Global Bifacial Solar Technology Market

The market size of the global bifacial solar technology market is valued at USD 2.87 billion in the year 2020. It is expected to grow at the CAGR of 15.26% within the forecasted time horizon of 2020-2025 because of increasing installations of bifacial modules, reduction of energy manufacturing costs, governmental initiatives to promote the use of solar technology, and increased efficiency and durability of the bifacial solar panels.

However, unpredictability of the power output and high installation costs might restrain the growth and development of this market. Its market value will reach USD 5.78 billion by the end of the year 2025.

Definition / Scope
Market Overview
Market Risks
Top Market Opportunities
Market Drivers
Market Restraints
Industry Challenges
Technology Trends
Pricing Trends
Regulatory Trends
Market Size and Forecast
Market Outlook
Technology Roadmap
Distribution Chain Analysis
Competitive Factors
Key Market Players
Strategic Conclusion
References
Appendix

Definition / Scope

The bifacial solar is the next generation technology with the capacity to produce the energy from the both sides at a same time. The bifacial solar panel absorbs the light from the back and front sides allowing the better use of the albedo light. It consists of bifacial solar cells and back cover glass in which the unabsorbed photos are absorbed by bouncing off of any adjacent surface.

The adoption of the bifacial solar increases the efficiency of the solar cell and reduces delamination, moisture corrosion and microcracks. It has low degradation rate, low cell temperature, high fire resistance index, mechanical strength and less bending. Bifacial modules have 3% less front surface output and have almost 30% increase in power generation.

Based on the mounted type, the global bifacial solar technology market consists of tracking and fixed-tilt type. As the application of this market is considered, the bifacial solar technology is used in residential, industrial and commercial sector.

Based on the solar cell technology, the global bifacial solar technology market is comprised of conventional crystalline silicon positively charged mono passive emitter & rear contact technology (c-Si p type mono PERC), conventional crystalline silicon positively charged multi passive emitter & rear contact technology (c-Si p type multi-PERC), conventional crystalline silicon positively charged multi aluminum back surface field technology (c-Si p type multi-AI BSF), and others.

Market Overview

The total market size of the global bifacial solar technology market is valued at USD 2.87 billion in the year 2020 and is expected to reach USD 3.3 billion in the year 2021. Its market value is expected to grow at a CAGR of 15.26% within the forecasted time horizon of 2020-2025. Its market value is expected to reach USD 5.78 billion by the end of the year 2025.

Based on geography, the Asian Pacific region is leading the global market with a market share of almost 46.67% of the total global bifacial solar technology market because of the escalating investment in solar projects in this region. The market size of this region is valued at USD 1.34 billion in the year 2020.

Based on the mounted type, the fixed tilt segment is leading the market with a market share of almost 62% of the total global bifacial solar technology market. The market size of this segment is valued at USD 1.78 billion in the year 2020.

Based on the type of solar cell technology, the conventional crystalline silicon positively charged mono passive emitter & rear contact technology (c-Si p type mono PERC) segment is leading the market with a market share of almost 75.32% of the total global bifacial solar technology market. The market size of this segment is valued at USD 2.16 billion in the year 2019.

Increasing installations of bifacial modules, reduction of energy manufacturing costs, governmental initiatives to promote the use of solar technology, and increased efficiency and durability of the bifacial solar panels are the factors responsible for the growth and development of the global bifacial solar technology market. However, unpredictability of the power output and high installation costs might restrain the growth and development of this market.

The key market players engaged in the operation of this global bifacial solar technology market are Solar, LG Electronics, Mega cell, Neo Solar Power, Panasonic, Prism Solar, PVG Solutions, Solar World, Yingli Green Energy, Longi, Lumos Solar, Sifab, etc.

Market Risks

Unpredictability of the power output

The unpredictability of the power output from the bifacial solar modules is one of the major challenges of the global bifacial solar technology market. The mounting structure of the bifacial solar panels are quite different than that of the conventional solar panel.

