Bifacial Solar Module Market Size - By Thickness (< 2 mm, 2 mm to 3 mm, > 3 mm), By Type (Dual-Glass Bifacial Solar, Glass-Backsheet Bifacial Solar), By Application, By Technology, By Frame Type, Forecast, 2025 - 2034

Bifacial Solar Module Market Size

The global bifacial solar module market was valued at USD 184.8 billion in 2024 and is estimated to grow at a CAGR of 9.2% from 2025 to 2034. The need for higher power in utility-scale projects seeking to optimize active area on the panel will accelerate the product adoption.
 

Increasing incorporation of advanced technologies including n-type Passivated Emitter Rear Contact, Tunnel Oxide Passivated Contact, and Heterojunction designed by key players to improve the efficiency and performance of the system will influence the product penetration. In October 2024, Jakson Solar revealed their solar module Helia NXT R Series at the Renewable Energy India Expo. These n-type bifacial designed modules have 16-busbar n-type TOPCon cells that achieve an exceptional efficiency of 23.34%. These modules have also been crafted to deliver highly reliable performance even in harsh environments while their dependable energy output ranges from 610W to 630W.
 

Increasing requirement for dual-glass designs with better resilience and higher resistance toward environmental elements such as water, ultraviolet rays, and physical forces will improve the bifacial solar module market prospects. Though the initial investment for bifacial modules may be higher than traditional monofacial panels, the increased energy yield and reduced Levelized Cost of Energy make them more cost-effective over their lifespan thereby fueling the business statistics.
 

Rising deployment of bifacial modules in utility-scale solar farms due to their ability to generate more energy with the same land footprint will escalate the product adoption. As per the IEA report utility-scale solar PV capacity additions increased by 57% in 2023, driven by record installations in China. This increment will create product demand in the forecast period.
 

Growing demand for highly customizable and flexible solar solutions, including rooftop, carport, and ground-mounted installations, will complement product penetration. Additionally, the adoption of bifacial modules will gain momentum due to increasing government support for renewable energy through tax incentives and subsidies for high-efficiency solar technologies.
 

Bifacial Solar Module Market Trends

• Rising need for higher energy yield and efficiency solutions will drive adoption of technologies that can generate power from the front and back sides of the module by reflecting sunlight off surfaces. This type of dual-sided energy generation is more efficient than monofacial modules since it adds 5-30% efficiency relative to the ground reflectivity.
   
• Rising country's support aimed to promote bifacial solar through tax benefits, subsidies, and research grants will foster the industry growth. In May 2024, the Biden Administration put out a fact sheet on solar panels which included the removal of the bifacial solar panel exemption. This exemption previously permitted certain kinds of bifacial panels to avoid the 15% Trump era tariff. With the tariff reinstated, commercial, industrial, and utility scale solar projects are expected to rise in cost by 1% to 2%.
   
• Increasing incorporation of bifacial modules in floating solar farms, due to its enhanced energy yield, cooling effect, and space optimization, will complement the bifacial solar module market growth. In November 2024, Tata Power Renewable Energy Ltd, a subsidiary of Tata Power, successfully commissioned a 126 MW floating solar project at Omkareshwar. The installation includes 213,460 bifacial glass-to-glass modules and is projected to produce approximately 204,580 MWh of electricity annually.
   
• Furthermore, large companies and factories are increasingly using bifacial solar modules to meet their renewable energy and carbon neutral goals. These modules produce greater energy output per installed unit making them ideal for corporate solar setups and advancing the market.
   

Bifacial Solar Module Market Analysis

• The bifacial solar module market was valued at USD 83.5 billion, USD 138.5 billion and USD 184.8 billion in 2022, 2023 and 2024 respectively. The industry is segmented into passivated emitter rear contact (PERC), TOPCon and heterojunction (HJT) based on technology.
   
• The passivated emitter rear contact (PERC) segment is anticipated to value more than USD 324.1 billion by 2034 on account of its higher energy conversion efficiency by improving light absorption and reducing electron recombination. Furthermore, increasing demand for technology that can perform better under diffused sunlight, early morning, and late evening conditions will foster the product adoption due to their ability to capture reflected and scattered light efficiently.
   
