India bifacial solar market is expected to experience growth due to a rise in investment in solar power plants and upcoming government plans to lower carbon emissions in the environment.
Home>Industry Reports>India Bifacial Solar Market Assessment, Opportunities and Forecast, FY2018-FY2032F
India bifacial solar market is projected to witness a CAGR of 13.60% during the forecast period FY2025- FY2032, growing from USD 488.11 million in FY2024 to USD 1353.78 million in FY2032. 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 demand for bifacial solar panels is being driven by a mix of numerous factors, such as high solar potential, government policies, a rise in demand for green energy, and the need for efficient land use for energy generation. Bifacial solar panels could generate more energy from the same area, which would drive demand for them in various industrial projects. The bifacial panels are combined with improved durability and compatibility with solar tracking systems, which makes them an appealing choice for utility-scale projects such as rooftop installations and large solar farms.
In addition, India continues to focus on scaling up solar energy capacity. The bifacial solar panels are emerging as a key technology that is assisting the country in meeting its clean energy goals in a cost-effective and efficient manner. In India, large utility solar-scale projects are focusing on maximizing energy output to improve project economics. Bifacial panels have the ability to produce more power per panel, which is why the demand for bifacial panels is rising for large projects. Bifacial panels come with advanced technology for absorbing sunlight, which assists in achieving higher capacity utilization factors (CUFs) and improving the overall efficiency of the system.
For instance, in 2022, Tata Power decided to sign a Memorandum of Understanding (MoU) with the Tamil Nadu Government to invest around USD 0.3 million for setting up a greenfield 4GW Solar Cell and 4GW Solar Module manufacturing plant in Tirunelveli District of Tamil Nadu. This development will increase the production of different types of solar panels in the country.
Consumers are aware of the environmental benefits of green energy and are showing a preference for renewable energy sources, which drives the growth of the bifacial solar panel market as the country is looking to transition into clean energy mixed with advanced renewable technologies. To comply, bifacial panels are becoming the best solution as the product is a technologically advanced solution that maximizes energy generation and helps meet ambitious renewable energy targets.
India is highly focused on making smart cities and sustainable urban development, which includes the integration of renewable energy sources into the power supply, with the rise in infrastructure development on industrialization, which drives the demand for green energy in the country. The demand for bifacial panels is on the rise to fulfill the demand for green energy. The products are being deployed in rooftop solar projects, urban solar parks, and floating solar projects, which drive the bifacial solar market share of the market. The technology could generate more clean energy, making it ideal for maximizing renewable energy output in limited urban spaces.
Furthermore, the country aims to transition away from fossil fuel-based power generation, thereby strongly emphasizing the adoption of solar power technology for clean power generation. Bifacial solar panel products are being chosen for their ability to produce cleaner power and offer a practical way to displace fossil fuels with renewable energy. Moreover, the industrial and commercial sectors are highly focused on company policies and sustainability goals, which aim to reduce carbon footprints and enhance green credentials. The shift towards green energy drives demand for on-site bifacial panel installations or sourcing renewable energy from solar utility farms, which use efficient technologies such as bifacial panels for power generation.
For instance, in August 2021, the National Solar Mission (NSM) commission decided to launch and promote solar energy in India and set ambitious targets for solar power capacity. While the initial focus was on land-based solar installations, the mission's objectives have expanded to include FPV systems in India. This development will help the adoption of bifacial solar in floating solar plant projects in the coming years.
Several states often face constraints related to the availability of land for large-scale solar projects and the need for cost-effective energy solutions. Bifacial solar panel technology is an efficient way to maximize energy generation in constrained spaces in a cost-effective manner, which drives the demand for bifacial solar in the market. The technology can capture light from the front and rear sides, generating higher yields, which makes them particularly valuable in space-constrained installations.
The country is focusing on the development of community solar projects, which drive the demand for bifacial solar products in the market. Authorities are coming up with policies to encourage the adoption of advanced solar technologies in community solar projects in which multiple households share a common solar installation. Bifacial solar generates more power from a limited area and serves more households with fewer panel installations, which drives the bifacial solar market growth.
Moreover, utility-scale projects and rooftop installation projects are adopting technology that is cost-effective and generates a large amount of clean energy. Bifacial panels help optimize the use of available land by generating more power, which makes the technology ideal for projects where maximizing energy production from a limited area is crucial. The capability of bifacial solar allows developers to build more efficient solar plants on smaller plots of land, which drives the demand for bifacial solar panels market in the country.
For instance, in September 2024, Sharp decided to launch a 450 W bifacial TOPCon module with 22.52% efficiency. The product is IEC61215 and IEC61730-certified solar panel and has an operating temperature coefficient of -0.29% per C. The product could be deployed in solar farms and rooftop applications as the product takes very little space to install. This development will help the company to earn revenue in the coming years.
