Global Bifacial Solar Market Assessment, By Product Type [Glass-Glass, Glass-Back Sheets, Others], By Frame Type [Framed, Frameless], By Module Type [Passivated Emitter Rear Cell, Heterojunction, Others] By Installation Type [Ground-mounted, Rooftop, Floating], By Application [Residential, Commercial, Industrial, Utility], By Region, Opportunities and Forecast, 2017-2031F

Global bifacial solar market is projected to witness a CAGR of 12.12% during the forecast period 2024-2031, growing from USD 14.79 billion in 2023 to USD 36.94 billion in 2031. Bifacial panels are designed with a transparent back sheet or a dual-glass design, which allows sunlight to reach the photovoltaic cells on both sides. The growth of bifacial solar is driven by multiple drivers, such as higher efficiency, improved durability, and a push for more sustainable energy solutions. Bifacial panels could capture the scattered sunlight, which makes the system more efficient in power generation than traditional mono-facial panels. Bifacial solar panels are highly effective in harsh environments and with reflective surfaces such as snow, light-colored rooftops, or desert regions, which drive the demand for bifacial solar panels in different end-users. Moreover, bifacial panels are becoming popular in large solar farms, utility-scale projects, and industrial sectors for the generation of clean energy. These panels can yield higher energy and better return on investment, which is why bifacial panels are becoming the preferred choice for large-scale developers and energy producers.

Furthermore, globally, governments are supporting renewable energy projects by offering incentives for deploying bifacial solar panels, which drives the demand for the market. Financial institutions and the private sector support the adoption of efficient green energy production technologies in industrial applications. In addition, the rise in awareness related to climate change and the need for sustainable energy production technologies will boost the demand for bifacial solar panels in the market. Commercial and industrial sectors are adopting bifacial solar panels as part of the sustainability strategies to showcase the use of the latest and most efficient clean energy technologies, which boosts the bifacial solar market in the forecast period.

For instance, in May 2024, the U.S. Department of Energy (DOE) decided to invest around USD 71 million to advance the production of solar manufacturing parts in the country. This development will help to increase the number of manufacturers that produce highly efficient bifacial solar panels in the country.

Investment in Utility-Scale Solar Project to Accelerate Market Growth

Utility-scale solar farms are large solar power installations that generate electricity for sale to the power grid. The utility-scale solar farms are most often located in remote areas which make the maintenance of panels challenging and costly. On the other hand, the bifacial panels are typically made with a dual-glass design which offer enhanced durability and weather resistance. The high quality of bifacial panels makes the product an ideal solution for large projects. Globally, with the growing investments in utility-scale solar projects which has significantly driven the demand for bifacial solar panels market.

Moreover, several governments of developing countries are encouraging the deployment of large-scale solar projects to meet renewable energy goals. Authorities are commencing incentive plans to include bifacial panels in large-scale solar farms. Investors and developers are highly focused on projects to ensure better long-term returns at low cost. Moreover, bifacial panels make large-scale solar projects more financially attractive and generate higher energy, which leads to the adoption of bifacial panel products in the utility sector.

Thus, the combination of enhanced durability and adaptability of product to various geographies makes bifacial panels a natural fit for large-scale solar installations which drives its market growth in coming years.

For instance, in September 2024, as per India’s Ministry of New and Renewable Energy report, India’s installed renewable energy capacity reached 154.53 GW, of which solar and wind comprised 90.76 GW and 47.36 GW. In the forecast years, the country is going to invest heavily to increase the solar installed capacity as the demand for energy in commercial and industrial sectors is rising at a high rate.

Rise in Focus Towards Renewable Energy Mix to Elevate Market Growth 

Globally, every sector is highly prioritizing the adoption of clean energy sources such as solar. Governments and companies are setting up ambitious renewable energy targets as part of the climate commitments and sustainability goals, which could be attained by adopting the proper energy mix. As regions focus on shifting toward decarbonization and energy transition, it results in high demand for energy sources, which could produce more power with less environmental impact.

