Bifacial Solar Market
The market for Bifacial Solar was estimated at $17.3 billion in 2023; it is anticipated to increase to $48.1 billion by 2030, with projections indicating growth to around $99.8 billion by 2035.
Report Summary
Market Data
Methodology
Table of Contents
Global Bifacial Solar Market Outlook
Revenue, 2023
$17.3B
Forecast, 2033
$74.5B
CAGR, 2024 - 2033
15.7%
The Bifacial Solar industry revenue is expected to be around $23.2 billion in 2024 and expected to showcase growth with 15.7% CAGR between 2024 and 2033. The market for Bifacial Solar is expanding quickly as the need for efficient and high yield solar energy solutions increases.In 2023 the market size was, around USD 17.3 billion and is projected to hit USD 48.1 billion by 2030 and USD 100 billion by 2035 with a compounded annual growth rate of 15.7%.
Bifacial or Double sided solar panels are known for their high efficiency as they can absorb sunlight from both sides effectively. A feature that greatly increases energy output when compared to standard solar panels in use today. These innovative systems are gaining popularity in scale utility and business ventures due, to their enhanced energy production capabilities and durability that allow them to withstand different environmental settings with ease.
Market Key Insights
- The Bifacial Solar market is projected to grow from $17.3 billion in 2023 to $74.5 billion in 2033. This represents a CAGR of 15.7%, reflecting rising demand across Utility-Scale Solar Farms, Residential Installations and Commercial Rooftops.
- LONGi, Trina Solar, Canadian Solar are among the leading players in this market, shaping its competitive landscape.
- U.S. and China are the top markets within the Bifacial Solar market and are expected to observe the growth CAGR of 14.1% to 18.8% between 2023 and 2030.
- Emerging markets including Brazil, Mexico and Saudi Arabia are expected to observe highest growth with CAGR ranging between 11.0% to 16.5%.
- Transition like Adoption of Bifacial Panels in Floating Solar Farms is expected to add $3 billion to the Bifacial Solar market growth by 2030.
- The Bifacial Solar market is set to add $57.2 billion between 2023 and 2033, with manufacturer targeting Passivated Emitter and Rear Cell & N-Type Technology projected to gain a larger market share.
- With Increasing demand for high-efficiency solar panels, and Advancements in solar cell technologies, Bifacial Solar market to expand 330% between 2023 and 2033.
Opportunities in the Bifacial Solar
The pairing of solar panels, with energy storage solutions offers a great chance to ensure a steady stream of energy and enhance the stability of the grid.
Growth Opportunities in North America and Asia-Pacific
North America is at the forefront of embracing solar panels due to supportive government policies and a strong focus on renewable energy goals and investment in large scale solar ventures by key industry players who are dedicated, to creating high efficiency panels that work well with advanced tracking systems to optimize energy production levels. The regions progress in panel production technology is also contributing to the expansion of the market.
The Asia Pacific region is seeing a surge in demand for solar panels because of the increased installations of large solar farms in countries like China, India and Japan. The high reflectivity in areas such, as deserts boosts the performance of these panels. Local manufacturers are focusing on producing cost panels that can adapt to different climate conditions effectively.
Market Dynamics and Supply Chain
01
Driver: Increasing Demand for High-Efficiency Solar Panels, and Supportive Government Policies
The increasing global focus on energy and improved efficiency is also boosting the need for bifacial solar panels due to their ability to generate, up to 30 percent more energy compared to standard panels. Several nations are also introducing measures such as policies and tax benefits to encourage the use of bifacial solar panels, in both big projects and residential settings.
Advancements in cell technology such, as PERCs and TOPCon are also boosting the efficiency of bifacial panels by increasing light absorption and enhancing energy output.
02
Restraint: High Initial Costs, and Complexity in Installation and Maintenance
In casesf two sided solar panels can come with a higher price tag, for both materials and installation. This could potentially limit their use in markets where cost's a major concern.
Specialized installation and upkeep are necessary, for maximizing the efficiency of solar panels. This requirement could pose challenges when deploying them in areas.
03
Opportunity: Expansion into Emerging Markets and Innovations in Anti-Reflective Coatings
The increasing use of solar technology in developing markets like Asia and the Middle East offers promising prospects due to significant investments in solar infrastructure, in these areas.
Breakthroughs, in glare and double sided coatings improve the absorption of light and the durability of panels. This opens up possibilities for manufacturers to design more effective products.
04
Challenge: Dependence on Ground Reflectivity
The effectiveness of panels may be influenced by the reflectivity of the surface below them. Bifacial panels installed in environments with reflectivity such, as deserts tend to show improved performance.
Supply Chain Landscape
1
Component Suppliers
Solar cellsGlass panels
2
Manufacturers
LONGiTrina Solar
3
System Integrators
Canadian SolarJinkoSolar
4
Service Providers
JA SolarREC Group
1
Component Suppliers
Solar cellsGlass panels
2
Manufacturers
LONGiTrina Solar
3
System Integrators
Canadian SolarJinkoSolar
4
Service Providers
JA SolarREC Group
Use Cases of Bifacial Solar in Utility-Scale Farms & Residential Installations
Utility-Scale Solar Farms : In large scale projects for generating energy from the suns rays in the solar industry sector bifacial solar panels play a crucial role in enhancing power production by harnessing reflected light from the ground beneath them. Top companies such as LONG and Trina Solar are renowned for providing cutting edge panels for extensive installations which boost energy generation and return on investment, for such projects significantly.
Commercial Rooftops : Bifacial panels are commonly used in settings to make the most of rooftop space and increase efficiency, for businesses that require a lot of energy. Canadian Solar and JinkoSolar are companies offering bifacial solutions for commercial structures.
Residential Installations : In settings bifacial solar panels help boost energy production even when lighting is limited contributing to higher self reliance. JA Solar and REC Group specialize in crafting panels designed for homes.
Recent Developments
The latest advancements in the Bifacial Solar sector underscore a shift towards efficient solutions tailored for large scale and business projects. Leading industry participants are prioritizing robustness and the integration of energy storage alongside improved effectiveness to address the increasing demands, for energy.
September 2024 : LONGI introduced a range of double sided solar panels built to withstand tough conditions better. These panels are aimed at utility scale and commercial projects.
June 2024 : Trina Solar unveiled a high efficiency bifacial panel specifically designed to work seamlessly with energy storage systems in an effort to enhance grid reliability.
March 2024 : JA Solar revealed a line of bifacial panels that feature innovative anti glare coatings to enhance energy absorption, in dim lighting situations.
Impact of Industry Transitions on the Bifacial Solar Market
As a core segment of the Renewable Energy industry,
the Bifacial Solar market develops in line with broader industry shifts.
Over recent years, transitions such as Adoption of Bifacial Panels in Floating Solar Farms and Advancement in Tracking Systems have redefined priorities
across the Renewable Energy sector,
influencing how the Bifacial Solar market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Adoption of Bifacial Panels in Floating Solar Farms
The adoption of panels in floating solar installations is becoming more popular due to the increased energy capture facilitated by the reflective nature of water surfaces—particularly beneficial in regions with abundant sunlight exposure—a shift that presents fresh opportunities, for deploying bifacial panels across various landscapes and settings.
02
Advancement in Tracking Systems
Cutting edge monitoring systems combined with sided panels enhance energy production by adjusting panel positions to harness sunlight all day long. This method is gaining popularity, in scale solar installations.