Bifacial Solar Panel/Bifacial Solar Module Market - Forecast(2023 - 2028)

Bifacial Solar Panel/Bifacial Solar Module Market is expected to grow from $2.5 billion in 2019 at a CAGR of 16.2% during the forecast period 2020-2025. Growing support from governments of several countries in the form of subsides, incentives, investments and so on are analyzed to drive the market. In addition several advantages of Bifacial Solar Panel over monofacial and increased investments by companies for innovation in this Solar panel is also analyzed to drive the market. In 2020, Maxeon has Launched Fifth-Generation Shingled Bifacial Solar Panels for Global Power Plant Market. Hence these growing support and innovations are analyzed to drive the market in the forecast period 2020-2025.

The report: “Bifacial Solar Panel/Bifacial Solar Module Market– Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the Bifacial Solar Panel/Bifacial Solar Module Market.

By Type: Monocrystalline Solar Panels, Polycrystalline Solar Panels, Thin-film Solar Panels

By Cell: Heterojunction cell, Passivated emitter rear cell 

By End User: Residential, Commercial, Others (Utility, Military, Industrial)

By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa)

Monocrystalline solar panels is growing at a highest CAGR of 19.61% in the forecast period. These solar panels have the highest efficiency rates, typically in the 15-20% range. In addition monocrystalline solar panels tend to be more efficient than polycrystalline in warm weather. Similarly, monocrystalline perform better in heat and projected to have the longest life. Most come with a 25-year warranty but will probably last substantially longer than 25 years. They perform better than similarly rated polycrystalline solar panels at low-light conditions. Moreover, companies such as Trina Solar, Maxeon and several other have been investing heavily for the development of these panels. In 2020, Chinese panel maker Trina Solar has launched two new PERC monocrystalline bifacial solar modules, each with a reported power output of 500 W. Growing innovations as such will drive the market for Monocrystalline panels thereby increasing the market for Bifacial Solar Panel/Bifacial Solar Module Market in the forecast period 2020-2025.

Bifacial Solar Panel/Bifacial Solar Module in Commercial sector is growing at a CAGR of 18.71% in the forecast period. Owing to the increasing demand for electricity in commercial sector during peak hours. According to the report given by LONGi, a solar panel manufacturer, bifacial panels yielded 11 percent more energy than standard solar panels in a tilted, ground-mounted solar installation in China. More impressively, a system using bifacial panels paired with solar trackers yielded 27 percent more solar energy than a similarly sized system using traditional panels in commercial sector. Hence increased adoption in commercial sector is analyzed to drive the market in the forecast period 2020-2025.

APAC dominated the market by a market share of more than 34.5% in 2019 followed by North America and Europe. The economy of APAC is majorly influenced by the major countries such as China and India. In these countries, the government are aggressively implementing regulatory framework to reduce the environmental footprint and providing several incentives and subsides for the installations of renewable energy plants. Moreover manufacturers in this region are investing heavily for the development of advanced solar panels. In 2019, Adani Green Energy entered into a strategic partnership agreement with LONGi Solar for the procurement of up to 1.2 GW of Hi MO4 bifacial modules by 2020. Similarly, in 2019, Waaree Energies launched its 400 Wp cut cell module series, Super 400. This Super 400 Pro is a bifacial module with up to 30 per cent higher output. Moreover governments are also collaborating with manufacturers for installation of these panels for various projects. In 2019, Jolywood Solar Technology has signed a deal with a subsidiary of the State Power Investment Corporation Limited (SPIC) for the supply of 64.6 MW of its n-type bifacial 301 WP solar PV modules. Increased incentives, collaborations by manufactures and governments of the countries are analysed to drive the market in the forecast period 2020-2025.

Rising government support in the form of incentives, subsides and investments for the investments of these solar panels drive the market growth. In 2020, The US Department of Energy (DoE) has committed to invest $125.5 million package for a range of advanced solar R&D initiatives. Similarly, UK government provides $210 million to renewables in Sub-Saharan Africa and green buildings. Similarly, Governments of countries such as India, China has invested heavily for the installation of these panels in the forecast period. In addition to investments subsides and tariff exemptions also drive the market. In 2018, with the exemption of Section 201 tariff on imported bifacial solar modules, US. Bifacial solar market is poised for significant growth in the forecast period 2020-2025. 

Growing adoption of Bifacial Solar Panel is analysed to drive the market in the forecast period. Northern European countries will continue to see bifacial adoption due to the region's high latitude. According to European Renewable Energy Council (EREC) U.K. and Denmark have over 150 megawatts of projects in their pipelines. Similarly, the Middle East is expected to see a significant level of bifacial adoption. Oman, a rising solar star in the region, has a 600-megawatt bifacial project pipeline. The UAE is also an early adopter, having announced a 320-megawatt bifacial project in June 2019. Saudi Arabia is expected to see an increase of bifacial solar capacity, given the country’s rapidly developing solar sector. Moreover rising number of collaborations between manufacturers and governments for the installation of these panels are analysed to drive the market. In 2020, LONGi Solar has made a contract to supply bifacial PERC modules for the largest solar project to be built in Mitchell County, Georgia, with a capacity of 224 MW. In 2020, Sunpreme, Inc. and Tigo Energy, Inc. has announced the completion of commercial solar installation on smart bifacial solar panels in California’s largest contiguous solar carport structures in the bay area. In Jan 2018, Suntech Power has signed a strategic cooperation agreement with Jolywood Solar Technology to bring high-efficiency N-type bifacial solar module to the market. Hence rising adoption of Bifacial Solar Panel is analysed to drive the market in the forecast period 2020-2025.

Although bifacial module technology is slowly becoming mainstream, high costs continue to pose a challenge for manufacturers. Bifacial solar module technology is at a nascent stage, the manufacturing equipment needs to be customized for almost for every application. Therefore, the cost of manufacturing is high, whereas the financial return on the process and manufacturing asset investments is low. Until bifacial module manufacturing achieves mass production and economies of scale, the cost of production is likely to remain higher than that of monofacial solar modules. As a result, the adoption may remain low. Hence high manufacturing cost is analyzed to hamper the market growth in the forecast period 2020-2025.

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Bifacial Solar Panel/Bifacial Solar Module market. In 2019, the market of Bifacial Solar Panel/Bifacial Solar Module industry outlook has been fragmented by several companies.  Bifacial Solar Panel/Bifacial Solar Module top 10 companies include Trina Solar, AE Solar, Suntech, LONGi Solar, Yingli Solar, Sunpreme Inc., Prism Solar Technologies, Inc., SoliTek, JA Solar, Canadian Solar among others.