Press release
The Bifacial Solar Market to Be Worth $28.4 Billion by 2031
A bifacial solar panel is a type of solar module that is designed to capture sunlight through both the front and rear sides. Unlike traditional monofacial solar panels that only have a single-sided photovoltaic surface, bifacial panels have photovoltaic cells on both the front and back sides, allowing them to generate electricity from sunlight striking either side.
The growth of the bifacial solar market is driven by the increasing adoption of bifacial solar panels in the commercial and industrial sectors, the increasing demand for solar-based electricity, and rising investments in green energy resources. However, the high initial investment requirements and cost of manufacturing restrain the growth of the bifacial solar market. Furthermore, the increasing number of bifacial solar installations, favorable government policies and incentives, and increasing global focus on renewable energy are expected to create growth opportunities for the players operating in this market. However, the lack of standardization and testing protocols is a major challenge impacting market growth.
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The bifacial solar market is segmented by type (glass-glass bifacial solar panels and backsheet bifacial solar panels), cell type (passivated emitter rear cell, heterojunction, and other cell types), and end user (commercial, industrial, residential, and power plants). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, in 2024, the backsheet bifacial solar panels segment is expected to account for the larger share of the bifacial solar market. The segment's large market share is attributed to the increasing demand for solar-based electricity, the growing adoption of high-efficiency N-type bifacial solar panels, and rising investments in green energy resources. Also, this segment is projected to register the higher CAGR during the forecast period.
Based on cell type, in 2024, the passivated emitter rear cell segment is expected to account for the largest share of the bifacial solar market. The segment's large market share is attributed to the increasing demand for better and more efficient energy storage solutions, the increasing global focus on renewable energy, and the rising adoption of PERC technology in various applications, including residential, commercial, and utility-scale solar projects. Also, this segment is projected to register the highest CAGR during the forecast period.
Based on end user, in 2024, the commercial segment is expected to account for the largest share of the bifacial solar market. The segment's large market share is attributed to the increasing number of bifacial solar panel installations and rising demand for higher energy yields in the commercial sector, the growing adoption of glass-glass bifacial solar panels, and developing countries' increasing investments in renewable energy infrastructure. Also, this segment is projected to register the highest CAGR during the forecast period.
Based on geography, the bifacial solar market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the bifacial solar market. North America's large market share is attributed to the presence of leading bifacial solar providers, increasing investments in green energy resources, and the rising adoption of glass-glass bifacial solar panels in the region.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The infrastructural growth in APAC-especially in China, South Korea, India, Australia, Singapore, and Japan, the rapid growth of regional economies, the increasing focus on renewable energy, rising bifacial solar panel installations, and favorable government policies and incentives are generating growth opportunities for the players operating in the APAC bifacial solar market.
The key players operating in the bifacial solar market are JinkoSolar Holding Co., Ltd. (China), LONGi Green Energy Technology Co., Ltd. (China), Trina Solar Co., Ltd. (China), Canadian Solar, Inc. (Canada), LG Electronics, Inc. (U.S.), Risen Energy Co., Ltd. (China), Yingill Green Energy Holding Company Ltd. (China), Prism Solar Technologies (U.S.), JA Solar Holdings Co., Ltd. (China), Adani Group (India), Ankara Solar AS (Turkey), and Silfab Solar Inc. (Canada).
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Scope of the Report:
Bifacial Solar Market Assessment-by Type
• Backsheet Bifacial Solar Panels
• Glass-glass Bifacial Solar Panels
Bifacial Solar Market Assessment-by Cell Type
• Passivated Emitter Rear Cell
• Heterojunction
• Other Cell Types
Bifacial Solar Market Assessment-by End User
• Commercial
• Industrial
• Residential
• Power Plants
Bifacial Solar Market Assessment-by Geography
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe
• Asia-Pacific
o Japan
o China
o India
o South Korea
o Singapore
o Rest of Asia-Pacific
• Latin America
• Middle East & Africa
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