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Heterojunction (HJT) Solar Cell Market Size, Share & Trends Analysis Report By Type (Bifacial Cell, and Monofacial Cell), By Application (Residential, Commercial, and PV Power Station. By Regional Outlook and Forecast, 2024 - 2031

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    Report

  • 145 Pages
  • June 2024
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5988752
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.

Driving and Restraining Factors

Drivers
  • Rapid technological advancements in manufacturing
  • Increasing demand for solar panels with higher efficiencies
  • Growing number of government incentives and policies
Restraints
  • High production costs of HJT solar cells
  • Emerging competitive technologies
Opportunities
  • Rising corporate adoption and commitment to sustainability
  • Significant investments in research and development
Challenges
  • Supply chain limitations for materials and equipment
  • Limited scale of production

Application Outlook

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.



Type Outlook

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.

Regional Outlook

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.

List of Key Companies Profiled

  • 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
  • Meyer Burger Technology AG

Market Report Segmentation

By Type
  • Bifacial Cell
  • Monofacial Cell
By Application
  • Residential
  • Commercial
  • PV Power Station
By Geography
  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Netherlands
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Taiwan
  • Australia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • Egypt
  • South Africa
  • Morocco
  • Chile
  • Rest of LAMEA

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Heterojunction (HJT) Solar Cell Market, by Type
1.4.2 Global Heterojunction (HJT) Solar Cell Market, by Application
1.4.3 Global Heterojunction (HJT) Solar Cell Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
3.3 Porter Five Forces Analysis
Chapter 4. Global Heterojunction (HJT) Solar Cell Market by Type
4.1 Global Bifacial Cell Market by Region
4.2 Global Monofacial Cell Market by Region
Chapter 5. Global Heterojunction (HJT) Solar Cell Market by Application
5.1 Global Residential Market by Region
5.2 Global Commercial Market by Region
5.3 Global PV Power Station Market by Region
Chapter 6. Global Heterojunction (HJT) Solar Cell Market by Region
6.1 North America Heterojunction (HJT) Solar Cell Market
6.1.1 North America Heterojunction (HJT) Solar Cell Market by Type
6.1.1.1 North America Bifacial Cell Market by Region
6.1.1.2 North America Monofacial Cell Market by Region
6.1.2 North America Heterojunction (HJT) Solar Cell Market by Application
6.1.2.1 North America Residential Market by Country
6.1.2.2 North America Commercial Market by Country
6.1.2.3 North America PV Power Station Market by Country
6.1.3 North America Heterojunction (HJT) Solar Cell Market by Country
6.1.3.1 US Heterojunction (HJT) Solar Cell Market
6.1.3.1.1 US Heterojunction (HJT) Solar Cell Market by Type
6.1.3.1.2 US Heterojunction (HJT) Solar Cell Market by Application
6.1.3.2 Canada Heterojunction (HJT) Solar Cell Market
6.1.3.2.1 Canada Heterojunction (HJT) Solar Cell Market by Type
6.1.3.2.2 Canada Heterojunction (HJT) Solar Cell Market by Application
6.1.3.3 Mexico Heterojunction (HJT) Solar Cell Market
6.1.3.3.1 Mexico Heterojunction (HJT) Solar Cell Market by Type
6.1.3.3.2 Mexico Heterojunction (HJT) Solar Cell Market by Application
6.1.3.4 Rest of North America Heterojunction (HJT) Solar Cell Market
6.1.3.4.1 Rest of North America Heterojunction (HJT) Solar Cell Market by Type
6.1.3.4.2 Rest of North America Heterojunction (HJT) Solar Cell Market by Application
6.2 Europe Heterojunction (HJT) Solar Cell Market
6.2.1 Europe Heterojunction (HJT) Solar Cell Market by Type
6.2.1.1 Europe Bifacial Cell Market by Country
6.2.1.2 Europe Monofacial Cell Market by Country
6.2.2 Europe Heterojunction (HJT) Solar Cell Market by Application
