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Bifacial Solar Market Key Trends, Latest Insights, Future Trends And Forecast To 2033
Bifacial Solar Market Key Drivers
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According to The Business Research Company's, 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 14.0%. The growth in the historic period can be attributed to advancements in solar technology, government incentives, decreasing costs of solar panels, increased awareness of renewable energy sources, and significant 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 growth in the forecast period can be attributed to growing installations of renewable energy, increased investment in green energy resources, continued government support through subsidies and policies, ongoing technological advancements in solar technology, initiatives aimed at reducing costs, and rising corporate adoption of sustainable energy solutions. Major trends in the forecast period include increased efficiency of bifacial panels, wider 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 continuing decline in the costs associated with bifacial solar technology.
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Market Drivers and Trends:
The increasing demand for solar-based electricity is expected to propel the growth of the bifacial solar market going forward. Solar-based electricity refers to electrical power generated from sunlight using photovoltaic cells or solar thermal systems. The demand for solar-based electricity is experiencing growth due to increasing environmental concerns and the push towards renewable energy sources to mitigate climate change. The bifacial solar enhances solar-based electricity generation by allowing solar panels to capture sunlight from both sides, significantly increasing energy yield compared to traditional monofacial panels. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, renewable electricity generation by solar photovoltaic (PV) increased to 1,020,439.0 GWh in 2021 from 825,700.0 GWh in 2020. Therefore, the increasing demand for solar-based electricity is driving the growth of the bifacial solar market.
Major companies operating in the bifacial solar market are focusing on shifting towards advancements in bifacial solar technology, such as TOPCon bifacial PV modules, to gain a competitive edge in the market. TOPCon (Tunnel Oxide Passivated Contact) bifacial PV modules are advanced photovoltaic modules that combine TOPCon technology with bifacial capability. They are designed to capture sunlight from both sides of the module, enhancing energy generation efficiency compared to traditional monofacial modules. For instance, in April 2024, Adani Solar, an India-based solar manufacturing company, launched the 575 W TOPCon bifacial PV module, which offers high power output ranging from 550 W to 575 W with efficiencies up to 22.4%. Designed with domestic content compliance and featuring advanced specifications such as a transparent back sheet and robust performance warranties, these modules cater to demanding solar power projects globally.
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Major Key Players of the Market:
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
Bifacial Solar Market 2024 Key Insights:
• 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%.
• Surge In Solar Electricity Demand Boosts Bifacial Solar Market Expansion
• Advanced Tunnel Oxide Passivated Contact Bifacial Photovoltaics (PV) Modules Enhance Solar Efficiency And Power Output
• North America was the largest region in the bifacial solar market in 2023
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