India, Pune, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The heterojunction solar cell market size was valued at USD 1.50 billion in 2022. The global market is projected to grow from USD 2.47 billion in 2023 to USD 6.67 billion by 2030, exhibiting a CAGR of 15.24% during the forecast period. The HJT is a silicon cell fitted between two layers of amorphous “thin film” silicon that captures sunlight that hits it. HJT solar cell technology had the advantage of the same b building solar panels using three layers of photovoltaic materials.
This advances the panels efficiently and efficiently harvests more energy than conventional silicon solar panels. Fortune Business Insights presents this information in its report titled "Heterojunction Solar Cell Market, 2023-2030."
Key Industry Development:
January 2023: Huasun, in an agreement, has agreed to build a 5 GW HJT solar cell and module production facility in Hefei, Anhui province of China. The facility will be Huasun’s third production base outside its headquarters in Xuancheng city, equipped with the most advanced HJT manufacturing facility with the largest single-site production capacity.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2022 to 2029 CAGR | 15.24% |
| 2030 Value Projection | USD 6.67 Billion |
| Base Year | 2021 |
| Market Size in 2023 | USD 2.47 Billion |
| Historical Data for | 20219-2021 |
| No. of Pages | 190 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Monofacial Heterojunction to Hold Largest Share to Dominate Market Growth |
| PV Power Station Application Segment Holds the Largest Share Due to Increasing Power Generation from Solar PV |
Drivers & Restraints:
Reduction in Carbon Emissions to Drive the Production of Green Energy
The increasing awareness of decarbonization is expected to drive the market. They are growing awareness towards adapting renewable energies and carbon emissions. The heterojunction solar cell market growth is anticipated to elevate as solar technologies provide cost-effective options for decarbonizing the energy sectors. The initial production of the solar cell requires a huge amount of cash in the manufacturing process and interconnection technology, and it compels manufacturers to upgrade the existing products.
COVID-19 Impact:
Pandemic Caused Decline in Demand for Energy in Commercial Sector
Due to the sudden outbreak of the pandemic virus, COVID-19 has shaken the economies of several fast-growing countries. The unavailability of vaccines or cures against viral infection has compelled industry experts and players to adopt multiple countermeasures to diminish the effects continuously.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/heterojunction-solar-cell-market-107702
Segmentation:
Monofacial Heterojunction to Hold Largest Share to Dominate Market Growth
The heterojunction solar cell market is bifurcated based on type into mono-facial and bifacial cells. The monofacial cell segment dominates the market share due to its lightweight, as there is no solar cell on the back side of the monofacial solar panel. Bifacial solar panels deliver more power generation, especially where space is at a premium, and provide more power at a slightly higher installation cost, reducing LOCE costs.
PV Power Station Application Segment Holds the Largest Share Due to Increasing Power Generation from Solar PV
The heterojunction solar cell market is segmented by application into Commercial, PV Power Station, and Residential. The PV Power Station application holds the largest share due to the increasing power generation from solar PV. The residential segment is propelling due to strong government policies like the solar Investment Tax Credit, growing demand for clean electricity, and rapidly declining costs.
The heterojunction solar cell market is studied across the regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Report Coverage:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
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Regional Insights:
Asia Pacific to Hold the Largest Share in the Market
Growing population, high renewable energy demand, and rapid industrialization are the main factors driving the region's growth. Rising awareness of renewables and electric generation is the reason for the demand in Asia Pacific that comes primarily from PV power stations.
The market in Europe and North America is predicted to augment the heterojunction solar cell market share due to government regulations regarding adopting renewable energy sources. The market share in Latin America, the Middle East & Africa is expected to decline in solar technologies costs, increasing concerns about climate impacts.
Competitive Landscape:
Innovative Launch Operations by Key Players to Boost Market Growth
Players in the market have launched new techniques in the market to boost the market growth with their solutions and to elevate the competition in the market. It includes the launching of new patterns, such as investments, and the launch of new and advanced products in the market. Companies have been applying new plans, such as partnerships and mergers, to support their position in the market.
The Report Lists the Key Players Profiled in the Market Report:
- REC (India)
- GS-Solar (China)
- Jinergy (China)
- HuaSun (China)
- Akcome (China)
- TW Solar (Spain)
- Canadian Solar (Canada)
- Risen Energy (China)
- Enel (3SUN) (Italy)
- Meyer Burger (Switzerland)
- Hevel Solar (Russia)
- EcoSolifer (Switzerland)
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Heterojunction Solar Cell Market
- Global Heterojunction Solar Cell Market (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2030
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Monofacial Cell
- Bifacial Cell
- Market Analysis, Insights and Forecast – By Application
- PV Power Station
- Commercial
- Residential
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Heterojunction Solar Cell Market (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2030
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Monofacial Cell
- Bifacial Cell
- Market Analysis, Insights and Forecast – By Application
- PV Power Station
- Commercial
- Residential
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By Application
- PV Power Station
- Commercial
- Residential
- Canada Market Analysis, Insights and Forecast – By Application
- PV Power Station
- Commercial
- Residential
- U.S. Market Analysis, Insights and Forecast – By Application
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