India is setting ambitious renewable energy targets to reduce the dependence on fossil fuels and to combat climate change. To meet these targets, the country needs to maximize green energy output from solar installations, which could be possible by deploying advanced bifacial solar panel technology. The technology can potentially generate more green electricity than traditional mono-facial panels.
The government is actively supporting the development of large-scale solar farms as part of the renewable energy expansion plans. The upcoming investment in solar parks, mega renewable energy park sectors, and rooftop solar installation will create opportunities for installing bifacial panels. The advanced bifacial panels are ideal for utility-scale applications due to the higher energy yield of products. The ability of bifacial panels to harness both direct and reflected sunlight makes technology well-suited for generating more power in large solar projects and rooftop projects.
Bifacial panel technology is ideal for large-scale solar projects and contributes to achieving set targets more efficiently. Countries with high renewable energy goals are ready to invest in projects that utilize bifacial technology. Moreover, it encourages the adoption of high-efficiency solar technologies in large-scale renewable projects. The Government of India is commencing innovative policies, which include subsidies, tax incentives, or production-linked incentives specifically targeting advanced solar modules, including bifacial panels.
For instance, in March 2023, the Government of India launched the Production Linked Incentive (PLI) scheme to support the domestic manufacturing of high-efficiency solar modules and encourage the adoption of bifacial panels in domestic and international markets. This development will help solar manufacturers produce highly efficient solar panels in the country.
Glass-back sheets bifacial solar panels experienced a high adoption rate in the forecast period, which leads the segment to dominate the share of India bifacial solar market. The high demand for glass-back sheet bifacial solar panels in India is driven by durability, higher energy yield, and suitability for diverse environmental conditions. Moreover, glass-back sheet bifacial panels are seen as a more environmentally friendly option due to the fully recyclable glass components, which drive the demand for glass-back sheets in the market. The glass-back sheet bifacial panels are able to generate more power, making the product suitable for various terrains in India, from agricultural land to industrial sites.
Moreover, the flexibility and durability feature of glass-back sheet bifacial panels drive their adoption in large solar power plants. In addition, India is investing in domestic solar manufacturing capabilities, which include the production of bifacial solar modules with glass-back sheets.
West and Central Region to Dominate the Market Share
West and central India dominates the share of the bifacial solar market in the country and is expected to continue during the forecast period. In the region, the Indian government is actively supporting the expansion of solar power projects through news initiatives and program such as solar parks and ultra-mega renewable energy power parks (UMREPPs). The initiatives encourage the adoption of advanced solar technologies, such as bifacial panels, to enhance the efficiency and output of solar installations.
Furthermore, the development of new renewable projects drives the demand for bifacial solar panels in the market. The bifacial solar makes the project eco-friendly and helps reduce the Lower Levelized Cost of Energy (LCOE), due to which the demand for bifacial solar is high in demand for large-scale power generation plants.
Future Market Scenario (FY2025 – FY2032F)
Report Scope
“Bifacial Solar Market Assessment, Opportunities and Forecast, FY2018-FY2032F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of India bifacial solar market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between FY2025 and FY2032. 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 |
FY2024 |
Historical Period |
FY2018-FY2023 |
Forecast Period |
FY2025-FY2032 |
Projected Growth Rate |
CAGR of 13.60% between 2025 and 2032 |
Revenue Forecast in 2032 |
USD 1353.78 million |
Segments Covered |
Product Type, Frame Type, Module Type, Installation Type, Application |
Regions Covered |
North, South, East, West and Central |
Key Companies Profile |
Waaree Energies Limited, LONGi Green Energy Technology Co., Ltd., Trina Solar Energy India Private Limited, Saatvik Green Energy Private Limited., Navitas Green Solutions Pvt. Ltd., Vikram Solar Limited, PREMIER ENERGIES LIMITED, Goldi Solar Pvt Ltd., Axitec Energy India Pvt. Ltd., Jakson Limited, Pahal Solar Private Limited |
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, India bifacial solar market has been segmented into the following categories:
Key Players Landscape and Outlook
In the bifacial solar market, companies compete to outperform one another in terms of the production of high-quality bifacial solar products. Bifacial solar manufacturers are concerned about supply chain resilience, raw material availability, and environmental practices, which will define the industry's future. The upcoming production expansion, collaborations, joint ventures, agreements, and technologies by the manufacturers in the market are projected to increase competition in the fast-paced.
For instance, LONGi Green Energy Technology Co., Ltd. decided to launch Hi-MO X6 bifacial dual-glass modules. The Hi-MO X6 Guardian model stands out for its exceptional resistance to humidity and heat, a critical advancement given the widespread need for durable and efficient solar solutions. This development helped the company to increase its product portfolio and revenue in the coming years.
Key Players Operating in India Bifacial Solar Market are:
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