• Many new players in developing regions are adopting the technology to get better product experience leading to boost the industry statistics. In May 2022, the Indian firm Saatvik launched bifacial solar PV modules that have an efficiency of 21.12% and a peak output power of 545 W. These multi-busbar PERC modules are made with M10 monocrystalline wafers and half-cut PERC cells with a linear warranty of 30 years.
   
• The heterojunction segment is expected to grow at a faster CAGR of 14.1%, supported by its superior bifaciality factor of up to 90%, which exceeds that of PERC-based bifacial modules. This maximizes energy collection in areas such as deserts, snowy landscapes, and water bodies by allowing them to produce more electricity from reflected sunlight.
   
• Ongoing innovations in improving technology efficiency will create lucrative opportunities for the industry landscape. At the REI Expo 2024, Reliance New Energy Ltd, showcased its domestically manufactured bifacial HJT solar modules for the first time. Specifically designed for Pro-XL series power projects, the modules have power outputs between 740 W and 760 Wp and a maximum efficiency of 22.5%.
   
• The TOPCon segment is expected to grow at a CAGR of 9.7% on account of its higher efficiency, reaching around 24%, compared to traditional PERC technology. Its high passivation reduces electron recombination, increasing energy yield. Additionally, these modules show reduced rates of degradation, guaranteeing long-term performance and enhancing the technology adoption.
   

• Based on application, the bifacial solar module market is segmented into residential, commercial & industrial and utility. Commercial & industrial is set to grow at a CAGR of over 10.1% by 2034 on account of rising demand for higher energy yield solutions with reduced operational costs and enhanced return on investment (ROI).
   
• Presence of limited space for solar installations in line with the requirement of highly efficient power generation solutions within the available area will complement the product adoption in commercial and industrial applications. Furthermore, bifacial solar module's versatility in installation on rooftops, facades, carports, or ground-mounted systems, provides flexibility to users thereby improving the product penetration.
   
• Utility segment holds a market share of 75.4% in 2024. Rising demand for modules offering higher energy yield, capturing sunlight from both sides and increased efficiency will stimulate the product adoption in utility applications. Key players are coming up with the latest technology to overcome the growing need for utility applications. In December 2023, AIKO introduced a new range of utility-scale bifacial solar modules called the "Stellar" series. With bifaciality of up to 70%, these dual-glass panels make use of AIKO's cutting-edge n-type ABC technology.
   
• Residential segment accounted 33.2% bifacial solar module market share in 2024 due to declining costs and continuous technological advancements in the product will make it more accessible for residential use. Furthermore, increase in government funding for homeowners will fuel investment in solar energy, allowing bifacial modules to stand out as a good long-term investment. Increasing sustainability consciousness motivates homeowners to invest in high-performing solar solutions to become less dependent on the grid and more environmentally friendly, fostering further growth of the industry.
   

• As of 2024, North America holds more than 8.5% of the market share, which is expected to improve further by 2034. The U.S. bifacial solar module market was valued at USD 7.1 billion, 11.7 billion, and 15.5 billion in 2022, 2023 and 2024 respectively.
   
• Rising federal incentives and policy support by the government aimed to reduce the upfront cost of solar installations and make bifacial modules financially appealing will complement the product growth. The growing need for superior energy yield outputs in utility projects to improve project economics will drive adoption of the product. Such projects are key to achieving renewable portfolio standards in California, Texas, and Nevada.
   
• Asia Pacific bifacial solar module market is expected to grow by more than USD 280 billion by 2034 driven by industrialization and urbanization. Increasing government incentives and subsidies worldwide to promote the use of solar energy, including the USD 172.2 million set aside in the 2023 Budget for R&D of cutting-edge solar technologies. This funding aims to promote innovation within solar perovskite cells, bifacial modules, and energy storage systems to enhance efficiency and scalability in the renewable energy sector.
   
• Presence of leading solar module manufacturers in line with growing investment by these companies in developing advanced technology will fuel the bifacial solar module market expansion. In February 2025, Adani Solar introduced a bifacial solar module featuring tunnel oxide passivated contact cell technology under its Shine series. These 144-cell bifacial panels offer power outputs between 550 W and 575 W, with efficiencies ranging from 21.4% to 22.4%. They have an open-circuit voltage of 50.2 V to 51.2 V and a short-circuit current between 13.87 A and 14.17 A.
   
