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Bifacial Solar Market
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
Report ID:MRICT - 1041114 Pages: 250 Aug-2024 Formats*: PDF Category: Information and Communications Technology Delivery: 24 to 72 HoursBifacial 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.
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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.
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:
|
Particular |
Details |
|
Number of Pages |
250 |
|
Format |
|
|
Forecast Period |
2024–2031 |
|
Base Year |
2022 |
|
CAGR (Value) |
13.7% |
|
Estimated Market Size (Value) |
$28.4 Billion by 2031 |
|
Segments Covered |
By Type
By Cell Type
By End User
|
|
Countries Covered |
North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, RoE), Asia-Pacific (China, Japan, India, Singapore, South Korea, RoAPAC), Latin America, and the Middle East & Africa |
|
Key Companies Profiled |
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) |
Key questions answered in the report:
The bifacial solar market is projected to reach $28.4 billion by 2031, at a CAGR of 13.7% during the forecast period.
In 2024, the passivated emitter rear cell segment is expected to account for the largest share of the bifacial solar market. The large market share of this segment is attributed to the increasing demand for better and more efficient energy storage solutions, the increasing focus on renewable energy, and the rising adoption of PERC technology in various applications, including residential, commercial, and utility-scale solar projects. Also, this segment is projected to register the highest CAGR during the forecast period.
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. 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 players operating in this market.
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).
