Bifacial Solar Market Overview
According to MRFR analysis, The bicluster solar market was estimated to be worth USD 6.8 billion in 2022. The industry for Bifacial Solar is expected to expand at a compound annual growth rate (CAGR) of 16.30% between 2023 and 2032, from USD 7.9 billion in 2023 to USD 26.4 billion.
Bifacial solar refers to a type of solar panel that can capture sunlight on both sides of the panel, rather than just one side, increasing the overall energy output. During the COVID-19 pandemic, the electricity demand may have decreased due to lockdowns and closures of non-essential businesses, which may have led to a decrease in the demand for bifacial solar panels.
Additionally, supply chain disruptions and labor shortages caused by the pandemic may have affected the manufacturing and installation of bifacial solar panels. However, the overall impact on the bifacial solar industry may have varied depending on specific factors such as location and market conditions.
- LONGi Solar
- Tigo Energy Inc.
- Sunpreme Inc.
- Suntech Power
- Jolywood Solar Technology
- MegaCell
- Trina Solar
- Ecoppia
- Prism Solar
- Panasonic
- PVG Solutions
- Lumos Solar
- LG Electronics
- Neo Solar Panel
- Yingli Green Energy
Regional Analysis
Asia-Pacific has the highest market share for solar energy, as it is the largest producer and consumer of the global market. The huge potential of planned solar projects in the coming years is expected to rise the market growth in this region. Growing investments in solar energy due to the rising focus on the development of renewable energy sources especially in India, China, and a few South Asian countries is escalating the market growth in this region.
Market Segmentation
The Global Bifacial solar panels market has been segmented into type, cell, and end user.
Based on the type, the market has been segmented into Framed and Frameless.
Based on the cell, the market has been segmented into Heterojunction Cells & Passivated Emitter Rear Cells.
Based on the end user, the market has been segmented into Residential, Industrial, and Commercial.
Bifacial Solar Industry Update:
Falling PV System Prices: The cost of installing solar systems, including both bifacial and monofacial panels, has decreased slightly in the United States [source: Department of Energy]. This trend makes solar power more accessible to a wider range of consumers.
High Import Levels: The US has seen record imports of solar panels in 2023, with a significant portion likely being bifacial due to exemptions from import duties [source: Department of Energy]. This indicates strong demand for this technology.
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