The industrial sector is focusing on diversifying the energy portfolios with the inclusion of renewable sources. Moreover, several regions are phasing out the use of coal and gas-powered energy sources and replacing them with renewable energy sources. Bifacial solar panels are an ideal choice for the transitions to maximize renewable energy production and help industries meet sustainable goals. Bifacial panels are able to yield higher energy and reduce the carbon footprint per kilowatt-hour (kWh) generated. Bifacial panels are becoming the best solution to maximize the efficiency of solar power installations in commercial and industrial applications.

Thus, bifacial panels offer advantages that make products especially suitable for evolving in the energy landscape. The panels come with enhanced energy generation capabilities, resulting in high solar sector investments.

For instance, in August 2024, Waaree Energies Limited decided to enter into an agreement with Juniper Green Cosmic Private Limited to supply of dual glass bifacial modules for solar plant to increase the installation capacity. This development showcases the adoption of the renewable source of energy in commercial sector. The rise in the adoption of efficient technology will drive the bifacial solar market in the forecast years.

Integration of Tracking Systems with Bifacial Panels to Create Market Opportunities

Solar tracking systems make adjustments in the angle of solar panels throughout the day. The tracking system tilts the panel angles to optimize sunlight exposure, which consequently increases energy production. Integrating solar tracking systems with bifacial solar panels could further boost the efficiency and power generation potential of the installed panels.

Innovative designs and mounting systems with tracking systems allow bifacial panels to be installed at elevated structures, which maximize the amount of reflected light reaching the rear side. Bifacial panels with solar tracking systems will adjust panel orientation to maximize the amount of sunlight and reflected light reaching both the front and back sides of the panels. The enhanced exposure to sunlight would help bifacial panels generate significantly more power than those installed at a fixed tilt angle.

Moreover, bifacial panels will be able to capture diffused sunlight more efficiently throughout the day which will help to lower the levelized cost of energy (LCOE) of the project. Globally, utility-scale solar developers are adopting tracking systems for large projects. Innovative technology boosts energy production over the lifespan of a project. Pairing trackers with bifacial panels in the large-scale project would optimize energy generation and reduce costs, making the projects more appealing in competitive electricity markets.

Thus, the integration of solar tracker technology with bifacial panels could achieve even higher efficiency, which creates an adoption opportunity for bifacial panels in utility-scale and large commercial projects in the forecast years.

For instance, as per the analysis conducted by the International Energy Agency's PV Power Systems Programme (IEA PVPS), in August 2024, the bifacial solar modules combined with single-axis trackers can provide the solar energy at lowest cost. Moreover, solar companies are encouraging the adoption of technologies to increase the production of bifacial solar technology. This development will help the industry to adopt solar trackers in the systems in the forecast years.

Glass-Back Sheets to Dominate the Global Market Share

Glass-back sheets bifacial solar panels experiencing the high adoption rate in the forecast period leading the segment to dominate the market. The design of glass-back bifacial panels are made according to let light pass through and reflect onto the rear side which enable the panel to generate more power. The transparency of glass-back sheets of bifacial solar helps the panels capture diffused and reflected light from their surroundings more effectively.

Glass-backed sheets typically exhibit lower rates of degradation compared to other panel types in the market. With lower degradation, the glass-back sheets solar panels maintain a higher level of performance throughout their operational life, which drives the demand for products in the market. Moreover, the demand for glass-back sheet bifacial panels is on the rise due to numerous factors such as enhanced durability, improved energy yield, and better long-term performance. Glass-back bifacial panels are ideal for utility-scale projects and industrial applications, which fosters the development of glass-back bifacial panels in the market.

Asia-Pacific to Lead the Global Bifacial Solar Market Share

Asia-Pacific has dominated the bifacial solar market and is expected to continue during the forecast period. The region includes developing countries such as China, India, and Japan which make the region dominate the share of the global market. Countries are looking to invest in renewable energy production technologies that will help reduce greenhouse gas emissions in the region. In addition, the government is pushing the industry sector to adopt advanced renewable energy generation technology, which boosts the demand for bifacial solar market size in Asia-Pacific. Several financial institutions are providing financial support to the industrial sector for the installation of bifacial solar technology to attain sustainability goals. In recent years, India’s solar sector has experienced robust growth due to the high adoption rate of the renewable energy mix.

