Bifacial Solar Market Size, Share & Trends Analysis Report By Type (Dual-glass Bifacial Solar, Glass-backsheet Bifacial Solar), By Frame Type (Framed Bifacial Solar, Frameless Bifacial Solar), By Technology, By Application, By Region, And Segment Forecasts, 2024 - 2030

Bifacial Solar Market Size & Trends

The global bifacial solar market size was estimated at USD 16.07 billion in 2023 and is expected to grow at a CAGR of 15.1% from 2024 to 2030. Increasing demand for solar energy as countries and businesses aim to transition to cleaner energy sources, bifacial solars are gaining popularity due to their ability to generate more electricity compared to traditional monofacial panels in the same space. The growing demand for solar installations is a major driver for the market.

Government policies and incentives play a crucial role in shaping the solar energy market. Supportive regulations, subsidies, and tax incentives provided by various countries and regions can drive the adoption of Bifacial Solars. As more countries focus on renewable energy targets, the demand for bifacial panels is expected to rise.

Drivers, Opportunities & Restraints

The cost of bifacial solars has been steadily declining due to technological advancements, economies of scale, and increased manufacturing efficiencies. As the prices become more competitive with monofacial panels, bifacial panels are becoming an attractive option for both utility-scale and distributed solar projects.

The bifacial solar market presents significant opportunities for growth driven by several factors. Firstly, the increasing global demand for renewable energy sources is propelling the adoption of bifacial technology, which captures sunlight from both sides of the panel, enhancing energy yields by up to 30% compared to traditional panels. This dual-sided efficiency makes bifacial panels particularly appealing for both utility-scale and commercial applications where maximizing energy output is crucial.

The market faces several restraints that could hinder its growth. One significant challenge is the high initial investment required for installation. Bifacial panels generally have a higher upfront cost compared to traditional monofacial panels, which can deter potential adopters, especially in regions where electricity prices are lower and the economic feasibility of such investments is questionable.

Type Insights

Dual-glass bifacial solar bifacial solar held the largest revenue share of 75.49% in 2023. The dual-glass design offers numerous benefits, including reduced delamination, improved durability, and resistance to moisture and micro-cracking, which contribute to lower maintenance costs and a longer lifespan. As awareness of renewable energy solutions increases, investments in green technologies are also rising, further propelling market demand.

Glass-backsheet bifacial panels offer several advantages, including enhanced durability, resistance to moisture and environmental degradation, and improved energy yield due to their ability to capture sunlight from both sides. These panels are particularly appealing for commercial and industrial applications where maximizing energy output is essential.

Frame Type Insights

The framed bifacial solar held the market with the largest revenue share of 85.67% in 2023. Framed bifacial panels, which can harness sunlight from both sides, are particularly appealing for commercial and industrial applications where maximizing energy output is critical. Technological advancements and declining production costs are making these panels more accessible, while supportive government policies further encourage investment in solar infrastructure. As the global shift towards clean energy intensifies, the framed bifacial solar segment is well-positioned for significant expansion in the coming years.

As awareness of renewable energy rises and technological advancements lower production costs, frameless bifacial panels are becoming increasingly competitive in both commercial and residential applications. The supportive regulatory environment and investment in solar infrastructure further bolster this market's expansion.

Technology Insights

Passivated emitter rear contact (PERC) held the market with the largest revenue share of 56.74% in 2023. This growth is driven by the technology's enhanced efficiency and performance, particularly in low-light conditions, making it ideal for diverse environments. The demand for PERC panels is increasing as they offer better energy conversion and resilience against environmental factors, appealing to both residential and commercial sectors. Additionally, declining manufacturing costs and supportive government policies promoting renewable energy further contribute to the market's expansion, positioning PERC technology as a key player in the solar energy landscape.

This growth is driven by the increasing demand for high-efficiency solar solutions, as HJT technology combines crystalline silicon with amorphous silicon to enhance energy conversion rates. Favorable government policies supporting renewable energy adoption and advancements in manufacturing processes that reduce costs are also contributing to market expansion. Additionally, the rising focus on sustainable energy solutions across residential, commercial, and utility-scale applications is expected to further propel the HJT solar segment in the coming years.

Application Insights

Utilities segment held the market with the largest revenue share of 69.36% in 2023. This growth is driven by the increasing demand for efficient energy solutions in utility-scale solar installations, where bifacial panels can generate more electricity by capturing sunlight from both sides. The ability to enhance energy yield, combined with declining costs and advancements in solar technology, makes Bifacial Solars particularly appealing for utilities aiming to maximize output and reduce the levelized cost of energy. As global investments in renewable energy continue to rise, the market within the utilities sector is well-positioned for expansion.

Furthermore, growth for commercial & industrial segment growth is driven by the increasing demand for efficient energy solutions in commercial and industrial buildings. Moreover, as industries strive to minimize their carbon footprints and reliance on traditional energy sources, the adoption of bifacial solar technology is becoming a strategic choice. The technology is also being integrated into various applications, including off-grid power sources for manufacturing facilities and electric vehicle (EV) charging stations.

