Global Bifacial Solar Market Outlook
Revenue, 2023
Forecast, 2033
CAGR, 2023 - 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.
The market leaders in this sector include LONGi, Trina Solar and Canadian Solar who determine its competitive dynamics.
- 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%.
Bifacial panels in floating solar farms will drive $8.1 billion in additional market growth for Bifacial Solar technology until 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 Outlook
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.
Asia-Pacific Outlook
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
Driver: Increasing Demand for High-Efficiency Solar Panels, and Supportive Government Policies
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.
Restraint: High Initial Costs, and Complexity in Installation and Maintenance
Specialized installation and upkeep are necessary, for maximizing the efficiency of solar panels. This requirement could pose challenges when deploying them in areas.
Opportunity: Expansion into Emerging Markets and Innovations in Anti-Reflective Coatings
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.
Challenge: Dependence on Ground Reflectivity
Supply Chain Landscape
Solar cells
Glass panels
LONGi
Trina Solar
Canadian Solar
JinkoSolar
JA Solar
REC Group
Solar cells
Glass panels
LONGi
Trina Solar
Canadian Solar
JinkoSolar
JA Solar
REC Group
Applications of Bifacial Solar in Utility-Scale Farms, Residential Installations & Commercial Rooftops
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.
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.
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
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.
Trina Solar unveiled a high efficiency bifacial panel specifically designed to work seamlessly with energy storage systems in an effort to enhance grid reliability.
JA Solar revealed a line of bifacial panels that feature innovative anti glare coatings to enhance energy absorption, in dim lighting situations.