Bifacial Solar Market

Bifacial Solar Market Size (2023 - 2028)

The Global Bifacial Solar Market size is estimated at US$ 9.57 billion in 2022 to reach a valuation of US$ 21.76 billion by 2028, with a CAGR of 14.93% during the forecast period 2023-2028. 

Solar energy has become one of the main sources of energy. Solar photovoltaic (PV) energy is an important source of renewable energy in the world. The cost of the photovoltaic module has dropped considerably in recent years. Governments provide subsidies and encourage the deployment of solar energy on a large scale. The current discounted cost of electricity (LCOE) of large-scale PV is less than that of fossil fuels in some cases. New technological innovations, like bifacial solar panels, can further reduce the cost of electricity. The bifacial solar panel is the next-generation technology with the high-efficiency bifacial module on both sides producing electricity at the same time. It can also capture light as it reflects off the ceiling or the floor surface below the panel. Traditional solar panels have an opaque back sheet and have limited light exposure, however, bifacial panels generate power from both sides. Some manufacturers of bifacial modules claim up to a 30% increase in power generation from the rear of the panel. Bifacial solar panels come in many designs and sizes and some can be customized according to customer requirements. These panels are highly energy efficient when frameless.

Market Trends:

The solar modules are aligned or even follow the sun. The back of standard solar modules receives only a small fraction of the energy captured by the front of the module. However, the rear surface can contribute 5% to 30% of the total energy balance. The word "bifacial" returns these days in the field of photovoltaics and heralds an emerging trend. Bifacial refers to a solar cell or solar module that is sensitive to light from both sides. This technology is not fundamentally new; Bifacial modules have been employed since the beginning of 1994 for applications like noise barriers on motorways. The fact that bifacial technology is gaining escalating interest can be attributed to several reasons. In general, module manufacturers continue their efforts to improve module performance and achieve added value.

Market Drivers

The bifacial solar panel absorbs the light from the back and front sides, allowing you to make better use of the albedo light and diffuse light. Albedo light is the part of the light that hits a surface and is reflected without being absorbed.

Light scattered from any direction is known as scattered light. An efficiency increase of up to 30% is predicted, depending on things like height above ground, tilt angle, and reflectivity of the ground surface. Besides, the glass-to-glass structure offered by the bifacial solar improves the durability when compared to the conventional modules. Several current thin-film photovoltaic technologies, like CIGS and tint awareness, can easily be converted to bifacial solar panels.

Market Restraints:

The factor that is predicted to inhibit the expansion of the market is the huge installation cost.

Market Opportunities:

The bifacial solar panel is available in a variety of sizes to suit different types of requirements. Globally, solar panel prices have dropped significantly over the years and the trend will continue throughout the forecast period. As the call for solar electricity increases around the world, companies are offering the latest advanced solar modules focused on the efficiency, cost, and design of solar panels.

Market Recent Developments:

• Tier 1 solar module manufacturer Vikram Solar announces the availability of three new pre-order product lines in the United States, including half-cell modules rated up to 425 watts and a linear power guarantee; and the company's first glass-to-glass bifacial module with a transparent bottom architecture.

BIFACIAL SOLAR MARKET REPORT COVERAGE:

Market Segmentation:

Bifacial Solar Market - By Cell:

• Heterojunction Cell
• Passivated Emitter Rear Cell

Passivated emitter rear cell is present in monocrystalline silicon versions, while heterojunction cells utilize monocrystalline silicon.

Bifacial Solar Market - By Type:

• Framed Bifacial Module
• Frameless Bifacial Module

Market Regional Analysis:

• North America - U.S., Canada.
• Europe - UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.
• Asia Pacific - India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.
• Latin America - Brazil, Mexico, Argentina, Chile & Rest of LATAM.
• Middle East & Africa - KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.

The Asia-Pacific bifacial solar market is likely to grow at a rapid pace during the forecast period as countries like Japan, China, and India invest heavily in the solar energy field. These countries also have the largest installed base of solar panels in the world. Latin America and the Middle East and Africa are predicted to account for a moderate share of the global bifacial solar panel industry by the end of the forecast period. Europe and North America will dominate the bifacial solar panel industry due to escalated investment in solar projects in the area and are also predicted to account for a large share of the industry during the outlook period. Asia-Pacific countries like China, Australia, and Indonesia are predicted to seize the biggest industry opportunity due to the huge expansion potential of solar projects planned for the next few years.

Market Key Players:

Key players operating in the global bifacial solar market include

1. Solar
2. LG Electronics
3. MegaCell
4. Neo Solar Power
5. Panasonic
6. Prism Solar
7. PVG Solutions
8. SolarWorld
9. Yingli Green Energy
10. Lumos Solar