Bifacial Solar Market Size, Share, Trends, Industry Analysis, and Forecast (2025 – 2031)

Bifacial Solar Market Size

The global bifacial solar market size was valued at $204.20 billion in 2025 and is projected to reach $371.74 billion by 2031, growing at a CAGR of 10.5% during the forecast period.

Bifacial Solar Market Overview

Bifacial solar panels are an innovative advancement in solar technology, designed to capture sunlight from both their front and rear surfaces. This dual-sided capability allows them to harness not only direct sunlight but also reflected light from surrounding surfaces, significantly enhancing their energy production. Studies indicate that bifacial panels can generate up to 30% more electricity compared to traditional monofacial panels, especially in environments with high albedo, such as snowy or reflective ground surfaces.

Companies can benefit from this technology through increased energy efficiency and reduced operational costs, as the higher energy yield translates into lower electricity bills and a faster return on investment. Moreover, while the initial installation cost may be higher, the long-term savings and enhanced performance make bifacial solar panels an economically attractive option for both commercial and industrial applications. Additionally, their adaptability to various installation environments—such as rooftops, ground mounts, and even floating solar farms—further expands their appeal, enabling businesses to maximize available space and resources while contributing to sustainability goals by reducing reliance on fossil fuels and lowering carbon emissions.

Bifacial Solar Market Dynamics

The bifacial solar market is expected to witness significant growth in the future due to the increased energy efficiency and higher power output compared to monofacial panels, growing demand for renewable energy sources and sustainability initiatives, and technological advancements in solar panel manufacturing and design. However, the higher initial investment costs compared to traditional solar panels, limited awareness and understanding among consumers and businesses, challenges related to installation and maintenance in certain environments are restraining the growth of the market.

Furthermore, expansion of solar farms and utility-scale projects utilizing bifacial technology, integration with energy storage systems for enhanced grid reliability, and development of innovative financing models to reduce upfront costs are the key trends propelling the bifacial solar market.

Increased Energy Efficiency and Higher Power Output from Bifacial Solar Panels Compared to Monofacial Panelsis Driving the Bifacial Solar Market

The increased energy efficiency and higher power output from bifacial solar panels compared to monofacial panels is significantly impacting the bifacial solar market, by driving adoption and investment across various sectors.

• For instance, according to a report by Wood Mackenzie, the global bifacial market capacity grew from 97 megawatts in 2016 to over 2,600 megawatts in 2018, with projections indicating a tenfold increase by 2024 due to the enhanced performance of bifacial modules, which can yield up to 30% more energy.
• Companies like LONGi Solar have capitalized on this trend by launching bifacial PERC modules that promise higher output, further stimulating market interest.
• Additionally, the U.S. Department of Energy announced a $125.5 million investment in advanced solar R&D initiatives in 2020, aimed at fostering innovation in solar technologies, including bifacial systems.
• In July 2023, the International Energy Agency reported a significant rise in solar photovoltaic electricity generation, reinforcing the demand for more efficient solar solutions like bifacial panels.
• Furthermore, Jolywood Solar Technology's collaboration with the State Power Investment Corporation in 2019 for supplying n-type bifacial modules exemplifies how strategic partnerships are leveraging technological advancements to enhance market growth.

These examples illustrate how increased efficiency and output are not only attracting businesses but also prompting government support and investments, thereby positively influencing the overall bifacial solar market landscape.

By End-User, the Residential SectorSegment is projected to be the Largest Segment in the Bifacial Solar Market

Residential Sector is the largest segment in the bifacial solar market, driven by several key factors, including technological advancements, government incentives, and a growing emphasis on sustainability. Bifacial solar panels are designed to capture sunlight from both sides, which enhances their energy generation capabilities compared to traditional monofacial panels. This increased efficiency makes them particularly appealing for homeowners looking to maximize their energy output while minimizing space usage.

In recent years, various companies have made significant strides in the bifacial solar market.

• For instance, in February 2024, Vikram Solar announced the launch of new bifacial heterojunction photovoltaic (PV) modules with power ratings between 700 W and 725 W and efficiency levels ranging from 22.53% to 23.34%.
• Similarly, Tata Power Renewable Energy revealed plans for a bifacial solar project with a capacity of 1,000 MW in January 2024.

These developments indicate a robust push towards more efficient solar technologies that cater to residential needs.

Government initiatives also play a crucial role in promoting bifacial solar technology. In India, the Production Linked Incentive (PLI) Scheme provides financial incentives for high-efficiency solar module manufacturers, which includes bifacial technology. Such policies not only encourage manufacturers but also make it financially viable for homeowners to adopt these advanced systems. Furthermore, the UK government’s commitment to achieving net-zero emissions by 2050 has fostered a favorable regulatory environment for renewable energy projects, including residential bifacial solar installations.