Along with this, the difference in the bifacial efficiency in different real circumferences is also influencing the power output. For instance, the backside efficiency of the bifacial solar technology in water area is about 7% while its backside efficiency in white coating is about 20%. Here, the particular height and angle for better performance must be identified to get the optimum benefit from the bifacial solar technology. The unpredictability of the power output might create the risk for the growth and development of the global bifacial solar technology market.

Top Market Opportunities

The major market opportunities creating a favorable opportunity for the growth and development of the global bifacial solar technology market are discussed as follows:

Increasing installations of bifacial modules

Globally, the number of the installation of the bifacial solar technology in both residential and commercial sector is in increasing trend. Here, more than 20 gigawatts of bifacial modules are installed annually.

The installed capacity of the bifacial solar modules has increased from 96 megawatts to 2600 megawatts over the time period of almost two years. According to WoodMac, the annual global bifacial module capacity will exceed 21 gigawatts by the end of the year 2024. Because of this, it has been expected that the size of the bifacial market will increase by tenfold from the year 2019 to the year 2024.

In the context of the United States, the capacity of the installation of the bifacial modules is expected to be 2,000 megawatts in the year 2020 and will reach 7,000 megawatts by the end of the year 2024. Similarly, almost 150 megawatts of projects are in pipeline in the context of the UK and Denmark. The rising installation of the bifacial modules is creating a significant opportunity for the growth and development of the global bifacial solar technology market.

Reduction of energy manufacturing costs

In the context of the adoption of bifacial solar technology, highest total energy generation at reduced cost in comparison to others sources of energy production is one of the major merits of the use of bifacial modules. In the year 2020, the research conducted by the Helmholtz-Zentrum Berlin have revealed that the introduction of bifacial solar modules reduces levelized cost of electricity for large-scale solar projects.

Along with this, the key market players in industrial sector believe the bifacial solar technology as profitable. According to the BNEF, almost 80% of the industry believe that the technology is now bankable. Here, the reduce energy manufacturing costs from the adoption of the bifacial technology is creating a significant opportunity for the growth and development of this global bifacial solar technology market.

Market Drivers

Governmental initiatives to promote the use of solar technology

Globally, most of the governmental authorities are increasing research & development initiatives, subsidies and other solar energy promotion programs. For instance, the Department of the Energy in the United States has committed to invest USD 125.5 million for the research and development initiative on advanced solar plants in the year 2020.

Similarly, the government of the UK is also investing USD 210 million to renewable in green buildings and Sub-Saharan Africa. The governmental initiatives to promote the use of the advanced solar technology including bifacial solar technology is driving the growth and development of the global bifacial solar technology market.

Increased efficiency and durability of the bifacial solar panels

The adoption of the bifacial solar technology is well-known to increase the efficiency of the energy production in comparison to the use of the monofacial solar panels. Here, the efficiency of the bifacial solar panels increases up to 30% and depends on height, tilt angle, reflectivity of the solar panels. According to the SolarPro Study of PV module manufacturers, the output of the use of bifacial modules has increased up to 11% for fixed tilt systems and 27% for the tracker systems.

Along with this, the bifacial modules are durable in nature in comparison to the conventional modules. In general, the bifacial PV systems are durable almost 25 to 30 years. Thus, the increased efficiency and durability of the bifacial solar panels is driving the growth and development of the global bifacial solar technology market.

Market Restraints

High installation cost

The cost of the installation of the bifacial modules is quite high in comparison to the conventional form of modules. Here, the cost of the bifacial module is about USD 0.29 per watt while the cost of the monofacial module is USD 0.25 per watt. From the cost analysis, it has been found that the cost of the equipment and installation of the bifacial solar plant will be almost 5% higher in comparison to the cost of the installation of the monofacial solar plant.

The high cost associated with the installation of the bifacial solar technology might be due to the use of the advanced technological systems and high cost of tis equipment. Thus, the high cost of installation of the bifacial solar technology might restrain the growth and opportunity for the global bifacial solar technology market.

