Bifacial Solar Panel Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034
Page: 215 | Report Code: EP240903 | Research Suite: Report (PDF) & Market Data (Excel)
Traditional (mono facial) solar panels capture sunlight on
one light-absorbing side, and light energy that cannot be captured is reflected
away. This is not the case with bifacial solar panels, instead, these types of
panels have solar cells on both sides. This enables the panels to absorb light
from the back and the front. This means that a bifacial solar panel can absorb
light that is reflected off the ground or another material. The traditional
mono facial solar panels have an opaque back sheet, bifacial solar panels have
a reflective back or dual panes of glass holding the solar cells in place.
Exposing the solar cells to sunlight at the back as-well as the front. As a
result, bifacial solar panels have a higher efficiency, as they are capable of
capturing sunlight on both sides.
MARKET
OVERVIEW
The market valuation of the bifacial solar panel market was valued at approximately USD 7.9 billion in 2023 and is projected to reach USD 34.8 billion in 2034 exhibiting a CAGR of 16.2% during the forecast period of 2024-2034. Bifacial solar panel to absorb direct sunlight from the front and reflected light from the ground or nearby surfaces on the rear. This dual-sided approach significantly boosts their energy-generating potential. The market is aligned with diverse sectors, which makes it a sustainable and growing market.
GROWTH
DRIVERS
The bifacial solar panels are capable of capturing sunlight on both sides leading to higher absorption and generation of energy as compared to traditional panels, driving the market towards growth. According to a survey in Sage Journal by Rahimat O Yakubu, Lena D Mensah, David A Quansah and Muyiwa S Adaramola, in the survey the bifacial gains, tracker gains, and bifacial-tracker gains were calculated for each configuration. The fixed ground-mounted inclined bifacial PV system gained 12% annual average bifacial gain over a fixed ground-mounted monofacial system, while the bifacial system with a solar tracker gained 8.9% over a monofacial system with a solar tracker.
A monofacial PV system with a tracker over a fixed inclined monofacial system has a tracker gain of 16%, while a bifacial PV system with a tracker over a fixed inclined bifacial system has a tracker gain of 13.2%. The monofacial system with a solar tracker outperforms a fixed inclined bifacial system by about 4%. The sensitivity analysis performed to determine the effect of system parameters such as albedo and ground clearance height on bifacial PV systems reveals that the increase in specific energy production per kilowatt-hour per year is directly proportional to the albedo of the surface area on which the bifacial PV systems are installed, and adequate ground clearance height is required between the ground and the installed bifacial PV plants.
The falling cost of solar technology drives the adoption and significant growth of the market. According to Solar Energy Industries Assocation, the cost to install solar has dropped by more than 40% over the last decade, leading the industry to expand into new markets and deploy thousands of systems nationwide. An average-sized residential system has dropped from a pre-incentive price of USD 40,000 in 2010 to roughly USD 25,000 in 2023, while recent utility-scale prices range from USD 16/MWh - USD 35/MWh, competitive with all other forms of generation.
The government support like policies or incentives aiming at the promotion of renewable technologies contributes towards market growth. For instance, EU Solar Energy Strategy aims to deliver over 320 GW of solar photovoltaic by 2025 and almost 600 GW by 2030. Alongside the plan, the Commission also presented a set of initiatives on permitting processes for renewable energy projects, which are reflected in the revised Renewable Energy Directive. The increase in demand for renewable energy driven by the awareness of climate change and the need to reduce carbon emissions drives the market adoption and growth.
According to the
International Agency, world’s capacity to generate renewable electricity is
expanding faster than at any time in the last three decades, giving it a real
chance of achieving the goal of tripling global capacity by 2030 that governments
set at the COP28 climate change conference. The world added 50% more renewable
capacity in 2023 than in 2022 and the next 5 years will see fastest growth.
MARKET
SEGMENTATION:
·
By Cell Type-
Monocrystalline, polycrystalline and thin-film
·
By Frame Type- Framed
and Frameless
·
By Application-
Utility-scale power plants, industrial and commercial, residential
·
By Installation Type-
rooftop mounted, ground and floating
·
By Transparency Type- back
sheet, glass transparent and others
·
By Technology Type-
heterojunction, half cut Mono PERC and others
·
By End-Users-
Residential, commercial and industrial
·
By Region- North America,
Europe, Asia Pacific, Middle East and Africa, South America
Bifacial
Solar Panel Market Segment By Cell Type Review:
Monocrystalline silicon, more often called single-crystal silicon, in short mono c-Si or mono-Si, is the base material for silicon-based discrete components and integrated circuits used in virtually all modern electronic equipment. Mono-Si also serves as a photovoltaic, light-absorbing material in the manufacture of solar cells. Monocrystalline PV panels are made from a single piece of silicon, therefore making it easier for electricity to flow through. They have a pyramid cell pattern which offers a larger surface area enabling monocrystalline PV panels to collect a greater amount of energy from the sun's rays.
