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Global Bifacial Solar Panels Market to Grow at a CAGR of 19.3% During the Period 2022-2027, Driven by Growing Installations and Commercial and Residential Applications of Bifacial Solar Panels

According to a new report by EMR titled, ‘Global Bifacial Solar Panels Market Report and Forecast 2022-2027’, the global bifacial solar panels market is expected to grow at a CAGR of 19.3% during the period 2022-2027, led by solutions enabling cost and energy savings.

The global bifacial solar panels market is expected to be driven by benefits afforded and growing installations of bifacial solar panels. Bifacial solar modules provide several advantages over traditional solar panels. Competitive prices are expected to stimulate market growth; as prices are becoming increasingly competitive with those of monofacial solar panels, bifacial solar panels are expected to witness greater demand. Further, residential applications of bifacial solar panels are likely to drive market growth. North America, Europe and Asia are expected to be key markets.

Leading companies provide a variety of solutions. For example, in 2020, launched its HiKu7 and BiHiKu7 high-power, high-efficiency modules with power output of up to 665 W. The new generation modules were set to deliver one of the industry's most competitive levelized cost of electricity (LCOE) as it further reduced balance of system (BOS) and other costs for solar power plants. The new monofacial HiKu7 and bifacial BiHiKu7 modules were optimized with modern tracker and inverter designs to assist seamless installation of solar plants.

In 2022, Sharp launched 540 W bifacial solar module; Sharp’s new IEC 61215 and IEC 61730-certified-certified panel featured 144 half-cells based on M10 wafers and a 10-busbar design. Its operating temperature coefficient was -0.349% per degree Celsius and its power tolerance reached up to 5%. Sharp unveiled the NB-JD540 solar panel, a bifacial double-glass monocrystalline PERC product with a 20.9% efficiency rating and 540 W of power output.

In 2022, Waaree Energies signed contracts worth $2.37 billion to supply 5 GW of high-efficiency bifacial solar panels, with size ranging from 540 Wp to 600 Wp. The company signed the orders with undisclosed customers in India and other markets.

In 2022, it was disclosed that LONGi would supply 800MW of bifacial modules for the first solar power plant in Qatar; the project would be equipped with LONGi Hi-MO 4 bifacial modules and a tracking system and would be the world's largest PV project to combine the two elements. Such projects are expected to boost the global bifacial solar panels market. Situated to the west of Doha, the Al-Kharsaa project was the foremost solar power plant in Qatar; it had a total planned power generation capacity of 800MW.

In 2022, Gautam Solar launched the G-2X Mono series of bifacial solar panels for rooftop and ground-mounted PV plants. The modules provided a peak power output of 566W, with front and back power conversion efficiency of up to 25.72%. The rear-side offered a 10-30% gain in power generation.

In 2020, Canadian Solar Inc. launched the super-high power Series 5 and Series 6 PV modules to celebrate Canada Day. The new modules would join the HiKu, BiHiKu and HiDM ranges, expanding the portfolio of high-power, high-efficiency monofacial and bifacial solar modules.

In 2020, JinkoSolar Holding Co., Ltd. announced that it had supplied Trung Nam Group with 611MW of Tiger bifacial transparent backsheet modules installed at the Thuan Nam solar power plant project in Vietnam. Located in Thuan Nam, the Thuan Nam solar power plant project was one of the largest solar power projects by capacity that were using bifacial modules in both Vietnam and Southeast Asia.

In 2019, Vikram Solar announced the availability of three new product lines for pre-order in the U.S., featuring half-cell modules with power up to 425 watts and a 27-year linear power warranty; and the company’s first bifacial module in both Glass-Glass and glass with transparent backsheet architecture.

Key Findings of the Report:

  • The global bifacial solar panels market is expected to be driven by growing installations and commercial and residential applications of bifacial solar panels.
  • Solutions enabling cost and energy savings are likely to boost market growth.
  • North America, Europe and Asia are projected to be key markets.

Market Analysis by Cell, Frame, Solar Panel Type, Application and Region:

  • By cell, the market is segmented into Heterojunction Cell and Passivated Emitter Rear Cell.
  • By frame, the market is divided into Framed Bifacial Solar Panel and Frameless Bifacial Solar Panel.
  • By solar panel type, the market is classified into Monocrystalline Solar Panels, Polycrystalline Solar Panels and Thin-film Solar Panels.
  • By application, the market is segmented into Residential and Commercial.
  • By region, the market is classified into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.

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