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:
Bifacial solar panels have quickly moved from niche applications to mainstream adoption due to their superior energy yield. Their adaptability to various environmental conditions, combined with technological advancements, has driven their integration across residential, commercial, and utility-scale projects. The panels’ ability to generate more energy per square meter makes them particularly attractive for regions with high solar irradiance and reflective surfaces.
The market’s growth has been propelled by increased demand for sustainable energy solutions, a shift toward decarbonization, and government policies promoting renewable energy adoption. The bifacial solar market is becoming a pivotal player in the global energy transition, contributing significantly to the reduction of greenhouse gas emissions.
Market Growth Drivers:
Several factors are driving the rapid growth of the bifacial solar market:
- Higher Energy Yield
Bifacial panels provide greater efficiency by capturing sunlight from both sides, leading to increased power generation compared to traditional monofacial panels. - Technological Advancements
Innovations in photovoltaic (PV) technology, including anti-reflective coatings, glass-glass module designs, and improved tracking systems, have enhanced the performance and durability of bifacial panels. - Cost-Effectiveness Over Time
While initial installation costs may be higher, the improved energy output and longer lifespan of bifacial solar panels result in lower levelized costs of electricity (LCOE) over their operational life. - Supportive Policies and Incentives
Governments and regulatory bodies worldwide are offering subsidies, tax benefits, and incentives for adopting bifacial technology, accelerating its deployment.
Major Key Players:
- 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
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞
https://www.polarismarketresearch.com/industry-analysis/bifacial-solar-market
Bifacial Solar Industry Developments:
The bifacial solar industry has witnessed remarkable advancements, marked by the launch of cutting-edge technologies and products from leading manufacturers.
- March 2024: LONGi introduced the Hi-MO X6 Bifacial Dual-Glass Solar Modules, comprising the Hi-MO X6 Guardian and Hi-MO X6 Explorer. These innovative modules represent a significant leap forward in photovoltaic (PV) technology, offering enhanced performance and durability.
- March 2023: Soleos unveiled the ANTARES BI 144 Solar Panel, a next-generation product incorporating dual-glass technology and a bifacial factor of 70%. Designed to improve energy output by 10–15%, these panels provide capacities ranging from 400 watts to 700 watts, showcasing a commitment to efficiency and reliability.
- July 2020: Canadian Solar Inc. marked Canada Day with the launch of its super-high-power PV Modules Series 5 and 6. These additions to the BiHiKu, HiKu, and HiDM portfolios deliver high-efficiency options for both monofacial and bifacial solar modules, further advancing the scope of PV technology.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
The research study includes segmental analysis that divides the market into distinct groups or segments based on common characteristics. With market segmentation, businesses can identify specific customer groups that are more likely to be interested in specific products or services. Also, it enables these businesses to focus their marketing efforts and resources more efficiently, leading to higher conversion rates and improved return on investment. Furthermore, segmentation analysis helps companies develop personalized products or services, which can result in increased customer loyalty and improved customer satisfaction.
Bifacial Solar Market, Product Type Outlook (Revenue, USD Billion, 2019-2032)
- Framed Bifacial Module
- Frameless Bifacial Module
Bifacial Solar Market, Technology Outlook (Revenue, USD Billion, 2019-2032)
- Passivated Emitter Rear Cell (PERC)
- Heterojunction (HJT)
- Others Cell
Bifacial Solar Market, Panel Type Outlook (Revenue, USD Billion, 2019-2032)
- 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 (Revenue, USD Billion, 2019-2032)
- Ground-Mounted Bifacial Solar Panels
- Rooftop Bifacial Solar Panels
Bifacial Solar Market, End-User Outlook (Revenue, USD Billion, 2019-2032)
- Commercial Sector
- Industrial Sector
- Residential Sector
- Power Plants
The bifacial solar market is poised for substantial growth as the global transition toward renewable energy accelerates. Innovations in materials, manufacturing processes, and installation techniques are expected to further reduce costs and improve efficiency. Additionally, the increasing emphasis on sustainability and energy independence is likely to bolster demand for bifacial technology.