Press release
Comprehensive Bifacial Solar Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Bifacial Solar
The escalating need for electricity sourced from solar energy is likely to accelerate the development of the bifacial solar market. Electricity generated from solar energy entails converting sunlight into electrical power using photovoltaic cells or solar thermal systems. Rising environmental concerns and a shift towards renewable energy to curb climate change are boosting the demand for solar-based electricity. Bifacial solar contributes to the advancement of solar-derived electricity production by enabling solar panels to absorb sunlight from both ends, notably augmenting the energy efficiency as opposed to conventional monofacial panels. For example, the Energy Information Administration, an American governmental agency, predicted in January 2024 that US solar power production is set to increase by 75%, ascending from 163 billion kWh in 2023 to 286 billion kWh in 2025. Similarly, wind power generation is anticipated to see an 11% growth, rising from 430 billion kWh in 2023 to 476 billion kWh in 2025. Consequently, the accelerated need for solar-based electricity is fueling the bifacial solar market's expansion.
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What is the future CAGR of the bifacial solar market, and how will it impact industry expansion?
The size of the bifacial solar market has seen a swift expansion in the last few months. Forecasted growth rates suggest an increase from $9.14 billion in 2024 to $10.45 billion in 2025, which indicates a compound annual growth rate (CAGR) of 14.4%. The remarkable growth witnessed in the historic period results from the evolution of solar technology, governmental incentives, a drop in solar panel costs, a heightened awareness about renewable energy sources, and substantial investments made toward research and development.
The size of the bifacial solar market is anticipated to experience notable expansion over the forthcoming years, predicting a growth of up to $17.63 billion by 2029 at a CAGR of 14.0%. The forecasted period's growth can be linked to factors such as rising installations of renewable energy, enhanced investments in eco-friendly energy sources, continuous government support via subsidies and policies, ongoing advancements in solar technology, efforts to lower costs, and increased corporate embracement of sustainable energy solutions. The upcoming period is also likely to see trends like improved efficacy of bifacial panels, broader adoptions across diverse sectors, infiltration into burgeoning markets, synergy with other renewable energy technologies, amplified emphasis on green energy solutions and sustainability, initiatives linked to corporate social responsibility, and a persistent reduction in the costs related to bifacial solar technology.
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What are the most significant trends transforming the bifacial solar market today?
Prominent enterprises in the bifacial solar market are prioritising the transition towards advancements in bifacial solar innovations, such as TOPCon bifacial PV modules, to secure a competitive advantage in the marketplace. TOPCon (Tunnel Oxide Passivated Contact) bifacial PV modules are sophisticated photovoltaic modules that merge TOPCon technology with bifacial ability. They are devised to absorb sunlight on both module sides, thus boosting energy generation efficiency in comparison with conventional monofacial modules. For instance, in April 2024, Adani Solar, a solar manufacturing firm based in India, introduced the 575 W TOPCon bifacial PV module, delivering high power output ranging from 550 W to 575 W along with efficiencies of up to 22.4%. These modules, designed for domestic content compliance and technologically advanced features like a transparent back sheet and robust performance guarantees, are tailored to meet the needs of challenging solar energy projects worldwide.
Which key market segments comprise the bifacial solar market and drive its revenue growth?
The bifacial solar market covered in this report is segmented -
1) By Type: Monocrystalline Bifacial Solar Panels, Polycrystalline Bifacial Solar Panels, Thin-Film Bifacial Solar Panels
2) By Installation: Ground-Mounted Bifacial Solar Panels, Rooftop Bifacial Solar Panels
3) By Cell Type: Passivated Emitter Rear Cell, Heterojunction, Other Cell Types
4) By End-User: Utility-Scale Solar Projects, Commercial And Industrial (C And I) Sector, Residential Sector
Subsegments:
1) By Monocrystalline Bifacial Solar Panels: High-Efficiency Monocrystalline Bifacial Panels, PERC (Passivated Emitter and Rear Contact) Monocrystalline Bifacial Panels, Dual-Glass Monocrystalline Bifacial Panels
2) By Polycrystalline Bifacial Solar Panels: Standard Polycrystalline Bifacial Panels, Dual-Glass Polycrystalline Bifacial Panels, High-Performance Polycrystalline Bifacial Panels
3) By Thin-Film Bifacial Solar Panels: Amorphous Silicon Bifacial Panels, Cadmium Telluride (CdTe) Bifacial Panels, Copper Indium Gallium Selenide (CIGS) Bifacial Panels
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What regions are at the forefront of bifacial solar market expansion?
North America was the largest region in the bifacial solar market in 2024. 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.
Who are the leading players fueling growth in the bifacial solar market?
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
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What Is Covered In The Bifacial Solar Global Market Report?
•Market Size Forecast: Examine the bifacial solar market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the bifacial solar market for a structured understanding.
•Key Players Overview: Analyze major players in the bifacial solar market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the bifacial solar market.
•Segment Contributions: Evaluate how different segments drive overall growth in the bifacial solar market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the bifacial solar market.
•Industry Challenges: Identify potential risks and obstacles affecting the bifacial solar market.
•Competitive Landscape: Review strategic developments in the bifacial solar market, including expansions, agreements, and new product launches.
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