The global bifacial solar market size was valued at $8.7 billion in 2021, and projected to reach $31.1 billion by 2031, with a CAGR of 13.6% from 2022 to 2031.
Bifacial solar panels are solar panels that can capture sunlight from both their front and back sides and are interesting new solar solutions for certain types of solar installations. Instead, monofacial solar cells produce electrical energy only when photons collide on the side in front of them. BSCs and modules (arrays of BSCs) were invented and first produced for space and earth frame types in the late 1970s, and became mainstream solar cell technology by 2010. It is expected to become the leading approach for photovoltaic solar cell manufacturing by 2030. Bifacial PV modules are available with various architectures; their BSCs are currently available in the PV market. These include passivated emitter rear contact (PERC), passivated emitter rear locally-diffused (PERL), passivated emitter rear totally diffused (PERT), heterojunction with intrinsic thin-layer (HIT), and interdigitated back contact (IBC).
Major factors that drive the market growth include increase in demand for electricity from frameless & industrial sectors, especially during peak hours. Demand for solar based electricity is increasing across the globe. Companies throughout the globe are coming up with latest solar modules focusing on efficiency, cost, and design of solar panels. However, huge installation costs of bifacial solar panels is expected to hinder growth of the market.
Rise in need for eco-friendly energy solutions has further led to rise in demand for bifacial solar panels. For instance, according to the International Energy Agency, global energy use increased by 4.6% in 2021, which is twice the rate of 2018. Energy use is driven by expanded interest in warming and cooling systems in certain locations.
Rise in petroleum product use secured 70% of energy generation globally and sustainable power sources contributed for about 25% of the global energy development. Electricity demand increased to a rate of 4.5% and the share of electricity in global energy consumption reached 20% in 2021. Moreover, with rapid increase in population, demand for electricity is expected to increase significantly. Thus, these factors collectively are expected to drive growth of the bifacial solar market globally.
The global bifacial solar market is segmented on the basis of cell type, frame type, end use, and region. On the basis of cell type, the market is segmented into heterojunction cells and passivated emitter rear cells. On the basis of frame type, it is bifurcated into framed and frameless. On the basis of end use, it is segmented into residential, commercial, and industrial. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Europe accounts for the largest share of the market, followed by North America and Asia-Pacific.
Major companies in this report include Jinko Solar Holdings, Canadian Solar, Yingli Green Energy, LG Electronics, LONGi, JA Solar Holding Co. Ltd., Sharp Corporation, Sun Power Corporation, Trina Solar, and Wuxi Suntech Power Co., Ltd. Rapid development of industrialization, modernization, and spread of information through internet led to development of the tourism industry, which fuels demand for bifacial solar systems. Furthermore, growth strategies such as expansion of production capacity, acquisitions, partnerships, and research & innovation in solar energy frame types lead to a significant growth in trends of the global bifacial solar market.
Bifacial solar panels are solar panels that can capture sunlight from both their front and back sides and are interesting new solar solutions for certain types of solar installations. Instead, monofacial solar cells produce electrical energy only when photons collide on the side in front of them. BSCs and modules (arrays of BSCs) were invented and first produced for space and earth frame types in the late 1970s, and became mainstream solar cell technology by 2010. It is expected to become the leading approach for photovoltaic solar cell manufacturing by 2030. Bifacial PV modules are available with various architectures; their BSCs are currently available in the PV market. These include passivated emitter rear contact (PERC), passivated emitter rear locally-diffused (PERL), passivated emitter rear totally diffused (PERT), heterojunction with intrinsic thin-layer (HIT), and interdigitated back contact (IBC).
Major factors that drive the market growth include increase in demand for electricity from frameless & industrial sectors, especially during peak hours. Demand for solar based electricity is increasing across the globe. Companies throughout the globe are coming up with latest solar modules focusing on efficiency, cost, and design of solar panels. However, huge installation costs of bifacial solar panels is expected to hinder growth of the market.
Rise in need for eco-friendly energy solutions has further led to rise in demand for bifacial solar panels. For instance, according to the International Energy Agency, global energy use increased by 4.6% in 2021, which is twice the rate of 2018. Energy use is driven by expanded interest in warming and cooling systems in certain locations.
Rise in petroleum product use secured 70% of energy generation globally and sustainable power sources contributed for about 25% of the global energy development. Electricity demand increased to a rate of 4.5% and the share of electricity in global energy consumption reached 20% in 2021. Moreover, with rapid increase in population, demand for electricity is expected to increase significantly. Thus, these factors collectively are expected to drive growth of the bifacial solar market globally.
The global bifacial solar market is segmented on the basis of cell type, frame type, end use, and region. On the basis of cell type, the market is segmented into heterojunction cells and passivated emitter rear cells. On the basis of frame type, it is bifurcated into framed and frameless. On the basis of end use, it is segmented into residential, commercial, and industrial. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Europe accounts for the largest share of the market, followed by North America and Asia-Pacific.