Polycrystalline silicon, or multi-crystalline silicon,
also called polysilicon, poly-Si, or mc-Si, is a high purity, polycrystalline
form of silicon, used as a raw material by the solar photovoltaic and
electronics industry. Polycrystalline solar panels that consist of several
crystals of silicon in a single PV cell. Several fragments of silicon are
melted together to form the wafers of polycrystalline solar panels. Thin-film
solar cells are a type of solar cell made by depositing one or more thin layers
(thin films or TFs) of photovoltaic material onto a substrate, such as glass,
plastic or metal. Thin-film solar cells are typically a few nanometers (nm) to
a few microns (μm) thick–much thinner than the wafers used in conventional
crystalline silicon (c-Si) based solar cells. Thin-film solar cells are
commercially used in several technologies, including cadmium telluride (CdTe),
copper indium gallium diselenide (CIGS), and amorphous thin-film silicon (a-Si,
TF-Si).
Bifacial
Solar Panel Market Segment By Frame Type Review:
A solar panel frame is a structural component that supports
and secures the photovoltaic cells, helping maintain the panel's integrity and
longevity. It helps to hold different components together, offer protection
against the elements, and help to improve durability. Most solar panel frames
are made from either anodized or powder coated aluminum. Frameless Solar Panels
have two sheets of glass to support their solar cells
one on the top like every other type of solar panel & another one at the
back of the panel to support it well.
Bifacial
Solar Panel Market Segment By Application Review:
The utility-cale power plant represents the major segment
driven by the need for large scale renewable energy generation. In this
segment, the so they utilize ground mounted solar farms that supply electricity
to the grid, often spanning hundreds of acres. They they benefit from economies
of scale and the enhanced efficiency of bifacial panels that contributes to a
quicker return on investment for the energy producers and they also receive
government incentive and subsidies. The industrial and commercial sector is
adopting bifacial solar panels in order to meet
their energy needs and reduce operational costs. The industrial commercial
segment includes power factories, warehouses, office buildings, and others
where the panels are installed on the large flat roofs as a part of solar carports
and canopies, which maximizes the utilization. The residential segment utilizes
solar panels to power their homes and generate more electricity from limited
roof space.
Bifacial
Solar Panel Market Segment By Installation Review:
A rooftop solar power system, or rooftop PV system, is a
photovoltaic (PV) system that has its electricity-generating solar panels
mounted on the rooftop of a residential or commercial building or structure.
The solar racking, which holds the panels in place, is installed directly on
the roof. Panels can be attached to flat or sloping metal, shingle, or rubber
roofs. A ground-mounted solar panel is the same as a rooftop solar panel. The
only difference is ground-mount solar panels get set up on the ground and use a
standard installation or a pole mount installation. Some ground-mount solar
panel systems can move with the sun in order to
capture the most sunlight they can each day. Floating solar or floating
photovoltaics (FPV), sometimes called floatovoltaics, are solar panels mounted
on a structure that floats on a body of water, typically a reservoir or a lake
such as drinking water reservoirs, quarry lakes, irrigation canals or
remediation and tailing ponds. Floating arrays can achieve higher efficiencies
than PV panels on land because water cools the panels.
Bifacial
Solar Panel Market Segment By Transparency Type
Review:
Back sheets are the outermost layer for a solar panel, the
first line of defense for solar cells. They play a critical role in protecting
solar panels from harsh, varying environmental conditions over panel lifetimes.
They are made from polymers or a combination of polymers. They ensure that the
panel remains electrically insulated and the longevity of the entire solar
panel is dependent on this polymer film. The solar back sheet failure can lead
to the failure of an entire panel, unexpected power shortage. It is not just a
plastic film that is made from polymer, the entire functioning of the panel is
dependent on it. Glass transparent solar panels are
see-through solar panel technology that functions as a transparent solar
concentrator and absorbs light that isn't visible to the naked eye, including
specific UV and infrared wavelengths. Solar panel glass is incredibly strong
and photovoltaic modules are fabricated using commercial-grade tempered glass,
which is much more resistant to breakage than normal glass.
Bifacial
Solar Panel Market Segment By Technology Review:
Heterojunction is the interface area formed by the contact
of two different semiconductors. The semiconductor heterojunction is a special
type of PN junction, which is formed by sequentially depositing two or more
layers of different semiconductor film materials on the same substrate. This
glass-glass bifacial module is based on n-type heterojunction (HJT) bifacial
solar cells. Heterojunction technology combines crystalline silicon with a
silica-based thin film to absorb more energy and reach higher performance.
Heterojunction solar panels work similarly to other PV modules, under the
photovoltaic effect, with the main difference that this technology uses three
layers of absorbing materials combining thin-film and traditional photovoltaic
technologies. The process involves connecting the load to the terminals of the
module, with the photons being converted into electricity and generating an
electric current, flowing through the load. “Passivated Emitter and Rear
Contact” solar cells, known as PERC solar cells, are becoming more common today
as an option for making solar panels. PERC solar cells are modified
conventional cells that enable the cells to produce 6 to 12 percent more energy
than conventional solar panels. PERC solar cells have an extra layer within the
back side of the cell. This allows some of the sun’s rays to reflect back into the solar cell, giving them another
opportunity to be turned into energy. They are beneficial in low-light
conditions and maintain better performance on hot days, thanks to their
improved thermal coefficients.
