What Is The Current and Historic Market Size Analysis Of The Bifacial Solar Market?
The bifacial solar market has seen considerable growth due to a variety of factors.
• The bifacial solar market has grown rapidly in recent years. It is expected to rise from $9.14 billion in 2024 to $10.45 billion in 2025, at a CAGR of 14.4%.
Key factors contributing to this growth include advancements in solar technology, government incentives, the falling cost of solar panels, and increased investments in renewable energy.
What Are The Predictions for The Bifacial Solar Market in the Coming Years?
The bifacial solar market is expected to maintain its strong growth trajectory in upcoming years.
• The bifacial solar market is projected to experience rapid growth, reaching $17.63 billion by 2029 at a CAGR of 14.0%.
Growth is driven by increased renewable energy installations, green energy investments, government support, and technological advancements. Key trends include higher panel efficiency, integration with other renewable technologies, sustainability focus, and reduced costs.
Which Drivers Are Accelerating Growth In The Bifacial Solar Market?
The increasing demand for solar-based electricity is expected to boost the growth of the bifacial solar market. Solar energy is becoming more popular as an eco-friendly alternative to traditional power sources. Bifacial solar panels can capture sunlight from both sides, boosting energy yield compared to conventional panels. The Energy Information Administration projects U.S. solar power generation to increase by 75% from 2023 to 2025. Therefore, the rising demand for solar electricity is contributing to the growth of the bifacial solar market.
What Are The Core Segments Of The Global 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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What New Trends Are Influencing The Bifacial Solar Market?
Companies in the bifacial solar market are advancing towards TOPCon bifacial PV modules to enhance solar energy generation efficiency. In April 2024, Adani Solar, an India-based solar manufacturer, launched the 575 W TOPCon bifacial PV module. With power outputs ranging from 550 W to 575 W and efficiencies up to 22.4%, these modules are designed for demanding global solar projects and feature a transparent back sheet for improved energy capture.
Who Are the Key Players In 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
What Are The Regional Insights Into The Bifacial Solar Market?
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.
