Bifacial Solar Market Research, 2031
The global bifacial solar industry was valued at $8.7 billion in 2021, and bifacial solar market size is projected to reach $31.1 billion by 2031, growing at a CAGR of 13.6% from 2022 to 2031.
Bifacial solar is different from conventional monofacial solar modules as it can generate electricity from both the front and back sides of the panels; hence increasing the energy yield. It is made up of bifacial solar cells and a back cover glass. The photons which are not absorbed in the front layer can be absorbed by the back layer when they bounce off any surface. It is covered with dual glass which has several advantages such as reduced delamination, micro cracking, and moisture corrosion. It has low degradation rate and high cell temperature, as well as high flame proof rating, less flexibility, and mechanical strength.
The growing installations of renewable energy source for power generation across the globe are boosting the demand for bifacial solar panel module systems. The key market players are focusing on improving the disadvantages of the bifacial solar panels and lowering the cost price of bifacial PV modules will stimulate the market. In addition, increasing investment in green energy resources among the developing and developed countries are fueling the bifacial solar market growth.
The bifacial solar market is segmented into Cell Type, Frame Type and End Use.
Bifacial solar systems play an important role in expansion of energy access in various regions such as South Asia and African countries. The private investors have embraced the standalone products as sustainable solutions for electricity access as these systems offer low management and maintenance costs for the deployment of solar panels, which likely boost bifacial solar market. Increasing awareness regarding the use of low carbon intensive technologies to mitigate GHG emission will drive the market. Furthermore, the presence of government incentives and reduction in taxes in developing countries promote the use of solar have positive impact on the development of the market.
The global bifacial solar market is segmented on the basis of by cell type, frame type, end use and region.
On the basis of cell type, the market is segmented into heterojunction cell and passivated emitter rear cell. On the basis of frame type, it is bifurcated into framed, and frameless. On the basis of end use, it is segmented into residential, commercial and industrial.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Europe accounts for the largest bifacial solar market share of the market, followed by North America and Asia-Pacific.
Major companies in this report include Jinko Solar Holdings, Canadian Solar, Yingli Green Energy, LG Electronics, LONGi, JA Solar Holding Co. Ltd., Sharp Corporation, Sun Power Corporation, Trina Solar, and Wuxi Suntech Power Co., Ltd. Rapid development of industrialisation, modernization and spread of information through internet led to the development of tourism industry, which fuels the demand for bifacial solar system. Furthermore, growth strategies such as expansion of production capacity, acquisitions, partnerships and research & innovation in the solar energy application which lead to attain key developments in the global bifacial solar market trends.
Europe market is shared between various countries such as France, Germany, Italy, Spain, U.K, and other countries. Germany, Italy and U.K. are the countries in Europe which uses the most solar energy. The presence of stringent regulations regarding the reduction of carbon footprint across the country and rapid developments in recent years have surpassed the expectations regarding steep cost reduction, flexibility, user-friendliness, and its manifold applications in many sectors. This has fuelled the manufacturer to expand their manufacturing capabilities. European Union (EU) and various national associations with corporate members are helping policy makers to enable solar to deliver on its immense potential to meet the 2030 targets of the EU. Technological advances and lower costs of capital have propelled renewables into the mainstream energy market. Furthermore, the boom of green investments in Asia and the ambitious policies in order to dominate the global renewable energy in terms of capacity, technology development, and energy demand. The above mentioned initiatives are major factor driving the growth of the market in this region during the forecast period.
The Passivated emitted rear cell segment dominates the global bifacial solar market. It is a new technology aimed to achieve higher energy conversion efficiency by adding a dielectric passivation layer on the rear of the cell. Dielectric passivation layer contributes towards increase the efficiency of solar panel through reducing electronic recombination, increase in ability of solar cells to capture light, reflecting specific wavelengths that normally generate heat out of solar cells. PERC solar cells are modified conventional cells that enable the cells to produce 6 to 12 % more energy than conventional solar panels. Increase in demand for the highly efficient and affordable solar power generation have led to growth of the market. Since PERC are a modification of conventional cells and can be manufactured using the present industrial infrastructure, which will reduce the investment cost on manufacturing equipment. Hence, makes it easy for the manufacturers to change and produce the higher efficient cells. The presence of above mentioned factors will provide ample opportunities for the development of the market.
