| Study Period | 2019 - 2030 |
| 2024 Market Size | USD 19.2 Billion |
| 2025 Market Size | USD 22.6 Billion |
| 2030 Forecast | USD 49.1 Billion |
| Growth Rate (CAGR) | 16.8% |
| Largest Region | Asia-Pacific |
| Fastest Growing Region | Asia-Pacific |
| Nature of the Market | Fragmented |
| Largest Application Category | Utilities |
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The bifacial solar market is estimated to generate revenue of USD 19.2 billion in 2024 and reach USD 49.1 billion by 2030, growing at a CAGR of 16.8% during the forecast period (2025–2030). Bifacial solar cells are a type of photovoltaic module with UV absorbing glass and PV panels on both sides, to maximize energy production.
The technological innovations in panel designs, including an improvement in the level of light absorption and component production methods, are significantly boosting the performance of these cells. Further, as production scales up, manufacturers benefit from economies of scale, which aids in lowering the overall cost of these devices.
On the rooftops of commercial and residential buildings, bifacial solar cells can play an important role in energy security. Bifacial building-integrated photovoltaics represent an advanced approach to integrating solar panels into the building parts themselves, rather than as a separate installation. The depletion of non-renewable resources encourages the adoption of renewable energy systems, such as bifacial photovoltaics.
Bifacial solar panels display a higher energy efficiency, and being an inexhaustible renewable energy solution, they are experiencing an increasing demand. This is due to the changing approach of people toward sustainability and energy conservation. The expanding carbon footprint of commercial, industrial, and residential facilities is necessitating the requirement for clean energy harnessing mechanisms.
Bifacial photovoltaic modules capable of advanced single-axis tracking enhance the production of electricity. They adjust their angle by tracking the direction of the sun and the angle of attack of sunlight and use sensors to monitor the UV intensity. This maximizes the amount of usable sunlight and, in turn, the energy generated.
Moreover, advanced cell architectures, including passivated emitter rear contact (PERC) and half-cut cells, have significantly improved the performance of bifacial cells. This aids in an enhancement of the cell architecture, enabling the solar PV industry to evolve rapidly at a reduced cost.
As per a recent report by the International Energy Agency’s Photovoltaic Power Systems Programme (IEA-PVPS), this combination can boost energy yield by almost 35% compared to traditional fixed-tilt systems. This combination could also lead to the lowest cost of electricity for over 90% of the world. The report also notes that bifacial panels are increasingly gaining popularity and are expected to make up over 70% of the solar panel market by 2033.
Under optimal conditions, bifacial solar panels increase electricity yield by up to 30% in contrast to traditional panels. They absorb incident light from the front and reflected light from the rear. This dual adoption enhances energy production efficiency, making them an attractive option for utility-scale installations and distributed solar projects, alongside industrial and residential customers.
For instance, Tata Power Renewable Energy has operationalized an on-ground bifacial solar system with a capacity of 1,040 kW in West Bengal. The installation is expected to produce about 1.5 million units of energy per year and diminish carbon emissions by 29,420 tonnes.
The double-glass construction of bifacial solar panels renders them more durable than traditional monofacial solar panels. Moreover, their UV resistance enhances their resilience against adverse weather events, such as hailstorms, heavy snowfall, and strong winds. Additionally, it provides better energy yield per panel compared to a standard photovoltaic module, thereby requiring less space.
Bifacial solar panels are also more suitable for high-reflectivity locations, such as urban rooftops, sandy deserts, snow-covered regions, and tropical regions. Here, they can significantly boost energy production by capturing both direct and reflected sunlight.
The incorporation of bifacial solar cells into the energy mix is slow because their manufacturing cost is high as they require advanced designs and components. This, concurrently, affects their upfront cost. In comparison to traditional photovoltaic panels, the higher installation cost of bifacial panels acts as a further deterrent to potential new investors and small enterprises with budget limitations. Additionally, the price volatility of coal and natural gas strongly influence customers’ choices and governments’ investment policies. This becomes another barrier to the acceptance of the bifacial solar technology, which is still expensive compared to energy generation from fossil fuels.
The dual-glass bifurcation is expected to hold the larger market share, of 75%, in 2024. These variants are preferred because they have glass on both the surfaces, thus boasting superior durability. This is because they are resistant to various weather events, such as extreme UV radiation, moisture, and high temperatures; and micro-cracking. Consequently, they enable low-cost maintenance, are reliable, boast an extended lifespan, and prove to be a long-lasting investment.
Glass backsheet is the faster-growing category, at a CAGR of 18.0% during the forecast period. These alternatives minimize the accumulation of dirt and dust with their hydrophobic properties, which help in rolling off water droplets off the surface, along with wiping off the dust. They also possess lower operating temperatures, staying cooler and contributing to high energy production.
The types we have analyzed here are:
The framed bifurcation is projected to hold the larger revenue share, of 85%, in 2024. This is credited to the increasing inclination toward renewable energy solutions and the need to harness clean energy. Framed panels provide additional structural support, resisting damage and offering an extended lifespan. They also ease the process of installation and transportation.
Frameless panels are expected to witness the higher CAGR, of 16.0%, in the next six years. Frameless panels have an aesthetic appeal and a modern appearance, which enhances the look of the entire infrastructure, hence resulting in their increasing popularity in residential and office buildings. The latest advancements, reducing cost of production, and supportive government regulations further propel their market expansion.
