight from both sides, significantly boosting energy generation compared to conventional single-sided modules. For instance, in April 2024, Adani Solar, an Indian solar manufacturer, introduced the 575 W TOPCon bifacial PV module. This product delivers a high power output between 550 W and 575 W with efficiency levels reaching up to 22.4%. It incorporates a transparent back sheet, advanced specifications, and domestic content compliance, making it suitable for demanding solar projects worldwide.
What Is The Largest Region In The Bifacial Solar Market?
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.