• Europe bifacial solar module market is expected to grow by more than USD 92.1 billion by 2034 due to nationwide implementation of strong renewable energy policies, including feed-in tariffs, tax incentives, and subsidies for high-efficiency solar technologies. Furthermore, increasing energy crisis and volatile electricity prices in Europe will drive the demand for efficient solar technologies. Bifacial modules, with their enhanced power generation, help businesses and households reduce reliance on grid power, ensuring cost savings and thereby bolstering industry landscape.
   

Bifacial Solar Module Market Share

• Top four players, including JA Solar Technology, Jinko Solar, LONGi Green Energy Technology, and Canadian Solar account for nearly 41.1% of the bifacial solar module battery industry. These businesses are offering a range of bifacial modules with varying power ratings and configurations to meet specific customer needs. In May 2022, JA Solar unveiled its first-ever bifacial solar module series, the DeepBlue 4.0 X panel, utilizing cutting-edge n-type wafers.
   
• Moreover, a larger number of companies are working together with universities and research centers to create new technologies and make advanced changes in innovative processes of product designing. Companies including Reliance and First Solar are also predicted to significantly capture the market owing to their active expansion of facility and partnerships aimed at speeding up technology development and commercialization.
   

Bifacial Solar Module Market Companies

• Canadian Solar Inc, a growing bifacial solar module industry, has recorded full year revenue of USD 7.6 billion for 2023. Solar module shipments saw a 26% year-over-year increase, reaching 8.2 GW, surpassing the projected range of 7.6 GW to 8.1 GW. In June 2023, Canadian Solar launched 700 W bifacial TOPCon solar modules with efficiencies between 21.7% and 22.5%.
   
• First Solar revealed net sales of USD 0.9 billion and a net cash balance of USD 700 million in Q3 2024. The firm has made notable improvements in bifacial solar module technology. In June 2023, the company developed and launched a pre-commercial prototype of the Series 6 Plus Bifacial PV module, which is the first solar panel in the world to employ advanced thin-film cadmium telluride semiconductor as a bifacial solar panel.
   
• Jinko Solar reported net revenue of USD 16.72 billion in 2023, a significant 42.8% increase above its USD 11.47 billion in 2022. The business is at the forefront in creation and application of bifacial solar modules for energy generation. Their bifacial modules' design allows them to absorb solar radiation from both the front and back, increasing energy output in regions of the surface that reflect light the most.
   

Eminent players operating in the bifacial solar module market are:

• 3Sun
• Boviet Solar
• Canadian Solar
• First Solar
• Hanwha Q CELLS
• JA Solar Technology
• Jinko Solar
• LONGi Green Energy Technology
• Reliance New Energy
• Sharp Corporation
• Sunergy
• Trina Solar
• Vikram Solar
   

Bifacial Solar Module Industry News

• In September 2024, Sharp introduced the advanced n-type monocrystalline bifacial solar modules that utilize tunnel oxide passivated contact cell technology. The new modules include 96 half cut G12 solar cells with a 16 bus bar configuration. They have a power conversion efficiency of up to 22.52% and a power output of 430 W to 450 W.
   
• In February 2024, At the Renewable Energy India Expo in Uttar Pradesh, Jakson Group's division, Jakson Solar Modules and Cells, launched its Helia NXT R solar module series. With a power output range of 610 W to 630 W, these modules not only promise high energy generation but also boast robust mechanical strength and reliability, making them ideal for demanding environmental conditions.
   
• In February 2024, At Intersolar India 2024, Vikram Solar unveiled its Suryava line of cutting-edge glass-glass solar modules. These modules, which make use of n-type heterojunction technology, have power outputs between 700 and 725 W and efficiency levels between 22.53% and 23.34%.
   

The bifacial solar module market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in “USD Billion” from 2021 to 2034, for the following segments:

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Market, By Thickness

• 2 mm 
• 2 mm to 3 mm
• > 3 mm  

Market, By Type

• Dual-Glass Bifacial Solar
• Glass-Backsheet Bifacial Solar

Market, By Application

• Residential
• Commercial & Industrial
• Utility

Market, By Technology

• Passivated Emitter Rear Contact (PERC)
• TOPCon
• Heterojunction (HJT)

Market, By Frame Type

• Framed
• Frameless

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • Spain
  • Netherlands
  • Poland
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
• Middle East & Africa
  • UAE
  • Turkey
  • Egypt
• Latin America
  • Brazil
  • Chile