AbstractBifacial modules can absorb radiation on both sides, increasing energy yield per unit area. Climatic conditions, mounting configuration, and system parameters influence the energy yield. The flexibility of bifacial modules allows for various installation orientations, including vertical and east‐west, which can help balance load profiles and reduce bottlenecks. Bifacial solar cells are found to provide higher current density and power compared to monofacial cells. Under optimum conditions, bifacial modules offer up to 30% more energy than conventional modules. Comparative assessments also demonstrate higher energy output from bifacial modules, especially on cloudy days, with low light intensity. Increasing ground reflectance (albedo) to 0.5 can further enhance the bifacial gain worldwide. The progress in performance modelling and accurate energy yield prediction has led to widespread adoption in residential and commercial applications and integration into emerging systems like floating PV and agro‐photovoltaic systems. Bifacial photovoltaic (PV) technology has received much interest, with the International Technology Roadmap for Photovoltaic (ITRPV) projecting a market share of 85% for bifacial PV cells by 2032. This study highlights the research on bifacial PV technology during the last 13 years and also discusses future trends and challenges. Furthermore, recommendations are made to ensure the bankability and scalability of bifacial PV modules.