Industry Challenges

Requirement of high current inverters

In the context of the use of the bifacial solar modules, the inverters with the high current are required for its compatibility. Because of this, the next generation of the inverters have to be designed to cope with the requirement of the increasing incoming current from bifacial module systems. It is quite challenging for the key market players engaged in the global bifacial; solar technology market to identify and match the right inverter to a bifacial module project with a view to maximize the bifacial opportunity.

Technology Trends

Adoption of new and advanced technologies is creating a favorable environment for the growth and development of the global bifacial solar technology market. Some of the key technological trends in this market are discussed as follows:

Copper Indium Gallium Selenide Solar cell: This type of technologically advanced cells consists of the versatile material with a thin film of copper indium selenide, copper gallium selenide and a trace of sodium that are designed in such a way that light enter through transparent front and absorbed in this layer.

Bifacial solar cells: This type of cell has the capacity to produce the electrical energy when front and back surface of the solar panels are illuminated with solar energy.

Pricing Trends

The price of the products of this global bifacial solar technology market depends upon the type of technology, size, production capacity, mounted type, and application. For instance, the cost of the Sunpal bifacial solar panel 450W ranges from USD 0.22 to USD 0.35 per watt while the price of the NEXUS Mono PERC Bifacial solar panel 370 watt is about USD 252.89.

From the cost analysis, it has been found that the cost of the equipment and installation of the bifacial solar plant will be almost 5% higher in comparison to the cost of the installation of the monofacial solar plant.

Regulatory Trends

Some of the regulations directly or indirectly related to the global bifacial solar technology market are discussed as follows:

Trade Act 1974: Under section 201 of this act, the proclamation 9693 has been issued by the government of the United States to impose the safeguard measured for certain silicon photovoltaic cells The representative of the United States has issued the notice regarding the withdrawing of the exclusion of bifacial solar panel in 2019

Electricity Act 2003: In the context of India, the solar energy legislation is governed by electricity act 2003. It has mentioned the provision of tariff and quotas for opting of renewable energy.

Market Size and Forecast

Based on geography

The Asian Pacific region is leading the global market with a market share of almost 46.67% of the total global bifacial solar technology market because of the escalating investment in solar projects in this region. The market size of this region is valued at USD 1.34 billion in the year 2020.
The North American region accounts for a market share of almost 30% of the total market size of the global bifacial solar technology market. The market size of this segment is valued at USD 0.86 billion in the year 2020.
The European region accounts for a market share of almost 13.33% of the total market size of the global bifacial solar technology market. The market size of this segment is valued at USD 0.38 billion in the year 2020.
ROW stands for the rest of the world, which includes the Middle East African and the South American region. The segment accounts for a market share of almost 10% of the total market size of the global bifacial solar technology market. The market size of this segment is valued at USD 0.28 billion in the year 2020.

Based on the mounted type

The fixed tilt segment is leading the market with a market share of almost 62% of the total global bifacial solar technology market. The market size of this segment is valued at USD 1.78 billion in the year 2020.
The tracking segment accounts for a market share of almost 38% of the total market size of the global bifacial solar technology market. The market size of this segment is valued at USD 1.09 billion in the year 2020.

Based on the type of solar cell technology

The conventional crystalline silicon positively charged mono passive emitter & rear contact technology (c-Si p type mono PERC) segment is leading the market with a market share of almost 75.32% of the total global bifacial solar technology market. The market size of this segment is valued at USD 2.16 billion in the year 2019.
The conventional crystalline silicon positively charged multi passive emitter & rear contact technology (c-Si p type multi-PERC) segment accounts for a market share of almost 7.79% of the total market size of the global bifacial solar technology market. The market size of this segment is valued at USD 0.22 billion in the year 2020.
The conventional crystalline silicon positively charged multi aluminum back surface field technology (c-Si p type multi-AI BSF) segment accounts for a market share of almost 6.49% of the total market size of the global bifacial solar technology market. The market size of this segment is valued at USD 0.18 billion in the year 2020.

