The evolution of PV technology has progressed through several distinct phases, from early aluminium back surface field (Al-BSF) cells to the current generation of high-efficiency architectures. Among these, bifacial modules have emerged as particularly significant due to their ability to capture sunlight on both sides of the panel, typically yielding 5-20% more energy than conventional monofacial designs, depending on installation conditions and surface albedo. Within the bifacial category, back contact (BC) cell technology – as commercialised by industry leaders such as AIKO, Maxeon and LONGi – represents the current state-of-the-art, offering superior efficiency and reliability compared to mainstream TOPCon.
Figure 1 illustrates the exponential growth trajectory of global PV installations, highlighting the technology’s increasing dominance in power capacity expansion. The consistent upward trend, even during periods of economic uncertainty, underscores PV’s fundamental competitiveness in contemporary energy markets. The exponential growth will continue, reaching a 1TW market from 2027, which will be discussed further in the following. But first, we will look at the reason why this is and continues to be the case.
Figure 1. Graph from Bloomberg depicting the dominance of yearly additions of PV systems [1]. Image: Bloomberg.
Solar’s economic competitiveness
The economic case for PV has strengthened dramatically over the past decade, with the levelised cost of energy (LCOE) for utility-scale PV projects falling by more than 90% since 2010 [2], as shown in Figure 2a. Recent analyses by Fraunhofer ISE [3] indicate that solar PV now achieves an LCOE of €0.03-0.05/kWh (Figure 2b) in optimal locations, significantly undercutting fossil fuel alternatives in most global markets. When paired with energy storage systems, PV remains competitive at €0.06-0.10/kWh, a price point that continues to decline as battery technologies advance.
Figure 2a. Development of LCOE from Lazard [2]. Image: Lazard.
Figure 2b. Current LCOE from ISE [3]. Image: Fraunhofer.
Several interrelated factors contribute to PV’s improving cost position. Manufacturing scale effects have driven down module prices, while simultaneous efficiency gains have increased energy yield per unit area as well as decreased area-related balance-of-system (BOS) costs. Further BOS cost reductions have also been achieved through standardisation and improved installation techniques. In this context, bifacial BC technology offers particular advantages, combining higher initial efficiency with better long-term performance due to reduced degradation rates (typically
https://www.pv-tech.org/dominancf-pv-shift-to-bifacial-back-contact-c-si-technology-next-solar-decade/
