Bifacial Solar Market Size

Bifacial Solar Market size was valued at USD 16.18 billion in 2023 and is anticipated to reach USD 98.43 billion by the end of 2036, expanding at around 14.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of bifacial solar is assessed at USD 18.11 billion.

Bifacial solar panels can collect solar energy from both the sides, resulting in better performance, and more energy generated by the panel. The growth of the market can be attributed to the increasing adoption of solar power, backed by the increasing environment awareness amongst the people. The growing awareness for the use of clean and renewable energy to curb the rising pollution level is estimated to be one of the primary factors estimated to drive the market growth.

According to the data by the International Energy Agency (IEA), power generation from solar PV has increased by 22% in 2019, to 720 TWh, which is up by 131 TWh globally in 2019. Rising government initiatives to promote the use of solar energy for various applications, as solar energy is a green and clean energy, are estimated to fuel the market growth.

Frequently Asked Questions (FAQ)

Increasing government initiatives to promote the use of solar energy, and higher capacity of bifacial solar are the major factors driving the market growth.

The market is anticipated to attain ~15% CAGR over the forecast period, i.e., 2022-2030.

Lack of proper infrastructure is one of the factors estimated to hamper the market growth.

The market in Asia Pacific is estimated to garner the largest market share owing to the large number of commercial solar farms in the region.

The major players in the market are Trina Solar Co., Ltd, TATA Power Solar Systems Limited, JA Solar Technology Co., Ltd., ISOVOLTAIC AG, UAB Soli Tek Cells, and others.

Bifacial Solar Market Size