Regional Insights

The North America market accounted for 12.01% revenue share in 2023. The market in North America is driven by several key factors that contribute to its rapid growth. Firstly, the increasing demand for renewable energy solutions, coupled with government policies and incentives promoting solar adoption, is significantly boosting market potential. Financial incentives such as tax credits and grants specifically for bifacial solar projects encourage developers and investors to pursue these technologies, thereby facilitating project financing and reducing financial risks.

U.S. Bifacial Solar Market Trends

The market in the U.S. is driven by the growing focus on sustainability and corporate responsibility among companies is pushing them towards cleaner energy solutions, with bifacial panels offering higher efficiency and longevity. The availability of diverse financing options and robust investments in solar projects also play a crucial role, as financial institutions recognize the long-term viability of bifacial technology.

Europe Bifacial Solar Market Trends

The market in Europe presents significant opportunities for growth, driven by several key factors. The region's strong commitment to renewable energy targets and supportive policies, such as the European Green Deal, are creating a favorable environment for the adoption of bifacial solar technology. As countries strive to reduce their carbon footprint and increase energy security, the demand for efficient solar solutions is on the rise.

The Germany bifacial solar market is witnessing increasing adoption of bifacial solars in the commercial and industrial sectors, coupled with favorable government policies and incentives. Bifacial solars offer higher energy yields compared to traditional monofacial panels, making them attractive for businesses seeking to optimize their energy production and reduce costs.

The bifacial solar market in the UK presents substantial opportunities for growth, driven by several key factors. The UK government's commitment to achieving net-zero emissions by 2050 is fostering a favorable regulatory environment for renewable energy projects, including bifacial solar installations. The increasing demand for efficient energy solutions in commercial and industrial sectors is also propelling market growth, as businesses seek to optimize energy production and reduce operational costs.

Asia Pacific Bifacial Solar Market Trends

This growth is primarily driven by the region's abundant solar resources and increasing electricity demand, particularly in countries like China, India, Japan, and South Korea. These nations are heavily investing in solar energy infrastructure and adopting stringent environmental regulations to promote sustainable practices.

China bifacial solar market is witnessing extensive manufacturing capabilities and technological advancements, as local companies including LONGi and Trina Solar are at the forefront of innovation, producing high-efficiency bifacial panels. The ability of these panels to capture sunlight from both sides significantly enhances energy generation, making them particularly appealing for utility-scale projects.

This bifocal solar market in Japan is fueled by the increasing demand for efficient energy generation technologies, particularly in the wake of Japan's energy policy shifts post-Fukushima, which emphasize the need for clean energy sources. Technological advancements and declining costs associated with bifacial solars are further enhancing their competitiveness in the market. As businesses and consumers alike seek to reduce their carbon footprints, the market in Japan is well-positioned to capitalize on these trends, making it a critical player in the broader Asia-Pacific solar landscape.’

Central & South America Bifacial Solar Market Trends

The region is witnessing a surge in investments in solar infrastructure, particularly in countries like Brazil, Chile, and Argentina. These nations are implementing favorable government policies and incentives to encourage the adoption of solar technologies, including bifacial solars, which are known for their ability to capture sunlight from both sides, thereby enhancing energy output.

Middle East & Africa Bifacial Solar Market Trends

The market in the Middle East and Africa is witnessing significant growth potential, driven by an increasing focus on renewable energy and sustainability. The region is expected to benefit from favorable government policies and incentives aimed at promoting solar energy adoption, particularly in countries like the United Arab Emirates, Saudi Arabia, and South Africa. These nations are investing heavily in solar infrastructure to diversify their energy sources and reduce reliance on fossil fuels.

Key Bifacial Solar Company Insights

The market is a highly competitive industry with several key players operating globally.

Recent Developments

• In February 2024, Vikram Solar announced development of new 725 W bifacial heterojunction PV modules with available power ratings of 700 W to 725 W with efficiency level ranging from 22.53% to 23.34%.

• In January 2024, Tata Power Renewable Energy announced development of bifacial solar project with capacity of 1,000 kW located in West Bengal. The project is expected to generate 1.5 million units of energy which will reduce the carbon footprint of 29,420 lakh tons.

Bifacial Solar Market Report Scope

Global Bifacial Solar Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global bifacial solar market report based on type, frame type, technology, application, and region:

• Type Outlook (Revenue, USD Million; Volume, Units, 2018 - 2030)

  • Dual-glass bifacial solar

  • Glass-backsheet bifacial solar

• Frame Type Outlook (Revenue, USD Million; Volume, Units, 2018 - 2030)

  • Framed bifacial solar

  • Frameless bifacial solar

• Technology Outlook (Revenue, USD Million; Volume, Units, 2018 - 2030)

  • Passivated emitter rear contact (PERC)

  • TOPCon

  • Heterojunction (HJT)

• Application Outlook (Revenue, USD Million; Volume, Units, 2018 - 2030)

  • Residential

  • Commercial & Industrial

  • Utilities

• Regional Outlook (Revenue, USD Million; Volume, Units, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • Italy

    • Spain

    • France

    • Russia

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • South Africa

    • UAE