The increasing awareness of environmental issues among homeowners and the desire for energy independence are driving this trend. As consumers become more conscious of their carbon footprints, the adoption of sustainable practices like installing bifacial solar panels is likely to continue rising.

By Geography, North AmericaHolds the Largest Share in the Market Revenue

North America holds the largest share of the bifacial solar market, driven by several interlinked factors, including the increasing need for efficient renewable energy solutions, supportive government policies, and advancements in solar technology.

• In 2023, the North American bifacial solar market accounted for approximately 12.01% of the global market share, driven by financial incentives such as tax credits and grants that encourage the adoption of bifacial projects.
• For example, Canadian Solar secured its largest ever module order in 2023 from EDF Renewables North America, amounting to 1.8 gigawatts, which included a mix of bifacial and traditional solar modules. This order highlights a significant pivot towards bifacial technology in the utility-scale solar sector.
• Additionally, in February 2024, Vikram Solar announced the development of new bifacial heterojunction PV modules with power ratings up to 725 W, showcasing ongoing innovation in this space.

Government initiatives also play a crucial role; for instance, the U.S. Department of Energy has invested in projects aimed at lowering solar electricity costs and supporting workforce development in solar technologies, including bifacial systems. Furthermore, policies such as the Inflation Reduction Act have provided substantial funding for renewable energy projects, further propelling the adoption of bifacial panels across various states. These developments indicate a robust growth trajectory for the bifacial solar market in North America as companies and governments increasingly recognize the efficiency and economic benefits offered by this technology.

Key Target Audience:

• Solar Panel Manufacturers
• Utility Companies
• Commercial and Industrial Energy Consumers
• Government Agencies and Regulatory Bodies
• Investors and Financial Institutions

List of the Key Players Profiled in the Report Includes:

• Canadian Solar
• JinkoSolar
• Jolywood Group
• LG Electronics
• LONGi
• Lumos Solar
• Neosun Inc
• Panasonic
• Premier Energies Limited
• Prism Solar Technologies

Recent Developments:

• In March 2025, Canadian Solar announced the expansion of its bifacial solar panel production capacity, focusing on high-efficiency modules that capture sunlight from both sides to increase energy yield by up to 30%. These bifacial panels are optimized for utility-scale solar farms and are designed to perform well in environments with reflective surfaces such as snow or sand, enhancing overall system output and reducing land use.
• In early 2025, JinkoSolar introduced its latest series of bifacial modules featuring advanced n-type TOPCon cells and dual-glass designs that improve durability and resistance to environmental factors. These modules achieve efficiencies exceeding 23% and are targeted at large-scale commercial and utility projects aiming to maximize power generation and lower levelized costs of energy.
• In February 2025, Jolywood Group unveiled new bifacial solar panels incorporating heterojunction technology (HJT) that significantly boost energy conversion efficiency and module reliability. The company emphasized the panels’ suitability for floating solar farms and harsh environments, leveraging bifaciality to enhance energy capture and system longevity.
• In April 2025, LG Electronics expanded its bifacial solar product portfolio with modules designed for residential and commercial rooftops, integrating smart tracking systems that optimize the angle of incidence for both front and rear surfaces. This innovation increases energy output and supports seamless integration with energy storage systems.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Product Type:

• Framed Bifacial Module
• Frameless Bifacial Module

Market by, Panel Type:

• Monocrystalline Bifacial Solar Panels
• Polycrystalline Bifacial Solar Panels
• Thin-Film Bifacial Solar Panels
• Glass Bifacial Solar Panels
• Backsheet Bifacial Solar Panels

Market by, Installation Type:

• Ground-Mounted Bifacial Solar Panels
• Rooftop Bifacial Solar Panels

Market by, Technology:

• Passivated Emitter Rear Cell (PERC)
• Heterojunction (HJT)
• Other Technology

Market by, End-User:

• Commercial Sector
• Industrial Sector
• Residential Sector
• Power Plants

Market by, Geography:

The bifacial solar market report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis
• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis
• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis
• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

The report offers insights into the following aspects:

• Analysis of major market trends, factors driving, restraining, threatening, and providing opportunities for the market.
• Analysis of the market structure by identifying various segments and sub-segments of the market.
• Understand the revenue forecast of the market for North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
• Analysis of opportunities by identification of high-growth segments/revenue pockets in the market.
• Understand major player profiles in the market and analyze their business strategies.
• Understand competitive developments such as joint ventures, alliances, mergers and acquisitions, and new product launches in the market.