The market penetration of bifacial modules continues to rise, driving the demand of PV glass to outpace the overall growth rate of the industry. According to CPIA, in 2022, the market share of bifacial power generation modules reached 40.4% as downstream customers recognized the increasing profits from their enhanced power generation capabilities. It is projected that by 2024, bifacial modules will surpass mono facial modules to become the dominant choice in the market.
The industry’s focus is shifting towards the development of N-type wafers and larger wafer sizes. CPIA reports that the market share of N-type wafers will reach 10% in 2022, with further growth expected as N-type technology progresses in the industry. Additionally, the wafer sizes are increasing, targeting 182mm and 210mm. As per CPIA, the market share of 166mm wafers decreased from 36% in 2021 to 15.5% in 2022, and this decline is anticipated to continue. On the other hand, the market share of 182mm and 210mm wafers has experienced rapid growth, rising from 45% in 2021 to 82.8% in 2022, with expectations for further expansion in the future.
Projections indicate that global new PV installed capacity will reach 345GW, 449GW, and 544GW in 2023, 2024, and 2025, respectively. Moreover, the market penetration rate of bifacial modules is expected to be 46%, 52%, and 58% in 2023, 2024, and 2025, respectively. Key assumptions include a market share breakdown for different wafer sizes, with 166mm, 182mm, and 210mm capturing 7%, 63%, and 30% respectively in 2023, followed by 4%, 56%, and 40% in 2024, and 2%, 45%, and 53% in 2025. Furthermore, the market share of 182mm and 210mm N-type wafers is projected to be 25%, 43%, and 55% in 2023, 2024, and 2025 respectively.