Bifacial Solar Panel Market is expected to increase at a compound annual growth rate (CAGR) of 18.2% from 2025 to 2035

 

The market for bifacial solar panel market was estimated to be worth USD 9.4 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 18.2% to reach USD 36.8 billion in 2035. Direct sunlight from the front is absorbed by the bifacial solar panel, while reflected light from the ground or adjacent surfaces is absorbed from the back. Their capacity to generate energy is greatly increased by this two-pronged strategy. The market is sustainable and expanding since it is in line with many different areas.

Conventional (mono facial) solar panels deflect away light energy that cannot be absorbed while capturing sunlight on one side. Bifacial solar panels, on the other hand, have solar cells on both sides. As a result, light from both the front and the back can be absorbed by the panels. This implies that light reflected from the ground or another material can be absorbed by a bifacial solar panel.

 

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GROWTH DRIVERS

Because bifacial solar panels can capture sunlight from both sides, they can absorb and generate more energy than standard panels, which is fueling the market's expansion. In a survey published in the Sage Journal, Rahimat O. Yakubu, Lena D. Mensah, David A. Quansah, and Muyiwa S. Adaramola estimated the bifacial gains, tracker gains, and bifacial-tracker gains for each design. The bifacial system with a sun tracker outperformed a monofacial system with a solar tracker by 8.9%, while the fixed ground-mounted inclined bifacial PV system outperformed a fixed ground-mounted monofacial system by 12% annually on average.

The market's adoption and notable expansion are fueled by the declining cost of solar technology. The Solar Energy Industries Association claims that throughout the past ten years, the cost of installing solar has decreased by more than 40%, which has allowed the sector to enter new markets and install thousands of systems around the country. Pre-incentive pricing for an average-sized residential system fell from USD 40,000 in 2010 to about USD 25,000 in 2023. Current utility-scale prices are competitive with all other sources of generating, ranging from USD 16/MWh to USD 35/MWh.

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

Global Key Players:

·        Jinko Sol

·         Longi

·         Trina Solar

·         Canadian Solar

·         JA Solar Holdings

·         Hanwha

·         Risen Energy

·         LG Electronics

·         Prism Solar

·         Adani Solar

·         Other Players

 

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