Bifacial Solar Panel Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

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:

·        Jinko Sol

·         Longi

·         Trina Solar

·         Canadian Solar

·         JA Solar Holdings

·         Hanwha

·         Risen Energy

·         LG Electronics

·         Prism Solar

·         Adani Solar

·         Other Players