The framed segment dominates the global bifacial solar market. The frame of solar panels has ability to weather outdoor operations over time. Its role lies in its mechanical characteristics which bring several benefits such as handling, storage, grounding, fixation, and resistance against mechanical load such as wind, snow, and other environmental hazards. Increase in the demand for the green energy source has led to the utilization of the solar panels in various countries. Increase in natural disaster across the globe has led to rise in demand for the framed solar panels. Rise in investment of the key players to invent various alternative materials for frame to increase the ability of the product to withstand extreme outdoor weather operations is a major factor that drives the market growth. The presence of above mentioned advantages will drive the bifacial solar market forecast growth.
The industrial segment dominates the global bifacial solar market. It is widely used in the industrial applications such as off grid power source for the manufacturing factories. Industrial sector is one of the huge consumers of world electricity across the globe. Moreover to reduce the dependency of the industrial manufacturers on the on-grid energy resources, industrial players have started to the investing on off-grid renewable power generation source. In addition, bifacial solar panels are used as a power source for the EV charging industry. Furthermore, it can be used in food, non-metallic, textile, building, and chemical industries. In addition, it is also used in the telecommunication, agricultural, water desalination and other industries. The presence of above mentioned wide range of utilization of bifacial solar panels in various industrial applications will provide ample opportunities for the market.
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies ad caused lockdown in many countries which has limited the growth of the market. The shutdown of industrial manufacturer led to the decline in the demand for solar related equipment in most of the countries across the world led to decline in the demand of the bifacial solar market. The decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.
After the global vaccination the government of various countries has taken initiatives to increase the investment in the renewable energy related industries especially solar and wind power systems. The increase in the investment is mostly to improve the national energy security during the pandemic and other crisis. The presence of above mentioned activities and change in policies due to outbreak of pandemic have positive impact on the development of the market in the analyzed timeframe.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the bifacial solar market analysis from 2021 to 2031 to identify the prevailing bifacial solar market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the bifacial solar market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global bifacial solar market trends, key players, market segments, application areas, and market growth strategies.
Bifacial Solar Market Report Highlights
By Cell Type
By Frame Type
By End Use
Key Market Players
LG Electronics, Yingli Green Energy, Canadian Solar, Sun Power Corporation, Sharp Corporation, Jinko Solar Holdings, Wuxi Suntech Power Co., Ltd., JA Solar Holding Co. Ltd., Trina Solar, LONGi
The global bifacial solar market is expected to witness increased demand during the forecast period, owing to rapidly growing awareness among people regarding advantages of green energy and high efficiency conversion of bifacial solar panels.
Bifacial solar is a new generation solar technology with high efficiency bifacial modules on both sides producing electricity at the same time. Bifacial solar panels are more durable as both sides are UV resistant, reduce cost of balancing of system, and concerns over potential induced degradation. In comparison with traditional solar panels, which have limited light exposure, bifacial panels generate power from both sides.
The bifacial solar market is growing rapidly, owing to several advantages that have made it competitive. Presence of key characteristics, such as their design that allows module to capture sunlight from both sides of the panel, helps to increase solar generation capacity up to 25% depending on various factors such as albedo and height. This efficiency improves cell structures, resulting in increased durability and longevity while lowering the balance of system costs.
Increase in electricity demand from commercial & industrial sectors is a major market driver, especially during peak hours. As demand for solar based electricity is increasing across the globe, key market players are coming up with latest advanced solar modules focusing on efficiency, cost, and design of solar panels. Higher installation cost is the major factor that hinders growth of the market.