1. Market Definition & Scope
1.1. Market Definition
1.2. Currency & Limitations
1.2.1. Currency
1.2.2. Limitations
2. Research Methodology
2.1. Research Approach
2.2. Data Collection & Validation Process
2.2.1. Secondary Research
2.2.2. Primary Research/Interviews with Key Opinion Leaders from the Industry
2.3. Market Sizing & Forecasting
2.3.1. Market Size Estimation Approach
2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study
3. Executive Summary
3.1. Market Analysis—by Type
3.2. Market Analysis—by Cell Type
3.3. Market Analysis—by End User
3.4. Market Analysis—by Geography
3.5. Competitive Analysis
4. Market Insights
4.1. Overview
4.2. Factors Affecting Market Growth
4.2.1. Drivers
4.2.1.1. Increasing Adoption of Bifacial Solar Panels in the Commercial and Industrial Sectors
4.2.1.2. Increasing Demand for Solar-based Electricity
4.2.1.3. Increasing Investments in Green Energy Resources
4.2.2. Restraints
4.2.2.1. High Initial Investment Requirements and Cost of Manufacturing
4.2.3. Opportunities
4.2.3.1. Increasing Number of Bifacial Solar Installations
4.2.3.2. Supportive Government Policies and Incentives
4.2.3.3. Increasing Global Focus on Renewable Energy
4.2.4. Challenges
4.2.4.1. Lack of Standardization and Testing Protocols
4.3. Case Studies
5. Bifacial Solar Market Assessment—by Type
5.1. Overview
5.2. Backsheet Bifacial Solar Panels
5.3. Glass-glass Bifacial Solar Panels
6. Bifacial Solar Market Assessment—by Cell Type
6.1. Overview
6.2. Passivated Emitter Rear Cell
6.3. Heterojunction
6.4. Other Cell Types
7. Bifacial Solar Market Assessment—by End User
7.1. Overview
7.2. Commercial
7.3. Industrial
7.4. Residential
7.5. Power Plants
8. Bifacial Solar Market Assessment—by Geography
8.1. Overview
8.2. North America
8.2.1. U.S.
8.2.2. Canada
8.3. Europe
8.3.1. U.K.
8.3.2. Germany
8.3.3. France
8.3.4. Italy
8.3.5. Spain
8.3.6. Rest of Europe
8.4. Asia-Pacific
8.4.1. China
8.4.2. Japan
8.4.3. India
8.4.4. South Korea
8.4.5. Singapore
8.4.6. Rest of Asia-Pacific
8.5. Latin America
8.6. Middle East & Africa
9. Bifacial Solar Market Assessment—Competition Analysis
9.1. Overview
9.2. Key Growth Strategies
9.2.1. Market Differentiators
9.2.2. Synergy Analysis: Major Deals & Strategic Alliances
9.3. Competitive Dashboard
9.3.1. Industry Leaders
9.3.2. Market Differentiators
9.3.3. Vanguards
9.3.4. Contemporary Stalwarts
9.4. Vendor Market Positioning
9.5. Market Share Analysis
10. Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
10.1. JinkoSolar Holding Co., Ltd.
10.2. LONGi Green Energy Technology Co., Ltd.
10.3. Trina Solar Co., Ltd.
10.4. Canadian Solar, Inc.
10.5. LG Electronics, Inc.
10.6. Risen Energy Co., Ltd.
10.7. Yingill Green Energy Holding Company Ltd.
10.8. Prism Solar Technologies
10.9. JA Solar Holdings Co., Ltd.
10.10. Adani Group
10.11. Ankara Solar AS
10.12. Silfab Solar Inc.
11. Appendix
11.1. Available Customization
List of Tables
Table 1 Global Bifacial Solar Market, by Country/Region, 2022–2031 (USD Million)
Table 2 Global Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 3 Global Backsheet Bifacial Solar Panels Market, by Country/Region, 2022–2031 (USD Million)
Table 4 Global Glass-glass Bifacial Solar Panels Market, by Country/Region, 2022–2031 (USD Million)
Table 5 Global Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 6 Global Bifacial Solar Market for Passivated Emitter Rear Cell, by Country/Region, 2022–2031 (USD Million)
Table 7 Global Bifacial Solar Market for Heterojunction, by Country/Region, 2022–2031 (USD Million)
Table 8 Global Bifacial Solar Market for Other Cell Types, by Country/Region, 2022–2031 (USD Million)
Table 9 Global Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 10 Global Bifacial Solar Market for Commercial, by Country/Region, 2022–2031 (USD Million)
Table 11 Global Bifacial Solar Market for Industrial, by Country/Region, 2022–2031 (USD Million)
Table 12 Global Bifacial Solar Market for Residential, by Country/Region, 2022–2031 (USD Million)
Table 13 Global Bifacial Solar Market for Power Plants, by Country/Region, 2022–2031 (USD Million)
Table 14 Global Bifacial Solar Market, by Country/Region, 2022–2031 (USD Million)
Table 15 North America: Bifacial Solar Market, by Country, 2022–2031 (USD Million)
Table 16 North America: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 17 North America: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 18 North America: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 19 U.S.: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 20 U.S.: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 21 U.S.: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 22 Canada: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 23 Canada: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 24 Canada: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 25 Europe: Bifacial Solar Market, by Country/Region, 2022–2031 (USD Million)
Table 26 Europe: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 27 Europe: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 28 Europe: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 29 U.K.: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 30 U.K.: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 31 U.K.: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 32 Germany: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 33 Germany: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 34 Germany: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 35 France: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 36 France: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 37 France: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 38 Italy: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 39 Italy: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 40 Italy: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 41 Spain: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 42 Spain: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 43 Spain: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 44 Rest of Europe: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 45 Rest of Europe: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 46 Rest of Europe: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 47 Asia-Pacific: Bifacial Solar Market, by Country/Region, 2022–2031 (USD Million)
Table 48 Asia-Pacific: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 49 Asia-Pacific: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 50 Asia-Pacific: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 51 China: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 52 China: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 53 China: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 54 Japan: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 55 Japan: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 56 Japan: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 57 India: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 58 India: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 59 India: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 60 South Korea: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 61 South Korea: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 62 South Korea: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 63 Singapore: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 64 Singapore: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 65 Singapore: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 66 Rest of Asia-Pacific: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 67 Rest of Asia-Pacific: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 68 Rest of Asia-Pacific: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 69 Latin America: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 70 Latin America: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 71 Latin America: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
Table 72 Middle East & Africa: Bifacial Solar Market, by Type, 2022–2031 (USD Million)
Table 73 Middle East & Africa: Bifacial Solar Market, by Cell Type, 2022–2031 (USD Million)
Table 74 Middle East & Africa: Bifacial Solar Market, by End User, 2022–2031 (USD Million)
List of Figures
Figure 1 Research Process
Figure 2 Key Secondary Sources
Figure 3 Primary Research Techniques
Figure 4 Key Executives Interviewed
Figure 5 Breakdown of Primary Interviews (Supply-side & Demand-side)
Figure 6 Market Sizing & Growth Forecast Approach
Figure 7 Key Insights
Figure 8 The Backsheet Bifacial Solar Panels Segment Expected to Dominate the Global Bifacial Solar Market in 2024
Figure 9 The Passivated Emitter Rear Cell Segment Expected to Dominate the Global Bifacial Solar Market in 2024
Figure 10 The Commercial Segment Expected to Dominate the Global Bifacial Solar Market in 2024
Figure 11 Global Bifacial Solar Market Size, by Geography, 2024 VS. 2031 (USD Million)
Figure 12 Bifacial Solar Market, by Region
Figure 13 Market Dynamics
Figure 14 Global Bifacial Solar Market Size, by Type, 2024 VS. 2031 (USD Million)
Figure 15 Global Bifacial Solar Market Size, by Cell Type, 2024 VS. 2031 (USD Million)
Figure 16 Global Bifacial Solar Market Size, by End User, 2024 VS. 2031 (USD Million)
Figure 17 Global Bifacial Solar Market Size, by Geography, 2024 VS. 2031 (USD Million)
Figure 18 North America: Bifacial Solar Market Snapshot
Figure 19 Europe: Bifacial Solar Market Snapshot
Figure 20 Asia-Pacific: Bifacial Solar Market Snapshot
Figure 21 Key Growth Strategies Adopted by Leading Players, 2021–2024
Figure 22 Global Bifacial Solar Market Share Analysis, by Key Player (2022)
Figure 23 JinkoSolar Holding Co., Ltd.: Financial Overview (2020–2022)
Figure 24 LONGi Green Energy Technology Co., Ltd.: Financial Overview (2020–2022)
Figure 25 JA Solar Holdings Co., Ltd.: Financial Overview (2020–2022)
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