Major companies in this report include Jinko Solar Holdings, Canadian Solar, Yingli Green Energy, LG Electronics, LONGi, JA Solar Holding Co. Ltd., Sharp Corporation, Sun Power Corporation, Trina Solar, and Wuxi Suntech Power Co., Ltd. Rapid development of industrialization, modernization, and spread of information through internet led to development of the tourism industry, which fuels demand for bifacial solar systems. Furthermore, growth strategies such as expansion of production capacity, acquisitions, partnerships, and research & innovation in solar energy frame types lead to a significant growth in trends of the global bifacial solar market.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the bifacial solar market analysis from 2021 to 2031 to identify the prevailing bifacial solar market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the bifacial solar market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global bifacial solar market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Cell Type
- Heterojunction Cell
- Passivated Emitter Rear Cell
By Frame Type
- Framed
- Frameless
By End Use
- Residential
- Commercial
- Industrial
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Jinko Solar Holdings
- Canadian Solar
- Yingli Green Energy
- LG Electronics
- LONGi
- JA Solar Holding Co. Ltd.
- Sharp Corporation
- Sun Power Corporation
- Trina Solar
- Wuxi Suntech Power Co., Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BIFACIAL SOLAR MARKET, BY CELL TYPE
CHAPTER 5: BIFACIAL SOLAR MARKET, BY FRAME TYPE
CHAPTER 6: BIFACIAL SOLAR MARKET, BY END USE
CHAPTER 7: BIFACIAL SOLAR MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Bifacial Solar Market," the bifacial solar industry was valued at $8.7 billion in 2021, and bifacial solar market size is estimated to reach $31.1 billion by 2031, growing at a CAGR of 13.6% from 2022 to 2031.Bifacial solar panels are the latest technology designed with high-efficiency solar cells installed on both sides of a module to produce electricity at the same time. It can capture light as it reflects off the roof or ground surface under the panel and absorbs light from rear and front sides, allowing diffused light to be used. Bifacial solar cells use high-watt modules and high-efficiency panels in solar panels and cell development. Rise in demand from commercial & industrial sectors for electricity propels growth of the market, especially during peak times. Increase in demand for solar-based electricity across the globe has led companies to introduce latest advanced solar modules that focus on cost, efficiency, and design. Moreover, reduction of energy cost and rise in affordability has accelerated the bifacial solar market forecast growth.
Feed in Tariff (FiT) is one of the major attractions of taking up renewable energy such as solar panels. The initiative essentially meant that electricity produced by solar panel system was paid by governments to help offset the cost of buying the system. In addition, the European Union initiated “Green Deal” program to reduce carbon emissions and harness residential potential to harvest solar energy. Various other initiatives of the government to improve the environment in rural areas and provide electricity for basic electronic gadgets are the factors that drive growth of the bifacial solar market trends.
The bifacial solar market is proliferating on global platform witnessing increase in installations of bifacial modules globally. Bifacial solar modules offer several advantages compared to traditional solar panels, including power production from both sides, increase in total energy generation. Bifacial modules can generate more power in a smaller array footprint; reduce in balance of system (BOS) costs. In addition, these modules are extremely durable, with UV resistant applied on both sides. Frameless bifacial modules are considered beneficial for reducing potential-induced degradation (PID) concerns. Many research institutes are increasing studies to improve functionalities of bifacial solar modules that can decrease the level of cost of electricity (LCOE). Presence of above-mentioned initiatives and applications is expected to provide ample opportunities for development of the market.
The global bifacial solar market is segmented on the basis of cell type, frame type, end use, and region.
On the basis of cell type of bifacial solar, the market is segmented into heterojunction cell and passivated emitter rear cells. On the basis of frame type, it is bifurcated into framed and frameless. On the basis of end use, it is segmented into residential, commercial, and industrial.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Europe accounts the largest share of the market, followed by North America and Asia-Pacific.
Major companies in this report included Jinko Solar Holdings, Canadian Solar, Yingli Green Energy, LG Electronics, LONGi, JA Solar Holding Co. Ltd., Sharp Corporation, Sun Power Corporation, Trina Solar, and Wuxi Suntech Power Co., Ltd.
Rapid development of industrialization, modernization, and spread of information through internet led to development of the tourism industry, which fuels demand for bifacial solar. Furthermore, growth strategies such as expansion of production capacity, acquisitions, partnerships, and research & innovation in solar energy applications led to a significant development in trends of the global bifacial solar market.
Key Findings of the Study
- Europe would exhibit CAGR of 13.2% during 2022-2031.
- As per global bifacial solar market share analysis, by cell type, the Passivated emitter rear cell segment accounted for the largest share in 2021.
- As per global bifacial solar market analysis, by frame type, framed type bifacial solar was the leading segment in 2021.
- Industrial end use segment was the highest revenue contributor in 2021.
IMPACT OF COVID-19 ON THE GLOBAL BIFACIAL SOLAR MARKET
- Emergence of COVID-19 had a negative impact on the growth of the global bifacial solar market during this period.
- This impact is mostly attributed to the significant disruptions in the raw material transportation, presence of low-labor, led to shutdown of many manufacturing industries led to decline of demand for bifacial solar during this period.
- The decrease in demand for many non-essential products and shut down of construction and tourism related industries have created a negative impact on the development of global bifacial solar market.
- Thus, the abovementioned factors are expected to have negative impact the global bifacial solar market growth during the pandemic period.
Companies Mentioned
- Jinko Solar Holdings
- Canadian Solar
- Yingli Green Energy
- Lg Electronics
- Longi
- Ja Solar Holding Co. Ltd.
- Sharp Corporation
- Sun Power Corporation
- Trina Solar
- Wuxi Suntech Power Co. Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 300 |
| Published | June 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 8.7 billion |
| Forecasted Market Value ( USD | $ 31.1 billion |
| Compound Annual Growth Rate | 13.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
