Bifacial Solar Market to be Worth $28.4 Billion by 2031

Bifacial Solar Market by Type (Glass-glass Bifacial Solar Panels, Backsheet Bifacial Solar Panels), Cell Type, End User (Commercial, Industrial, Residential, Power Plants), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Bifacial Solar Market by Type (Glass-glass Bifacial Solar Panels, Backsheet Bifacial Solar Panels), Cell Type, End User (Commercial, Industrial, Residential, Power Plants), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the bifacial solar market is projected to reach $28.4 billion by 2031, at a CAGR of 13.7% from 2024 to 2031. The growth of the bifacial solar market is driven by the increasing adoption of bifacial solar panels in the commercial and industrial sectors, the increasing demand for solar-based electricity, and rising investments in green energy resources. However, the high initial investment requirements and cost of manufacturing restrain the growth of the bifacial solar market. Furthermore, the increasing number of bifacial solar installations, favorable government policies and incentives, and the increasing global focus on renewable energy are expected to create growth opportunities for the stakeholders in this market. However, the lack of standardization and testing protocols is a major challenge impacting market growth.

The bifacial solar market is segmented by type (glass-glass bifacial solar panels and backsheet bifacial solar panels), cell type (passivated emitter rear cell, heterojunction, and other cell types), and end user (commercial, industrial, residential, and power plants). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, the bifacial solar market is segmented into glass-glass bifacial solar panels and backsheet bifacial solar panels. In 2024, the backsheet bifacial solar panels segment is expected to account for the larger share of the bifacial solar market. The segment’s large market share is attributed to the increasing demand for solar-based electricity, the growing adoption of high-efficiency N-type bifacial solar panels, and rising investments in green energy resources. In addition, the benefits offered by backsheet bifacial solar panels, such as enhanced impact resistance, light weight, anti-UV properties, ease of cleaning, corrosion resistance, and increased daily yield per watt, contribute to the segment's growth. Also, this segment is projected to register the higher CAGR during the forecast period.

Based on cell type, the bifacial solar market is segmented into passivated emitter rear cell, heterojunction, and other cell types. In 2024, the passivated emitter rear cell segment is expected to account for the largest share of the bifacial solar market. The segment’s large market share is attributed to the increasing demand for better and more efficient energy storage solutions, the increasing global focus on renewable energy, and the rising adoption of PERC technology in various applications, including residential, commercial, and utility-scale solar projects. Moreover, the increasing need to utilize solar energy for electricity generation and the rising demand for photovoltaic products to increase the production of electrical energy from solar energy drive the growth of the passivated emitter rear cell segment. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on end user, the bifacial solar market is segmented into commercial, industrial, residential, and power plants. In 2024, the commercial segment is expected to account for the largest share of the bifacial solar market. The segment’s large market share is attributed to the increasing number of bifacial solar panel installations and the rising demand for higher energy yields in the commercial sector, the growing adoption of glass-glass bifacial solar panels, and developing countries’ increasing investments in renewable energy infrastructure. In addition, the benefits offered by bifacial solar panels, such as increased efficiency, space optimization, higher lifetime power yield, versatility, and longevity, contribute to this segment's growth. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on geography, the bifacial solar market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the bifacial solar market. North America’s large market share is attributed to the presence of prominent players offering bifacial solar panels. Furthermore, the increasing demand for solar-based electricity, favorable government policies and incentives, increasing investments in green energy resources, and the growing adoption of bifacial solar panels in the commercial and industrial sectors are also contributing to the growth of the bifacial solar market in North America.

However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The increasing focus on renewable energy, the rising number of bifacial solar panel installations, and the increasing implementation of technologically advanced bifacial solar solutions in APAC countries, including India, China, and Japan, are propelling the growth of this regional market.

Key Players

The key players operating in the bifacial solar market are JinkoSolar Holding Co., Ltd. (China), LONGi Green Energy Technology Co., Ltd. (China), Trina Solar Co., Ltd. (China), Canadian Solar, Inc. (Canada), LG Electronics, Inc. (U.S.), Risen Energy Co., Ltd. (China), Yingill Green Energy Holding Company Ltd. (China), Prism Solar Technologies (U.S.), JA Solar Holdings Co., Ltd. (China), Adani Group (India), Ankara Solar AS (Turkey), and Silfab Solar Inc. (Canada).

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of type, cell type, and end user?
What is the historical market size for bifacial solar across the globe?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global bifacial solar market?
Who are the major players in the global bifacial solar market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global bifacial solar market?
What are the various strategies adopted by major market players?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global bifacial solar market? How do they compete with the other players?

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