Tou Bao Yan Jiu Yuan·2025-05-06 12:23Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The bifacial cell technology significantly reduces silver paste consumption and enhances component output power, showcasing advantages over traditional technologies [4][11] - The market size of the bifacial equipment and materials industry is expected to decline from 8.093 billion to 5.946 billion by 2030, with a compound annual growth rate of -5.98% [24] - The development of TOPCon battery technology is anticipated to provide incremental growth opportunities for the industry, with production and shipment volumes expected to increase significantly by 2028 [26] Industry Definition - Bifacial technology is a semiconductor metallization and battery string technology that reduces precious metal usage and simplifies current transmission paths [5] Industry Classification - The bifacial equipment and materials can be categorized into bifacial equipment and bifacial materials [6] Industry Characteristics - Bifacial technology offers advantages over traditional SMBB and OBB technologies, including the potential for complete silver elimination in BC cells and a 70% reduction in silver paste usage for TOPCon cells [9][11] Development History - The industry has undergone three phases: a technology breakthrough phase, a commercialization phase, and a large-scale commercialization phase, marked by significant partnerships and capital investments [12][14][15] Industry Chain Development Status - The industry chain includes upstream raw material suppliers, midstream equipment and material manufacturers, and downstream photovoltaic cell and module producers [16] Upstream Analysis - The copper market is expected to maintain high prices, with an average LME price of $9,500 per ton in 2025 [18] Midstream Analysis - Bifacial technology addresses efficiency bottlenecks in TOPCon batteries, significantly improving power output and conversion efficiency [20] Downstream Analysis - The Chinese photovoltaic industry is expected to see improved supply-demand relationships post-2025, despite current overcapacity and price declines [22] Market Size Overview - The bifacial equipment and materials market is projected to decline in size from 8.093 billion to 5.946 billion from 2025 to 2030 [24] Competitive Landscape - The industry is characterized by a limited number of participants, with key players focusing on the mass production of bifacial technology [30][31]