Moreover, countries in the region are focusing on setting high challenges related to decarbonization and sustainability goals, which enhances the demand for bifacial solar technology in Asia-Pacific. Furthermore, the rise in interest in bifacial solar installation in Southeast Asian countries will create the opportunity for the market during the forecast period.

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Future Market Scenario (2024 – 2031F)

• Ongoing improvement in technology and design of bifacial solar will improve panel efficiency, which will enhance the productivity of renewable energy systems.
• As environmental concerns push for the adoption of sustainable technological solutions for energy generation will create the opportunity for the market in the forecast years.
• Large-scale utility providers are heavily investing in bifacial solar to boost the production of renewable energy in the long term.
• Support from government policies and financial incentives for deploying bifacial solar in developing countries will continue to play a significant role in driving bifacial solar market growth.

Report Scope

“Bifacial Solar Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global bifacial solar market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2023
Historical Period	2017-2022
Forecast Period	2024-2031
Projected Growth Rate	CAGR of 12.12% between 2024 and 2031
Revenue Forecast in 2031	USD 36.94 billion
Segments Covered	Product Type, Frame Type, Module Type, Installation Type, Application
Regions Covered	North America, Europe, South America, Asia-Pacific, Middle East and Africa
Key Companies Profile	Waaree Energies Limited, Canadian Solar Inc., LONGi Green Energy Technology Co., Ltd., Trina Solar Co. Ltd., Yingli Solar Co., Ltd., JinkoSolar Holding Co., Ltd., SunPower Corporation, LG ELECTRONICS VEHICLE COMPONENT SOLUTIONS (VS) COMPANY, Nexus Solar Energy Pvt Ltd, Boviet Solar Technology Co. Ltd.
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfil your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In the report, global bifacial solar market has been segmented into the following categories: 

• By Product Type
  • Glass-Glass
  • Glass-Back Sheets
  • Others
• By Frame Type
  • Framed
  • Frameless
• By Module Type
  • Passivated Emitter Rear Cell (PERC)
  • Heterojunction (HJT)
  • Others
• By Installation Type
  • Ground-mounted
  • Rooftop
  • Floating
• By Application
  • Residential
  • Commercial
  • Industrial
  • Utility
• By Region
  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East and Africa

Key Players Landscape and Outlook

Continuous innovation characterizes the global bifacial solar landscape as companies compete in terms of energy efficiency, product life, and unique features. The market outlook remains positive, owing to increased demand for renewable energy. Bifacial solar photovoltaics players are concerned with supply chain resilience, energy efficiency, and environmental practices, which will define the industry's future. Product launches, agreements, business expansion, collaborations, and developing technologies are projected to increase competition in the fast-paced market.

For instance, in June 2024, Canadian Solar Inc. decided to enter into a partnership agreement with a renewable energy equipment supplier, Lifestyle Solar Inc. The partnership will help the company sell solar and energy storage solutions to homebuilders in California and increase revenue and customer base in the coming years.

Key Players Operating in Global Bifacial Solar Market are:

• Waaree Energies Limited
• Canadian Solar Inc.
• LONGi Green Energy Technology Co., Ltd.
• Trina Solar Co. Ltd.
• Yingli Solar Co., Ltd.
• JinkoSolar Holding Co., Ltd.
• SunPower Corporation
• LG ELECTRONICS VEHICLE COMPONENT SOLUTIONS (VS) COMPANY
• Nexus Solar Energy Pvt Ltd
• Boviet Solar Technology Co. Ltd.

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• What is the current and future market size of the product/service in question globally or specific to different countries?
• How are the markets divided into different product/service segments and the market size and growth of each segment?
• What is the market potential of different product segments and their investment case?
• How are the markets predicted to develop in the future and what factors will drive or inhibit growth?
• What is the business environment and regulatory landscape specific to the product/service?

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