Market Outlook

The global bifacial solar technology market is expected to grow at the CAGR of 15.26% within the forecasted time horizon of 2020-2025 because of increasing installations of bifacial modules, reduction of energy manufacturing costs, governmental initiatives to promote the use of solar technology, and increased efficiency and durability of the bifacial solar panels. Its market value will reach USD 5.78 billion by the year 2025.

Impact of COVID-19 Pandemic on Global Bifacial Solar Technology market

In order to control and manage the transmission of the pandemic outbreak of the novel corona virus, the governmental authorities have adopted the variety of the social mobility measures globally. This type of lockdown measures adopted after the pandemic outbreak of COVID-19 disease has caused disruption in supply chains, logistics and human resources in the sector of bifacial solar technology market.

However, after the reassurance of the pandemic, the robust rise in the demand for the energy has kept the steadily growth with CAGR 15.26% of the global bifacial solar energy technology market throughout the year 2020.

Technology Roadmap

The key technological adoptions occurring in this global bifacial solar technology market is enhancing the efficiency, energy production and favoring energy cost reduction through the use of the advanced technological measures as copper indium gallium selenide solar cell, bifacial solar cells, etc. Adoption of new and advanced technologies is creating a favorable environment for the growth and development of the global bifacial solar technology market.

Distribution Chain Analysis

The key stakeholders involved in the operation of this global bifacial solar technology market are equipment suppliers, product manufacturers, distributors, sales, end-users, and research organizations. Here, all the necessary equipment required for the production of the bifacial solar energy from bifacial solar panel are supplied, assembled and available to the end-users.

Competitive Factors

The key market players engaged in this market are competing for the improvement in communication between the PV modules and smart grids, product portfolio expansion, high investment in research and development activities, mergers & acquisitions, geographical expansion, and collaborations.

For instance, Maxeon has launched fifth- generation shingled bifacial solar panels. Ecoppia (Leading manufacturer of photovoltaic solar robotic solutions) has signed the agreement with International Energy Company to introduce the robotic solutions. Similarly, Suntech Power has signed cooperation with Jolywood Solar Technology to introduce high-efficiency N-type bifacial solar module.

Key Market Players

Short profile of the key market players engaged in the global bifacial solar technology market are discussed as follows:

LG Electronics: It is the South Korea-based company engaged in the sector of consumer electronics and home appliances. Its major products are televisions, home theater systems, wearable devices, solar modules, smart appliances, etc.

Mega cell: It is the Italian company engaged int eh manufacture of the photovoltaic bi-facial high efficiency cells and modules. It is mainly focused in the manufacture of high efficiency mono-crystalline N-type solar cells.

Neo Solar Power: It is one of the top global Taiwan-based company specialized in the sector of solar photovoltaics, photovoltaics, and optoelectronics. Its major products are solar cell, modules and solar systems.

Panasonic: It is the worldwide largest Japan-based electronic corporation engaged int eh development of the diverse electronics technology and solutions. Its major products are electronics, home appliances, rechargeable batteries, software and real estate.

Prism Solar Technologies: It is the United States-based company engaged in the design and manufacture of the products to improve the efficiency of the solar energy.

Solar World: It is the German based company engaged in the manufacture and marketing of the photovoltaic products globally. Its major products are solar cells, wafers, PV modules and systems.

Strategic Conclusion

The global bifacial solar technology market is expected to grow at the CAGR of 15.26% within the forecasted time horizon of 2020-2025 because of increasing installations of bifacial modules, reduction of energy manufacturing costs, governmental initiatives to promote the use of solar technology, and increased efficiency and durability of the bifacial solar panels. However, unpredictability of the power output and high installation costs might restrain the growth and development of this market.

References

Appendix

USD= United States Dollar
CAGR= Compound Annual Growth Rate