Bifacial Solar Market Report 2024

The bifacial solar market size has grown rapidly in recent years. It will grow from $8.02 billion in 2023 to $9.14 billion in 2024 at a compound annual growth rate (CAGR) of 14%. The growth observed during the historic period can be attributed to several factors, advancements in solar technology, government incentives, declining costs of solar panels, increased awareness of renewable energy sources, and substantial investments in research and development.

The bifacial solar market size is expected to see rapid growth in the next few years. It will grow to $15.48 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The projected growth during the forecast period can be attributed to several factors, increasing installations of renewable energy systems, heightened investment in green energy resources, sustained government support through subsidies and policies, ongoing advancements in solar technology, efforts to reduce costs, and growing corporate adoption of sustainable energy solutions. Key trends expected to shape this period include enhanced efficiency of bifacial panels, broader adoption across various sectors, expansion into emerging markets, integration with other renewable energy technologies, a stronger focus on sustainability and green energy solutions, corporate social responsibility initiatives, and a continued decrease in the costs associated with bifacial solar technology.

The rising demand for solar-based electricity is expected to drive growth in the bifacial solar market. Solar-based electricity is generated from sunlight using photovoltaic cells or solar thermal systems. This demand is increasing due to growing environmental concerns and the shift towards renewable energy sources to address climate change. Bifacial solar technology improves solar-based electricity generation by allowing solar panels to capture sunlight from both sides, which significantly boosts energy yield compared to traditional monofacial panels. For example, in July 2023, the International Energy Agency reported that solar photovoltaic (PV) electricity generation rose to 1,020,439 GWh in 2021, up from 825,700 GWh in 2020. This increased demand for solar-based electricity is fueling the growth of the bifacial solar market.

Key companies in the bifacial solar market are focusing on advancing bifacial solar technology to stay competitive. One such advancement is TOPCon bifacial PV modules, which integrate Tunnel Oxide Passivated Contact (TOPCon) technology with bifacial capability. These modules are designed to capture sunlight from both sides, enhancing energy efficiency compared to traditional monofacial modules. For instance, in April 2024, Adani Solar, a solar manufacturing company based in India, introduced the 575 W TOPCon bifacial PV module. This module provides high power output ranging from 550 W to 575 W with efficiencies up to 22.4%. It features a transparent back sheet and robust performance warranties, making it suitable for demanding solar power projects worldwide.

In October 2021, Reliance Industries Limited, an Indian solar power company, acquired REC Group for $771 million. This acquisition by Reliance New Energy Solar Limited is aimed at expanding Reliance's global presence and technological expertise in the solar energy sector. REC Solar Holdings AS, based in Singapore, is known for its bifacial solar products.

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.

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 report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the bifacial solar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Bifacial solar panels are photovoltaic modules designed to capture sunlight from both their front and rear sides, enhancing energy generation. These panels are generally more efficient than traditional monofacial panels because they take advantage of reflected and diffused light from the surrounding environment. Bifacial panels can be installed on various surfaces, including rooftops, ground mounts, and vertical surfaces, and are particularly effective in high-albedo environments, such as snowy or sandy areas.

The main types of bifacial solar panels include monocrystalline bifacial panels, polycrystalline bifacial panels, and thin-film bifacial panels. Monocrystalline bifacial panels are made from single-crystal silicon, offering high efficiency and durability. Bifacial panels can be installed as ground-mounted or rooftop systems. They come with different cell types, such as passivated emitter rear cell (PERC) and heterojunction cells, among others. These panels are utilized by various end-users, including utility-scale solar projects, the commercial and industrial (C&I) sectors, and the residential sector.

The bifacial solar market research report is one of a series of new reports that provides bifacial solar market statistics, including bifacial solar industry global market size, regional shares, competitors with an bifacial solar market share, detailed bifacial solar market segments, market trends and opportunities, and any further data you may need to thrive in the bifacial solar industry. This bifacial solar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bifacial solar market consists of sales of bifacial solar panels, inverters, mounting systems, and monitoring solutions. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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