Bifacial
Solar Panel Market Segment By End-Users Review:
Solar panels for houses are a collection of solar cells,
which are used to generate and provide electricity to the entire property.
These solar panels absorb the sun’s rays and convert them into electricity or
heat through the photovoltaic effect. Solar panels are one of the most
efficient, abundant, and cost-effective sources of energy, which makes them the
ultimate choice of resourceful power supply for every residential property
owners. Like residential solar options, commercial solar panels harness the
power of sunlight, converting this renewable energy source into electricity to
power various facilities. Commercial solar is utilized by a diverse range of
businesses and institutions, including from commercial building to parking
lots. Commercial buildings often have expansive rooftops, which are ideal for
solar rooftop panel installations. By utilizing this unused space, businesses
can generate clean energy and reduce their dependence on conventional grid
electricity. Solar panels can also act as shades, reducing the cooling load of
the building and saving on air conditioning costs. Roof installation is also a
good option for commercial solar installation, especially since office
buildings, warehouses, factories and other similar spaces often have vast, flat
roofs that are ideal. Industries refers to using solar panels to generate
electricity for on-site consumption instead of purchasing it from the grid.
This can lead to energy independence for the industrial sector. Solar panels
are installed on the roof or the ground, and the generated power is used
directly by the industrial processes, reducing the demand from the grid and the
amount of energy that needs to be purchased. This approach is becoming
increasingly popular among industrial facilities looking to reduce energy costs
and support sustainable energy practices.
Bifacial
Solar Panel Market Regional Analysis:
North America is a valuable market driven by factors like driven by the government policies like Investment Tax credit, state level renewable portfolio standards and others drives the market towards growth. Moreover, the region is known for technological advancements and innovations driving the improvements and growth of the market. Europe is a valuable market driven by the strong environmental regulations like the European Green deal coupled with government subsidies and incentives. Asia Pacific is a rapidly growing market due to rapid industrialization and urbanization and expansion of solar infrastructure. The Middle East and Africa is a promising market driven by the investments in infrastructure development like smart cities and the regions of high solar irradiance. South America is another growing market driven by the favorable climate conditions.
Key
Challenges:
The production of bifacial solar panels is highly relied on
raw materials and advanced manufacturing processes where any disruptions in the
supply chain like shortage glass or silicon may impact production like delays
or delivery and increase in cost, hindering the market growth. The installation
of bifacial solar panels may be more complex than the traditional ones
as it requires specific mounting structures which allows the light to pass
through the rear side of the panel as well which may complicate the
installation in retrofit projects.
Competitive
Landscape:
In the highly competitive bifacial solar panel market,
companies are investing heavily in research and development to innovate and
improve their products and services. They are also collaborating, forming
strategic partnerships, or acquiring other companies to gain access to new
market segments, enhance distribution networks, and increase market share. The
news and development include – AIKO Solar, a renowned provider of clean energy
products and services based in China announced the launch of its new bifacial
solar module in December 2023. The new bifacial solar products were designed
especially for utility applications and featured bifacially of up to 70%. In
February 2024, Navitas Solar, a provider of solar products based in Gujrat,
India, announced the launch of its new bifacial solar modules at an event
called InterSolar India 2024. Jakson, a leading provider of solar products and
infrastructure, announced the launch of its new bifacial solar panels back in
October 2023. These panels offered a power conversion efficiency of around
22.6%.
Global
Key Players:
·
Longi
·
JA Solar Holdings
·
Hanwha
·
Risen Energy
·
LG Electronics
·
Prism Solar
· Other Players
Attributes |
Details |
Base Year |
2023 |
Trend Period |
2024 – 2034 |
Forecast Period |
2024 – 2034 |
Pages |
215 |
By Cell Type |
Monocrystalline, polycrystalline and
thin-film |
By Frame Type |
Framed and Frameless |
By Application |
Utility-scale power
plants, industrial and commercial, residential |
By Installation Type |
rooftop mounted, ground and floating |
By Transparency Type |
back sheet, glass transparent and
others |
By Technology Type |
heterojunction, half cut Mono PERC
and others |
By End-Users |
Residential, commercial and
industrial |
By region |
North America, Europe,
Asia Pacific, the Middle East and Africa, and South America |
Company Profiles |
Entegris, Shinko
Electric Industries Co. Ltd., Kyocera Corporation, Ngk Insulators, Ltd., Toto
Ltd., Ntk Ceratec Co., Ltd., Tsukubaseiko Co. Ltd., The SEMCO Group, Technetics
Group, Krosaki Harima Corporation, Mico Co., Ltd., Tomoegawa Co., Ltd. |
Edition |
1st edition |
Publication |
September
2024 |