Global Bifacial Solar Panels Market Report and Forecast 2024-2032

Global Bifacial Solar Panels Market Outlook

The global bifacial solar panels market is expected to grow at a CAGR of 19.3% during the period 2024-2032. North America, Europe and Asia are expected to be key markets.

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Global Market Likely to be Driven by Benefits and Growing Installations of Bifacial Solar Panels

Bifacial solar modules provide several advantages over traditional solar panels. In a bifacial solar module, power can be generated from both sides, increasing total energy generation. As both sides are UV resistant, these panels are generally more durable. Potential-induced degradation (PID) concerns are decreased when the bifacial module is frameless. Further, balance of system (BOS) costs are also decreased as more power can be produced from bifacial modules in a smaller array footprint. When bifacial modules are mounted on a highly reflective surface (such as a white TPO roof or on the ground with light-coloured stones), some bifacial module manufacturers claim up to a thirty percent increase in production just from additional power produced from the rear.

Bifacial modules are available in several designs; these may be framed as well as frameless. Some are dual-glass, while others employ clear backsheets. Most modules use monocrystalline cells, but polycrystalline designs are also available. Power generated from both sides remains constant. There are modules that are frameless and expose the backside of cells, but are not bifacial. Indeed, bifacial modules have contacts/busbars on the front and back sides of their cells.

How a bifacial module is installed depends on its type. A framed bifacial module may be relatively easy to install because traditional mounting and racking systems are already adapted to framed models. Most bifacial module producers offer their own clamps to mount their specific brand, eliminating installation hesitations.

To produce more power through its bifacial properties, the bifacial module is tilted higher. Bifacial modules mounted flat to a rooftop block any reflected light from reaching the rear side of the cells. Thus, bifacial modules deliver superior performance on flat commercial rooftops and ground-mounted arrays (as there is remaining room for tilt and bouncing reflected light to the back of the modules).

Competitive Prices Expected to Stimulate Market Growth

Bifacial solar panels are expected to witness increased demand during the forecast period and boost global bifacial solar panels market growth. A key reason for increase in market demand is prices becoming increasingly competitive with those of monofacial solar panels.

Bifacial technology supports the concept of using quality materials for high-energy yields. Bifacial modules carry all advantages of mono PERC modules - high power density leading to significant BOS savings, high energy yield with better low light performance and lower temperature coefficient. Further, bifacial PERC modules also harvest energy from the backside side, exhibiting higher energy yield.

Residential Applications of Bifacial Solar Panels Likely to Drive Market Growth

Bifacial solar panel installations have been generally considered for large-scale commercial applications; electric utility companies also used bifacial panels for the greater efficiency these modules offered. However, residential applications of bifacial solar technology are also possible; considerations include goals for energy independence, budget, environment, space, etc. The global bifacial solar panels market is expected to be driven by residential applications.  Bifacial panels offer shade or rain/snow protection while enabling reduction in the electricity bill. Bifacial panels may be integrated into the house’s appearance to enhance aesthetic and functional appeal.

Advantages of Bifacial Solar Panels Expected to Boost Market Growth

The global bifacial solar panels market is expected to be driven by advantages afforded by bifacial solar panels. Advantages include:

Enhanced Efficiency - Bifacial modules can generate power from both sides of the panel, leading to an overall increase in energy production.

Better Durability - Bifacial panels are frameless and covered on both sides by tempered glass (which is weather-resistant, UV resistant and can withstand high temperatures and strong winds) making the panels more durable.

Aesthetically Pleasing - Bifacial modules are available in several designs, including frameless. The complete glass frame is considered more aesthetically pleasing as compared to monofacial solar panels.

Functions Well in Diffuse Light - The extra surface area enables better performance of bifacial panels in diffuse light, reducing long-term costs as compared to monofacial panels.

Decreased PID - In frameless bifacial panels, solar cells are less likely to display potential-induced degradation (PID).

Longer Warranties - Bifacial solar panels are often available with a longer warranty of up to 30 years.

Market Segmentation

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By cell, the market is segmented into:

• Heterojunction Cell
• Passivated Emitter Rear Cell

By frame, the market is divided into:

• Framed Bifacial Solar Panel
• Frameless Bifacial Solar Panel

By solar panel type, the market is classified into:

• Monocrystalline Solar Panels
• Polycrystalline Solar Panels
• Thin-film Solar Panels

By application, the market is segmented into:

• Residential
• Commercial

By region, the market is classified into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Key Industry Players in the Market

The report presents a detailed analysis of the following key players in the global bifacial solar panels market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Ankara Solar AS
• LONGi Green Energy Technology Co., Ltd.
• Adani Group
• LG Electronics Inc. 
• Canadian Solar Inc.
• Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report