The bifacial solar market has experienced rapid growth in recent years, with its size expanding from $8.02 billion in 2023 to $9.14 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. This growth is attributed to advancements in solar technology, government incentives, decreasing costs of solar panels, increased awareness of renewable energy sources, and substantial investments in research and development. Looking ahead, the market is anticipated to continue its rapid expansion, reaching $15.48 billion by 2028 with a CAGR of 14.1%. This projected growth is driven by factors such as growing installations of renewable energy, increased investment in green energy resources, ongoing government support through subsidies and policies, continued technological advancements, initiatives to reduce costs, and rising corporate adoption of sustainable energy solutions. Major trends expected in the forecast period include enhanced efficiency of bifacial panels, broader adoption across various sectors, expansion into emerging markets, integration with other renewable technologies, a stronger focus on sustainability, corporate social responsibility initiatives, and a continuing decrease in the costs of bifacial solar technology.
Global Bifacial Solar Market Key Driver
The increasing demand for solar-based electricity is expected to propel the growth of the bifacial solar market going forward. Solar-based electricity, generated from sunlight using photovoltaic cells or solar thermal systems, is growing due to rising environmental concerns and the shift towards renewable energy to combat climate change. Bifacial solar panels enhance electricity generation by capturing 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 from 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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Global Bifacial Solar Market Segments
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
By Geography:The regions covered in the bifacial solar market market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
Major Bifacial Solar Industry Players
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
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Bifacial Solar Market Overview
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 2023 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.
