Global Bifacial Solar Market size and share is currently valued at USD 7.99 billion in 2024 and is anticipated to generate an estimated revenue of USD 22.97 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 14.1% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Market Overview:
The bifacial solar market represents a rapidly evolving segment within the renewable energy industry. Unlike traditional solar panels, bifacial solar panels can capture sunlight on both sides, enhancing energy generation efficiency. These panels are gaining traction across residential, commercial, and utility-scale projects due to their higher energy yield and lower Levelized Cost of Energy (LCOE).
The global market is driven by advancements in photovoltaic (PV) technologies, increased focus on sustainable energy solutions, and declining costs of solar panel production. The Asia-Pacific region leads the market in terms of installations, while North America and Europe exhibit robust growth due to favorable policies and increasing renewable energy targets.
Market’s Growth Drivers:
Several factors are propelling the growth of the bifacial solar market:
- Cost Efficiency and High Energy Output
Bifacial solar panels offer higher efficiency compared to monofacial panels, making them an attractive option for large-scale energy projects. Their ability to capture reflected sunlight, also known as albedo, enhances their energy output. - Technological Advancements
Continuous research and development in PV technology, such as the integration of bifacial modules with trackers and advanced coatings, are boosting their adoption. - Supportive Government Policies
Governments worldwide are implementing policies and incentives to promote renewable energy. Tax credits, feed-in tariffs, and renewable portfolio standards (RPS) are driving installations of bifacial solar systems.
Key companies in the bifacial solar market include:
- Canadian Solar
- JinkoSolar
- Jolywood Group
- LG Electronics
- LONGi
- Lumos Solar
- Neosun Inc
- Panasonic
- Premier Energies Limited
- Prism Solar Technologies
- Risen Energy Co., Ltd.
- Sharp Electronics
- Soleos
- SunPower Corporation
- Tigo Energy, Inc.
- Trinasolar
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐁𝐞𝐟𝐨𝐫𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞:
https://www.polarismarketresearch.com/industry-analysis/bifacial-solar-market/request-for-sample
Recent Developments in the Bifacial Solar Industry:
- March 2024: LONGi’s Hi-MO X6 Dual-Glass Modules
LONGi unveiled its Hi-MO X6 Bifacial Dual-Glass solar modules, comprising the Hi-MO X6 Guardian and Hi-MO X6 Explorer. This innovative launch signifies a major leap forward in photovoltaic (PV) technology, further solidifying LONGi’s position as a leader in the solar industry. - March 2023: Soleos’ ANTARES BI 144 Solar Panel
Soleos introduced its next-generation ANTARES BI 144 Solar Panel, featuring advanced dual-glass technology and a bifacial factor of 70%. The panel is designed to enhance energy output by 10-15%, with power capacities ranging from 400 watts to 700 watts, offering significant efficiency gains. - July 2020: Canadian Solar’s BiHiKu and HiKu Series Expansion
Canadian Solar Inc. marked Canada Day with the launch of its super-high power PV modules under the Series 5 and 6 portfolios. The new additions, which include the BiHiKu, HiKu, and HiDM modules, expand the company’s range of high-efficiency monofacial and bifacial solar products, further advancing the capabilities of renewable energy technologies.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 Analysis:
The Bifacial Solar Market segmentation divides the market into several segments. The industry segmentation is primarily based on product type, application, end-use, and geographic factors. Besides, the research study covers several sub-segments of the market. An in-depth examination of each market segment and sub-segment has been provided, covering the industry size, growth prospects, industry drivers, and challenges. The detailed market segmentation helps stakeholders identify the diverse needs of different consumer groups in the market. Also, it pinpoints opportunities for targeted marketing and product development strategies.
- Bifacial Solar Market, Product Type Outlook
- Framed Bifacial Module
- Frameless Bifacial Module
- Bifacial Solar Market, Technology Outlook
- Passivated Emitter Rear Cell (PERC)
- Heterojunction (HJT)
- Others Cell
- Bifacial Solar Market, Panel Type Outlook
- Monocrystalline Bifacial Solar Panels
- Polycrystalline Bifacial Solar Panels
- Thin-Film Bifacial Solar Panels
- Glass Bifacial Solar Panels
- Backsheet Bifacial Solar Panels
- Bifacial Solar Market, Installation Type Outlook
- Ground-Mounted Bifacial Solar Panels
- Rooftop Bifacial Solar Panels
- Bifacial Solar Market, End-User Outlook
- Commercial Sector
- Industrial Sector
- Residential Sector
- Power Plants
The bifacial solar market is poised for rapid growth, driven by advancements in PV technology, increasing global adoption of renewable energy, and supportive government policies. Over the next few years, enhanced efficiency, cost-effectiveness, and integration with emerging technologies like solar trackers will solidify its role in the energy transition.