The frame types evaluated here are:
The passivated emitter rear contact category is estimated to hold the largest share, of 55%, in 2024. Unlike conventional panel designs, PERC modules have an additional layer on their rear side, which heightens sunlight penetration and, therefore, maximizes the energy output. As a result in contrast to conventional solar cells, they generate 6 to 12% more energy. The latest developments in PERC cell designs have elevated their performance and functionality, furthering their adoption.
Heterojunction is the fastest-growing category, with a projected CAGR of 17.0% over this decade. HJT panels have a lower innate temperature, enabling them to offer elevated performance amidst higher external temperatures. Furthermore, their manufacturing process is far less complex than that of PERC cells, sufficiently reducing the cost of the specialized equipment required for complex manufacturing.
The technologies analyzed in this report are:
The panel types analyzed here are:
The ground-mounted category holds the largest share in the bifacial solar market, of 60%, in 2024. Ground-mounted panels produce more units of electricity in comparison to rooftop panels because in a ground-mounted system, the panels can be tilted at an angle, in order to maximize sunlight intake. The process of installation and maintenance is also convenient for conventional solar farms due to the comparatively lower expenses on transportation.
In India, the PM-KUSUM scheme provides energy security to farmers by setting up decentralized, ground-mounted solar plants connected to the grid capable of producing 10,000 MW and installing solar pumps. Such moves are part of India’s commitment to increase the share of electricity generated from renewable sources to 40% by 2030.
The floating category is the fastest-growing in the bifacial solar market, with an expected CAGR of 19.0% over this decade. The approach makes use of large, underutilized places, such as reservoirs, lakes, and rivers, which is why it is gaining popularity in regions with limited land availability. In order to achieve renewable energy targets and optimize solar power production, floating bifacial solar panels are being increasingly procured by public and private utilities. Bifacial solar panels work optimally, as the reflective nature of water directs sunlight to their rear surface and increases energy production.
The installations analyzed here are:
Utilities will hold the largest market share, of 70%, in 2024, propelled by the increasing awareness of renewable energy solutions and the rising need to limit the ecological crisis. The extensive research and development in this field and numerous beneficial aspects of bifacial solar panels, including high energy yield and falling costs, are escalating their usage among utilities. The government initiatives and fiscal incentives to encourage the adoption of non-fossil energy sources further augment the demand for bifacial solar panels. Additionally, the utilities sector, tasked with distributing large amounts of electricity, profits significantly from bifacial panels, as they maximize energy output.
The commercial & industrial sector is the fastest-growing category, with a CAGR of 19.0%. Bifacial solar panels have a high energy output, making them lucrative for large commercial and industrial facilities, which have high energy demands. The returns more than offset the initial investment with optimized energy generation for in-house consumption and distribution.
The applications we have evaluated here are:
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The Asia-Pacific bifacial solar market is expected to grow at the highest CAGR, of 18%, during the forecast period. The rising population and, concurrently, the heightening need for electricity, the mounting environmental concerns, and the favorable government policies for accelerating the execution of solar projects drive the market.
The world’s largest bifacial solar plant, with an installed capacity of 100 MW, is operational in China. Wind and solar power account for 37% of China’s energy production, as of July 2024, which is an 8% increase from 2022. This reflects China’s reinforced commitment to making significant strides in the development of the renewable energy sector and minimizing coal-fired electricity generation.
Similarly, the process of electricity generation in India is carbon-intensive, as coal accounts for 75% of the total power generation, as per the Ministry of Coal. The installation of bifacial solar panels as a cleaner electricity producing solution can reduce carbon emissions and contribute to meeting the national renewable energy targets.
Bifacial photovoltaics hold an enormous potential in India’s extensive infrastructure development strategies, considering the growing consciousness around the importance of reducing the environmental impact and achieving carbon neutrality.
North America is holding market share of 15% in 2024. The stringent environmental regulations for emission reduction and policies for clean energy production drive the market in North America. For instance, in September 2024, the U.S. Department of Energy (DoE) has allocated USD 11.6 million to improve renewable energy location and planning and energy storage projects. Additionally, a prize worth USD 8.2 million has been announced for the development of agrivoltaics.
The geographical breakdown of the market is as follows:
The market for bifacial solar panels is fragmented due to the availability of diverse places for panel installation, as well as the technologies they are based on. This results in the presence of a wide range of players, from multinational companies to small and specialized enterprises. Some supply to fewer customers, but in bulk, while others cater in small quantities to a large number of individual power producers. Furthermore, the ever-evolving technologies in this market widen the scope for new entrants.
In August 2024, JinkoSolar entered an agreement to supply 60-MWh liquid cooling energy storage system (ESS), SunTera, for a project in the Gonghe County of Qinghai Province. This system will facilitate temperature regulation of an advanced renewable-integrated energy storage system.
In August 2024, JA Smart Renergy developed a distributed PV power system for Libai Group in an attempt to assist the latter in gaining carbon neutrality at its factories.
In July 2024, LONGi's high-efficiency and durability Hi-MO 5 solar modules were used in a solar power plant installed at a textile plant in Coimbatore, Tamil Nadu, India. The plant, commissioned in two phases, has an installed capacity of 750 kW.
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