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

Bifacial Solar Market Size & Forecast

The Bifacial Solar Market expected to reach $28.4 billion by 2031 at a CAGR of 13.7% during 2024–2031. 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 increasing focus on renewable energy are expected to generate growth opportunities for the stakeholders in this market. However, the lack of standardization and testing protocols is a major challenge impacting market growth.

Increasing Adoption of Bifacial Solar Panels in the Commercial and Industrial Sectors Driving Market Growth

Bifacial solar panels have gained traction in the commercial and industrial sectors due to their ability to capture sunlight from both the front and back sides, which increases energy production. This ability makes them particularly useful for commercial installations where maximizing energy output and efficiency is crucial. Additionally, their aesthetic appeal and potential for higher energy yields make them a viable option for businesses looking to invest in sustainable energy solutions. Thus, the benefits offered by bifacial solar panels are driving the growth of this market.

Recent Key Developments in the Bifacial Solar Market:

• In July 2022, Tata Power (India) signed a Memorandum of Understanding (MoU) with the Tamil Nadu state government to invest approximately ₹3,000 crores in setting up a greenfield 4 GW Solar Cell and 4 GW Solar Module manufacturing plant in Tamil Nadu. This plant will integrate Mono-PERC (Passivated Emitter and Rear Cell) bifacial technology with future N-type TOPCON (Tunnel Oxide Passivated Contacts) technology and produce high-wattage modules with industry-leading efficiencies.
• In November 2022, Enel North America announced plans to build one of the largest solar photovoltaic (PV) manufacturing facilities in the U.S. The facility is expected to initially produce at least 3 GW of high-performance bifacial PV modules and cells annually and scale up to 6 GW. The facility is expected to create up to 1,500 new clean energy jobs while also supporting the creation of a domestic solar PV supply chain to accelerate energy production in the U.S. and add to the country’s domestic solar cell and panel manufacturing capacity.

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Key Findings in the Bifacial Solar Market Study:

The Backsheet Bifacial Solar Panels Segment Expected to Register the Higher CAGR During the Forecast Period

Based on type, the bifacial solar market is segmented into glass-glass bifacial solar panels and backsheet bifacial solar panels. The backsheet bifacial solar panels segment is projected to register the higher CAGR during the forecast period 2024–2031. 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 are expected to support the growth of this segment. Moreover, 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 growth of this segment.

The Commercial Segment to Register the Highest Growth During the Forecast Period

Based on end user, the bifacial solar market is segmented into commercial, residential, industrial, and power plants. The commercial segment is projected to register the highest CAGR during the forecast period. Increasing 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 are expected to support the growth of this segment.

Asia-Pacific Expected to Be the Fastest-growing Regional Market

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, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. However, Asia-Pacific is projected to register the highest CAGR during the forecast period, mainly due to the rising focus on renewable energy, increasing bifacial solar panel installations, and the growing implementation of technologically advanced bifacial solar solutions in APAC countries, including India, China, and Japan. In addition, supportive government policies and incentives and rising investments in green energy resources are generating growth opportunities for the players operating in the APAC bifacial solar market.

Bifacial Solar Market: Competitive Analysis

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants in the last 3–4 years. 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).

Bifacial Solar Market Report Summary:

Key questions answered in the report: