Bifacial Solar Market Share

Global Bifacial Solar Market Overview:

Bifacial Solar Market Size was valued at USD 6.8 Billion in 2022. The Bifacial Solar market industry is projected to grow from USD 7.9 Billion in 2023 to USD 26.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.30% during the forecast period (2024 - 2032). Increased affordability of solar panels, reduced manufacturing costs, and technological advancements in solar energy are the key market drivers enhancing the growth of market.

Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review

Bifacial Solar Market Trends

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  Benefits and growing installation of the bifacial solar panel are driving the market growth

  
  

Market CAGR for the bifacial solar market is being driven by the benefits and Growing installation of bifacial solar panels. Bifacial solar panels have various advantages over the traditional solar panels. Bifacial solar panels can produce power from both sides of the panel, providing an overall increase in energy consumption. They are frame-less and covered by tempered glass on both sides that are weather resistant, UV resistant, UV resistant, and can tolerate high temperatures and strong winds, thus making the panels more durable.

Bifacial solar is different from conventional mono-facial solar modules because it can produce electricity from both the back and front sides of the panels, therefore increasing the electricity yield. The photons are absorbed from the back layers that are not absorbed from the front layers. The key market participants are emphasizing improving the disadvantages of the bifacial solar panels and minimizing the cost price of bifacial PV modules that will boost the market growth. The rising investment in green energy resources within developed and developing countries are stimulating market growth. The frame-less bifacial modules minimize the potential-induced degradation (PID) concerns. The traditional solar panels are opaque-bak sheeted, having limited exposure to light, whereas the bifacial panels provide power from both sides. It is accessable in many designs and sizes and can be designed as per the requirement of the customers.

The rising induction of renewable energy source for power generation throughout the world are fueling the demand for bifacial solar panel module systems. The growing investment by the government for green energy resources among developing and developed countries are boosting the bifacial solar market growth by providing subsidies and encouraging to deployment of solar energy on a large scale. The bifacial has a low degradation rate and cell temperature, high fire resistance index, mechanical strength, and less bending; it has approx 3% less front surface output as the light passes across the module within the cells and can not be reflected from the white sheet at the back.

The market players are growing their production capacities with enhanced cost efficiency and clean organization supported by new options offered by digitization and technology advancements; many manufacturers of the bifacial modules are researching the possibility of innovative development after mastering their existing product line. They are growing partnership deals and approaches, like collaboration, mergers & acquisitions, expansion, and product launches, which are anticipated to be experienced in the forecast period to provide the growing demand for electricity for the increasing population. Thus, driving the Bifacial Solar market revenue.

Bifacial Solar Market Segment Insights:

Bifacial Solar Type Insights

The Bifacial Solar market segmentation, based on type, includes framed and frameless. The framed segment dominates the market, accounting for the largest market revenue. The framed solar panels are easy to install and are anticipated to grow at a faster rate during the forecast period. The framed solar panel are helpful in producing more energy at a time.

Figure 1: Bifacial Solar Market, by Distribution Channel, 2024 & 2032 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review

Bifacial Solar Application Insights

The Bifacial Solar market segmentation, based on application, includes residential, commercial, and industrial. The commercial category dominates the bifacial solar panel market, because of the increase in the need for electricity during peak hours. The requirement for solar-based electricity is rising throughout the world; market players are coming up with the latest advanced solar modules that emphasize the efficiency, cost, and design of solar panel.

Bifacial Solar Regional Insights

By region, the study gives market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Bifacial Solar market area will dominate this market, owing to an increase in installation and research and development activities taking place in the region. The US's bifacial solar market is the highest contributor in the North American region.

Further, the main countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, South Korea, Japan, India, Australia, and Brazil.

Figure 2: Bifacial Solar Market Share By Region 2022 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review

Europe's Bifacial Solar market accounts for the second-largest market share due to the rising requirement for energy and growing solar panel installation, and the government initiative to increase renewable energy. Further, the German Bifacial Solar market held the largest market share, and the UK Bifacial Solar market was the fastest-growing market in the European region.

The Asia-Pacific Bifacial Solar Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to the rising potential of planned solar projects and growing investment in solar energy with a emphasis on the development of renewable energy sources. Moreover, China’s Bifacial Solar market held the largest market share, and the Indian Bifacial Solar market was the rapid-growing market in the Asia-Pacific region.

Bifacial Solar Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to spread their product lines, which will help the Bifacial Solar market grow even more. Market participants are also undertaking a various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Bifacial Solar industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Bifacial Solar industry to benefit clients and increase the market sector. In recent years, the Bifacial Solar industry has offered some of the most significant advantages to the energy industry. Major players in the Bifacial Solar market, including GLONGi Solar, Tigo Energy Inc., Sunpreme Inc., Suntech Power, Jolywood Solar Technology, MegaCell, Trina Solar, Ecoppia, Prism Solar, Panasonic, PVG Solutions, Lumos Solar, LG Electronics, Neo Solar Panel, Yingli Green Energy, and others, are trying to increase market demand by investing in research and development operations.

Ecoppia, established in 2013, is a leader and pioneer in robotic cleaning solutions for PV, providing a cloud-based platform and a package of modern, fully autonomous robots that are cost-effective and maximize the performance of utility-scale PV sites throughout the world. It has focused on being a hub of innovation in the solar energy sector and aims to enable solar PV site developers across the globe to maximize the productivity of their solar products that are driven by robotic and data technologies. In February 2021, this leading supplier of photovoltaic solar robotic solutions announced that they had signed an agreement with the international energy company to launch its robotic solutions in BenBan Solar Park, Egypt. Thus, strengthening the presence of Ecoppia in the Middle East.

Trina Solar, established in 1997, is the leader in PV and smart energy total solution providers. The company deals with PV products R&D, manufacture, and sales; PV projects development, EPV, O&M: smart micro-grid and multi-energy supporting systems development and sales. In June 2020, the company launched its first A-Shares on Shanghai Sci-Tech Innovation Board, which is the first PV System, PV product, and smart energy company present on the Shanghai Stock Exchange Science and Technology Innovation Board that is also known as Star Market. Trina Solar published that its stake key laboratory of PV science and technology in China had made a new record of attaining a high efficiency of 24.58% for n-type monocrystalline silicon. The bifacial solar cell reached a total-area front-side efficiency of 24.58% without any dedicated aperture while illuminating.

Key Companies in the Bifacial Solar market include

• LONGi Solar


• Tigo Energy Inc.


• Sunpreme Inc.


• Suntech Power


• Jolywood Solar Technology


• MegaCell


• Trina Solar


• Ecoppia


• Prism Solar


• Panasonic


• PVG Solutions


• Lumos Solar


• LG Electronics


• Neo Solar Panel


• Yingli Green Energy

Bifacial Solar Industry Developments

February 2019: A contract to supply bifacial PERC modules for the biggest solar project to be built in Mitchell Country, Georgia, having a capacity of 224 MW, was bagged by LONGi Solar. This project is anticipated to come online by the end of 2019.

February 2019: Tigo Energy, Inc. and Sunpreme, Inc. announced the accomplishment of commercial solar installation on smart bifacial solar panels in California's largest contiguous solar carport structures in the Bay Area.

January 2017: A strategic cooperation agreement was signed by Suntech Power with Jolywood Solar Technology to provide high-efficiency N-type bifacial solar modules to the market.

Bifacial Solar Market Segmentation

Bifacial Solar Type Outlook

• Framed


• Frameless

Bifacial Solar Application Outlook

• Residential


• Commercial


• Industrial

Bifacial Solar Regional Outlook

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  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America