Bifacial Solar Market Size Worth $ 22.97 Billion By 2032 | CAGR: 14.1%

The global bifacial solar market size is expected to reach USD 22.97 billion by 2032, according to a new study by Polaris Market Research. The report “Bifacial Solar Market Size, Share,Trends, Industry Analysis Report: By Product Type (Framed Bifacial Module, Frameless Bifacial Module), By Panels Type, By Installation Type, By Technology, By End-User, and By Region, Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The bifacial solar market has emerged as a promising sector within the renewable energy landscape, driven by innovative technology and increasing global energy demands. Unlike traditional solar panels, bifacial solar panels can generate electricity from both their front and rear sides, significantly enhancing energy production efficiency. This capability, combined with their frameless design and tempered glass covering for weather and UV resistance, makes them durable and adaptable to various environmental conditions.

The increasing installation and benefits of bifacial solar panels drive the growth of bifacial solar. These panels offer several advantages over traditional ones, including the ability to generate power from both sides, leading to higher energy output. They are frameless and feature tempered glass on both sides, ensuring weather resistance, UV protection, and durability against high temperatures and strong winds.

Market players are leveraging digitization and technological advancements to expand their production capacities with improved cost efficiency and streamlined operations. Many bifacial module manufacturers are exploring innovative developments beyond their current product lines.

For instance, in 2019, HOLLYWOOD GROUP built the major Mono 125MW N-type bifacial power station in Oman, Middle East, and released transparent solar back sheet 2.0 products.

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Furthermore, bifacial solar panels are making significant inroads into both utility-scale and distributed solar markets. Initially, these panels were predominantly adopted in utility-scale projects, such as large solar farms, owing to their ability to generate higher power output. Moreover, government policies and incentives are pivotal in shaping the solar energy market, including the adoption of bifacial panels. Favorable regulations, tax incentives, and subsidies offered by different countries and regions can significantly boost the deployment of bifacial solar panels across various sectors. These supportive measures underscore the growing importance of bifacial technology in expanding the bifacial solar market demand.

Bifacial Solar Market Report Highlights

• In 2023, the monocrystalline bifacial solar panels segment dominated the market due to higher efficiency compared to polycrystalline panels.
• The residential category is expected to witness significant growth during the forecast period. This is due to the increasing adoption of solar energy solutions, driven by declining solar panel costs, favorable government incentives, and growing environmental awareness among homeowners.
• In 2023, North America held the largest share of the global market due to the region's investment in utility-scale solar projects, commercial installations, and residential solar deployments.
• The Asia-Pacific bifacial solar market is anticipated to witness the highest CAGR during the forecast period due to rapid industrialization, urbanization, and population growth, leading to increased energy demand.
• The global key market players include LONGi, Jolywood Group, Trina Solar, JinkoSolar, Risen Energy Co., Ltd. LG Electronics, SunPower Corporation, Soleos, Premier Energies Limited, Canadian Solar, Sharp Electronics, Tigo Energy, Inc., Panasonic, Prism Solar Technologies, Neosun Inc, and Lumos Solar.

Polaris Market Research has segmented the bifacial solar market report based on product type, panels type, installation type, technology, end-user, and region:  

Bifacial Solar, Product Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Framed Bifacial Module
• Frameless Bifacial Module

Bifacial Solar, Panel Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Monocrystalline Bifacial Solar Panels
• Polycrystalline Bifacial Solar Panels
• Thin-Film Bifacial Solar Panels
• Glass Bifacial Solar Panels
• Backsheet Bifacial Solar Panels

Bifacial Solar, Installation Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Ground-Mounted Bifacial Solar Panels
• Rooftop Bifacial Solar Panels

Bifacial Solar, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

• Passivated Emitter Rear Cell (PERC)
• Heterojunction (HJT)
• Others Cell

Bifacial Solar, End-User Outlook (Revenue - USD Billion, 2019 - 2032)

• Commercial Sectors
• Industrial Sector
• Residential Sector
• Power Plants

Bifacial Solar, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• US
• Canada

• Europe

• Germany
• France
• UK
• Italy
• Spain
• Netherlands
• Russia
• Rest of Europe

• Asia-Pacific

• China
• Japan
• India
• Malaysia
• South Korea
• Indonesia
• Australia
• Vietnam
• Rest of Asia-Pacific

• Middle East & Africa

• Saudi Arabia
• UAE
• Israel
• South Africa
• Rest of Middle East & Africa

• Latin America

• Mexico
• Brazil
• Argentina
• Rest of Latin America

Bifacial Solar Report Scope: