Projected Growth of Bifacial Solar Market to Reach $37.7 Billion by 2029

The bifacial solar market is projected to grow from $18.5 billion in 2024 to $37.6 billion by 2029, at a CAGR of 15.2%. Factors driving this expansion include the integration of renewable energy sources, smart grid technology advancements, energy efficiency focus, and the need to modernize and upgrade aging power infrastructure. The market is poised to benefit from the rising global demand for electricity, the increasing capacity of renewable energy sources, and substantial investments in industrial production, as well as the growing adoption of high-voltage direct current systems.

The solar energy market is witnessing a paradigm shift, with bifacial solar panels emerging as a game-changer. These innovative panels are capable of generating electricity from both sides, making them more efficient than traditional monofacial solar panels [1]. According to recent market research, the global bifacial solar market is projected to grow from $18.5 billion in 2024 to $37.6 billion by 2029, at a compound annual growth rate (CAGR) of 15.2% [1].

Several factors are fueling this expansion. Renewable energy sources are increasingly being integrated into the global energy mix, necessitating more efficient and cost-effective solar technologies like bifacial panels [1]. Smart grid technology advancements, energy efficiency focus, and the need to modernize and upgrade aging power infrastructure are other significant drivers [1].

Furthermore, the growing demand for electricity worldwide is providing a substantial boost to the bifacial solar market. According to the International Energy Agency, global electricity demand is expected to grow by 2.3% in 2023, with renewable energy sources accounting for 80% of the net increase in electricity generation [2]. As countries increasingly rely on renewable energy to meet their electricity needs, the demand for more efficient and cost-effective solar technologies like bifacial panels is expected to rise.

Moreover, substantial investments in industrial production, as well as the growing adoption of high-voltage direct current (HVDC) systems, are expected to benefit the bifacial solar market significantly. HVDC systems are more efficient and cost-effective than traditional AC systems, and bifacial solar panels are better suited for use with HVDC systems due to their ability to generate electricity from both sides [1].

In conclusion, the bifacial solar market is poised for significant growth in the coming years, driven by various factors including the integration of renewable energy sources, smart grid technology advancements, energy efficiency focus, and the growing demand for electricity. As the world continues to transition to a more sustainable energy future, the role of bifacial solar panels is expected to become increasingly important.

References:
[1] BCC Research. Global Bifacial Solar Market Set to Surge, Reaching $187.1 Billion by 2028. February 1, 2024. https://www.bccresearch.com/pressroom/egy/global-bifacial-solar-market-set-to-surge-reaching-1871-billion-by-2028
[2] International Energy Agency. Electricity: World. 2023. https://www.iea.org/reports/electricity