According to a new report, published by KBV research, The Global Heterojunction (HJT) Solar Cell Market Market size is expected to reach $4.6 billion by 2031, rising at a market growth of 17.3% CAGR during the forecast period.
A heterojunction (HJT) solar cell is a type of advanced solar technology that combines the characteristics of two different material types to enhance solar cell efficiency. This technology integrates the benefits of crystalline silicon solar cells with thin-film solar technologies, typically using amorphous silicon or other materials. The heterojunction refers to the interface between the two different materials—crystalline silicon (c-Si) and amorphous silicon (a-Si). In HJT solar cells, thin amorphous silicon layers are deposited on both sides of a crystalline silicon wafer. This structure allows the cell to capture a wider range of the solar spectrum than traditional single-junction cells.
The Bifacial Cell segment led the Global Heterojunction (HJT) Solar Cell Market by Type in 2023; thereby, achieving a market value of $2.5 Billion by 2031. Bifacial cells are designed to capture sunlight from both sides of the panel, significantly enhancing their energy generation capacity compared to traditional monofacial cells. This ability to utilize light reflected from the surrounding environment (like the ground or nearby structures) allows bifacial solar cells to generate more electricity per square meter.
The Residential segment is growing at a CAGR of 16.9 % during the forecast period. This prominence is likely due to solar technologies' increasing affordability and efficiency, making them more accessible to homeowners. Residential users are drawn to HJT solar cells because of their high efficiency and potential to significantly reduce household energy costs.
Full Report: https://www.kbvresearch.com/heterojunction-solar-cell-market/
The Asia Pacific region dominated the Global Heterojunction (HJT) Solar Cell 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. The North America region is anticipated to grow at a CAGR of 16.2% during (2024 - 2031). Additionally, The Europe region would witness a CAGR of 16.5% during (2024 - 2031).
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