Market Insights
“The bifacial solar panels market size was US$12.0 billion in 2024 and is likely to grow at a decent CAGR of 13.5 % in the long run to reach US$29.3 billion in 2031.”
Market Dynamics
Introduction
The bifacial solar panel market is developing quite rapidly in the worldwide renewable energy market because these panels can generate electricity from both their front and rear sides. Bifacial modules can generate 10-30% more energy than a standard monofacial panel by capturing reflected sunlight off various locations, such as the ground or rooftops. The difference in energy yield (additional energy yield) dramatically enhances the economics of a project (notably utility-scale solar farms), particularly in high albedo settings (white, or highly reflective surfaces). Solar developers are more focused than ever on maximizing output per square meter, and bifacial panels are part of the strategy.
Recent advancements in cell technologies, namely PERC, TOPCon, and HJT, have also coincided with the increased utilization of bifacial modules, in addition to the supportive policy environment and declining costs. Installations in 2020 and 2021 were led by China, the U.S., India, and some countries in the Middle East that have aggressive renewable energy targets and the availability of large areas of land. Additionally, the pairing of bifacial panels with single-axis trackers is resulting in a significant increase in output gain, especially in sunny desert-like areas. Therefore, bifacial technology is appearing to be the next step in terms of solar PV.
Market Driver:
The increasing demand for high-efficiency and low-cost renewable energy systems supporting the global goal of carbon neutrality remains a key opportunity for the bifacial solar panel market. Bifacial modules support higher energy yield without an increase in installation costs, providing a very competitive advantage in regions achieving grid parity. This is particularly relevant for utility-scale developers who are focused on maximizing return on investment (ROI) and maintaining long-term system performance.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Segments with High-Growth Opportunity
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Cell-Type Analysis
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Monocrystalline, Polycrystalline, Passivated Emitter Rear Cell, and Heterojunction Technology
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Monocrystalline cells are expected to remain dominant in the coming years.
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Frame-Type Analysis
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Framed and Frameless
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Frames are anticipated to hold the largest share of the market in the upcoming years.
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Application-Type Analysis
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Utility-scale, Commercial & Industrial, and Residential
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Utility-scale applications are expected to be the dominant type in the market in the forecasted period.
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Region Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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The Asia-Pacific is expected to maintain its reign over the forecast period.
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By Cell Type
“Monocrystalline cells are expected to remain dominant in the market during the forecast period.”
Monocrystalline bifacial panels, particularly those utilizing PERC (Passivated Emitter Rear Contact) technology, lead the market in terms of efficiency, longevity, and reduced production costs. PERC cells are more effective than polycrystalline under conditions of low light and high ambient temperature—important characteristics and considerations for large utility-style applications across various climates.
While there has been much development of alternatives from TOPCon and HJT structures, monocrystalline PERC is still the mass-market option, supported by larger manufacturing facilities with brownfield sites, lower capex with less sophisticated equipment, and greater experience in development and deployment. They are more bifacial than typical polycrystalline, making them the standard for new installations around the world, particularly in the Asia-Pacific region, as well as the U.S.
By Frame Type
“Framed type is expected to be the dominant in the market during the forecast period.”
Due to their structural support, ease of handling, and installation costs, framed bifacial panels lead the way. They are much more compatible with the existing mounting/racking systems, needing any custom BOS (Balance of System) components.
There are advantages to frameless panels in aesthetics and lighter weight, but they are mostly used for niche architectural projects or BIPV (Building Integrated PV), whereas framed panels are ruggedized and designed for large-scale, high-load situations such as deserts or snowy environments. The applicability of framed panels to the mass market is the reason they are the preferred product for solar farm developers.
By Application Type
“Utility scale is expected to be the dominant and fastest-growing application of the market during the forecast period.”
Utility-scale projects are clearly the most common use for bifacial solar panels, as these projects allow for the most energy yield and the lowest levelized cost of electricity (LCOE). Utility sites have a larger area to work with and reflective surfaces that approximately double the amount of backside irradiance than rooftops, which would make it much easier to optimize bifacial gain.
In addition, utility developers are combining bifacial with single-axis trackers, resulting in maximizing backside access to the sun. We are seeing better long-term performance as a result of these two components working together, which further drives investments. Lastly, as significant investments are being made by governments and large corporations into grid-scale renewables, utility-scale is still going to be the most profitable and most scalable application for bifacial systems.
Regional Analysis
“The Asia-Pacific is expected to remain the largest market for Bifacial Solar Panels during the forecast period.”
Asia-Pacific leads the bifacial solar panel market due to fierce renewable targets, cost-competitive manufacturing, and large deployment in both China and India. The bifacial solar panel market is skewed by China and provides a large market share based on local incentives, sites with high albedo from the sun in the northwest, and large players like Trina and LONGi.
While China is the largest investor in bifacial solar technology, the entire Asia-Pacific region has ample domestic supply chains and a financing environment that facilitates and accelerates the adoption of this technology. Factors in the region related to climate, increasing energy demand, and solar investment pipelines are also ideal for scaling the technology of bifacial solar. The Asia-Pacific region is still the primary driver of growth, both on the production and installation side.
Key Players
The market is moderately concentrated, with over 100 players. Most of the major players compete in some of the governing factors, including price, service offerings, regional presence, etc. The following are the key players in the Bifacial Solar Panels market.
Here is the list of the Top Players (Based on Dominance)
- Trina Solar
- LONGi Solar
- JinkoSolar
- LG Electronics
- Panasonic
- Canadian Solar
- Yingli Green Energy
- SolarWorld
- MegaCell
- Lumos Solar
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Please write to us at [email protected]
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The global Bifacial Solar Panels market is segmented into the following categories.
Bifacial Solar Panels Market, by Cell Type
- Monocrystalline (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of World)
- Polycrystalline (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of World)
- Passivated Emitter Rear Cell (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of World)
- Heterojunction Technology (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of World)
Bifacial Solar Panels Market by Frame Type
- Framed (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of World)
- Frameless (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of World)
Bifacial Solar Panels Market by Application Type
- Utility-scale (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of World)
- Commercial & Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of World)
- Residential (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of World)
Bifacial Solar Panels Market by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Bifacial Solar Panels market realities and future market possibilities for the forecast period
- The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruit available in the market and formulating growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respected clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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