Bifacial Solar Market: Current Analysis and Forecast (2024-2032)

The bifacial solar market is still emerging due to the increasing demand for cost-effective and renewable energy sources worldwide. Compared to the monoracial panels, the bifacial solar panels have a light-capturing surface on the front side and the other surface can gather the reflected light. This two-faced power generation raises system efficiency by 10-30% depending on the conditions such as ground reflectivity and tilt. There has been noticeable interest in this technology in recent years because of its superior power density and low additional space/infrastructure demands. Moreover, the increasing adoption of renewable energy, coupled with the emphasis on decarbonization and embracing sustainable energy sources, is the key factor for market growth. As technology advances and manufacturing costs lower, bifacial solar panels are expected to widely be adopted in commercial and residential markets and further the process of the global shift to using clean energy.

Based on the type, the Bifacial Solar market is categorized into dual-glass bifacial solar and glass back sheet bifacial solar. Dual-glass bifacial solar segment caters significant share of the bifacial solar market. The dual-glass bifacial solar panels consist of glass plates on the front and back to mitigate influences such as moisture, ultraviolet rays, as well as corrosion. This also increases the panel's durability and life expectancy making it more appealing to consumers, especially in harsh environments. Double-glazed modules have been developed in such a way that they can effectively collect light both on the front side and the back side thus making it possible to improve energy output especially when the ground reflectivity has been improved.

Based on frame type, the bifacial solar market is bifurcated into framed and frameless. The framed bifacial solar panel segment catered for a significant share of the market. The framed bifacial panels are also easy to install and mount on varied structures such as rooftops, ground mounts, and tracking systems. The frame also improves the integrity of the structure, makes installation easier, and provides protective facets of the structure whenever it is shifted from one place to another. Furthermore, the frame offers protection for the glass edges which is more important for bifacial modules since they have one glass at the front and the back to capture the sunlight. This added durability goes a long way in decreasing the chances of cracks during operations, especially in adverse environmental conditions, thereby adding to the life of the panel.

Based on technology, the market is segmented into Heterojunction with Intrinsic Thin-Layer (HJT) and Passivated Emitter Rear Contact (PERC). Passivated emitter rear contact (PERC) catered to a significant share of the Bifacial Solar market. PERC catered extensive share of the market. PERC cells enhance the first generation of solar cells by adding an extra layer at the rear end to increase the chances of trapping the light and reducing the chances of electron loss. These enhanced performance conditions can be realized with minimal adjustments to the current manufacturing procedures, this makes PERC a reasonable proposition for manufacturers who have the desire for increased operation throughput, and all this can be achieved with little investment in new equipment. Hence, PERC solar cell technology has become the most dominant in commercial silicon solar cells, enabling the provision of large-scale solar power applications at reasonable costs.

Based on application, the bifacial solar market is classified into residential, commercial & industrial, and utility. The utility segment acquired an extensive share of the market. It is mainly attributed to the large-scale utility projects generally possess adequate finances and facilities to afford the relatively premium cost of bifacial solar panels while expecting higher returns in the long run because of the increased power yield. Further, the importance of renewables has been surging as governments and organizations globally continue to seek to meet climate change goals and minimize their use of carbon. Therefore, utility-scale companies are adopting bifacial solar technology to fulfill the burgeoning demand for renewable power based on the fact that invokes superior efficiency as compared to mono-facial panels.

For a better understanding of the market adoption of Bifacial Solar, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, India, Japan, and Rest of Asia-Pacific), Rest of World. Asia-Pacific has significantly contributed to the expansion of the Bifacial Solar market. It is mainly attributed to factors such as supportive government policies, a rising demand for clean energy, and the manufacturing capability of countries in the region. Some of the leading countries in the adoption of bifacial solar technology are China, India, Japan, and South Korea as they strive to meet their renewable power targets and shift from conventional sources of energy. Chinese companies including LONGi and JinkoSolar have also been involved in developing bifacial technology. Therefore, China is at the forefront of manufacturing and using the modules. Therefore, owing to strong government policies, enhanced manufacturing, and increasing requirements for effective renewable energy systems in the Asia-Pacific region, it is the leading market for bifacial solar.

Some of the major players operating in the market include Trina Solar, LG Electronics, Panasonic, Prism Solar Technologies, Yingli Solar, LONGi, Lumos Solar, Jinko Solar, Canadian Solar, and Risen Energy.