“Global Heterojunction (HJT) Solar Cell Market to reach a market value of USD 4.6 Billion by 2031 growing at a CAGR of 17.3%”
The Global Heterojunction (HJT) Solar Cell Market size is expected to reach $4.6 billion by 2031, rising at a market growth of 17.3% CAGR during the forecast period.
The U.S. and Canada have shown increasing interest in high-efficiency solar solutions, driven by policy support such as tax credits, renewable portfolio standards (RPS), and growing consumer demand for sustainable energy solutions. Thus, the North American region would acquire nearly 20% of the total market share by 2031. The U.S. and Canada have shown increasing interest in high-efficiency solar solutions, driven by policy support such as tax credits, renewable portfolio standards (RPS), and growing consumer demand for sustainable energy solutions.
Technological advancements in manufacturing Heterojunction (HJT) solar cells have significantly made their production more cost-effective and sustainable. Moreover, these advancements have allowed for the scaling up of production without compromising the cells' efficiency. Hence, rapid technological developments will aid in the expansion of the market. Additionally, The solar energy sector is currently undergoing a substantial effort to improve the efficiency of solar technologies. Photovoltaic (PV) cells, at the heart of solar power technology, have traditionally converted sunlight into electricity at efficiencies ranging from 15% to 20%. Thus, the rising demand for more efficient solar cells will propel the expansion of the market in the coming years.
However, the increased costs associated with HJT technology are primarily due to its complex manufacturing processes and the premium materials required. Moreover, the materials used in HJT cells contribute significantly to their cost. For example, HJT technology frequently utilizes silver for the metalization process. These factors combined—complex manufacturing processes and expensive materials—make HJT solar cells a higher-cost option within the solar industry and may impede the market's growth.
On the basis of application, the heterojunction (HJT) solar cell market is classified into PV power station, commercial, and residential. The commercial segment recorded 32.74% revenue share in the heterojunction (HJT) solar cell market in 2023. Commercial entities, including businesses, schools, and government buildings, adopt HJT solar cells to cut down on operational costs and meet sustainability goals. The higher initial investment in HJT technology is often justifiable in commercial applications due to the long-term energy savings and potential for enhanced corporate responsibility toward environmental sustainability.
Based on type, the heterojunction (HJT) solar cell market is bifurcated into monofacial cell and bifacial cell. The monofacial cell segment procured 45% revenue share in the heterojunction (HJT) solar cell market in 2023. Monofacial HJT cells collect sunlight from only one side—the front. They are typically simpler and sometimes cheaper to manufacture than bifacial cells, making them suitable for traditional residential and commercial rooftop installations where the back side of the solar panel does not receive direct sunlight.
Free Valuable Insights: Global Heterojunction (HJT) Solar Cell Market size to reach USD 4.6 Billion by 2031
Region-wise, the heterojunction (HJT) solar cell market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment witnessed 56% revenue share in the heterojunction (HJT) solar cell market in 2023. This is largely due to the substantial investments in renewable energy technologies by countries such as China, Japan, and South Korea. These nations have been at the forefront of advancing solar technology, supported by strong governmental initiatives, substantial manufacturing capabilities, and growing environmental awareness.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 1.3 Billion |
| Market size forecast in 2031 | USD 4.6 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 17.3% from 2024 to 2031 |
| Number of Pages | 145 |
| Number of Tables | 248 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, Region |
| Country scope |
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| Companies Included | Reliance Industries Limited (REC Solar Pte. Ltd.), Jinneng Clean Energy Technology Ltd. (Jinneng Holding Group), Anhui Huasun Energy Co., Ltd., Jiangsu Akcome Science and Technology Co., Ltd., CANADIAN SOLAR INC., RISEN ENERGY Co., LTD., Enel S.p.A and Meyer Burger Technology AG |
By Type
By Application
By Geography
This Market size is expected to reach $4.6 billion by 2031.
Rapid technological advancements in manufacturing are driving the Market in coming years, however, High production costs of HJT solar cells restraints the growth of the Market.
Reliance Industries Limited (REC Solar Pte. Ltd.), Jinneng Clean Energy Technology Ltd. (Jinneng Holding Group), Anhui Huasun Energy Co., Ltd., Jiangsu Akcome Science and Technology Co., Ltd., CANADIAN SOLAR INC., RISEN ENERGY Co., LTD., Enel S.p.A and Meyer Burger Technology AG
The expected CAGR of this Market is 17.3% from 2024 to 2031.
The Bifacial Cell segment led the Market by Type in 2023; thereby, achieving a market value of $2.5 Billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2.6 Billion by 2031.
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