6.2.2.1 Europe Residential Market by Country
6.2.2.2 Europe Commercial Market by Country
6.2.2.3 Europe PV Power Station Market by Country
6.2.3 Europe Heterojunction (HJT) Solar Cell Market by Country
6.2.3.1 Germany Heterojunction (HJT) Solar Cell Market
6.2.3.1.1 Germany Heterojunction (HJT) Solar Cell Market by Type
6.2.3.1.2 Germany Heterojunction (HJT) Solar Cell Market by Application
6.2.3.2 UK Heterojunction (HJT) Solar Cell Market
6.2.3.2.1 UK Heterojunction (HJT) Solar Cell Market by Type
6.2.3.2.2 UK Heterojunction (HJT) Solar Cell Market by Application
6.2.3.3 France Heterojunction (HJT) Solar Cell Market
6.2.3.3.1 France Heterojunction (HJT) Solar Cell Market by Type
6.2.3.3.2 France Heterojunction (HJT) Solar Cell Market by Application
6.2.3.4 Russia Heterojunction (HJT) Solar Cell Market
6.2.3.4.1 Russia Heterojunction (HJT) Solar Cell Market by Type
6.2.3.4.2 Russia Heterojunction (HJT) Solar Cell Market by Application
6.2.3.5 Netherlands Heterojunction (HJT) Solar Cell Market
6.2.3.5.1 Netherlands Heterojunction (HJT) Solar Cell Market by Type
6.2.3.5.2 Netherlands Heterojunction (HJT) Solar Cell Market by Application
6.2.3.6 Italy Heterojunction (HJT) Solar Cell Market
6.2.3.6.1 Italy Heterojunction (HJT) Solar Cell Market by Type
6.2.3.6.2 Italy Heterojunction (HJT) Solar Cell Market by Application
6.2.3.7 Rest of Europe Heterojunction (HJT) Solar Cell Market
6.2.3.7.1 Rest of Europe Heterojunction (HJT) Solar Cell Market by Type
6.2.3.7.2 Rest of Europe Heterojunction (HJT) Solar Cell Market by Application
6.3 Asia Pacific Heterojunction (HJT) Solar Cell Market
6.3.1 Asia Pacific Heterojunction (HJT) Solar Cell Market by Type
6.3.1.1 Asia Pacific Bifacial Cell Market by Country
6.3.1.2 Asia Pacific Monofacial Cell Market by Country
6.3.2 Asia Pacific Heterojunction (HJT) Solar Cell Market by Application
6.3.2.1 Asia Pacific Residential Market by Country
6.3.2.2 Asia Pacific Commercial Market by Country
6.3.2.3 Asia Pacific PV Power Station Market by Country
6.3.3 Asia Pacific Heterojunction (HJT) Solar Cell Market by Country
6.3.3.1 China Heterojunction (HJT) Solar Cell Market
6.3.3.1.1 China Heterojunction (HJT) Solar Cell Market by Type
6.3.3.1.2 China Heterojunction (HJT) Solar Cell Market by Application
6.3.3.2 Japan Heterojunction (HJT) Solar Cell Market
6.3.3.2.1 Japan Heterojunction (HJT) Solar Cell Market by Type
6.3.3.2.2 Japan Heterojunction (HJT) Solar Cell Market by Application
6.3.3.3 India Heterojunction (HJT) Solar Cell Market
6.3.3.3.1 India Heterojunction (HJT) Solar Cell Market by Type
6.3.3.3.2 India Heterojunction (HJT) Solar Cell Market by Application
6.3.3.4 South Korea Heterojunction (HJT) Solar Cell Market
6.3.3.4.1 South Korea Heterojunction (HJT) Solar Cell Market by Type
6.3.3.4.2 South Korea Heterojunction (HJT) Solar Cell Market by Application
6.3.3.5 Taiwan Heterojunction (HJT) Solar Cell Market
6.3.3.5.1 Taiwan Heterojunction (HJT) Solar Cell Market by Type
6.3.3.5.2 Taiwan Heterojunction (HJT) Solar Cell Market by Application
6.3.3.6 Australia Heterojunction (HJT) Solar Cell Market
6.3.3.6.1 Australia Heterojunction (HJT) Solar Cell Market by Type
6.3.3.6.2 Australia Heterojunction (HJT) Solar Cell Market by Application
6.3.3.7 Rest of Asia Pacific Heterojunction (HJT) Solar Cell Market
6.3.3.7.1 Rest of Asia Pacific Heterojunction (HJT) Solar Cell Market by Type
6.3.3.7.2 Rest of Asia Pacific Heterojunction (HJT) Solar Cell Market by Application
6.4 LAMEA Heterojunction (HJT) Solar Cell Market
6.4.1 LAMEA Heterojunction (HJT) Solar Cell Market by Type
6.4.1.1 LAMEA Bifacial Cell Market by Country
6.4.1.2 LAMEA Monofacial Cell Market by Country
6.4.2 LAMEA Heterojunction (HJT) Solar Cell Market by Application
6.4.2.1 LAMEA Residential Market by Country
6.4.2.2 LAMEA Commercial Market by Country
6.4.2.3 LAMEA PV Power Station Market by Country
6.4.3 LAMEA Heterojunction (HJT) Solar Cell Market by Country
6.4.3.1 Brazil Heterojunction (HJT) Solar Cell Market
6.4.3.1.1 Brazil Heterojunction (HJT) Solar Cell Market by Type
6.4.3.1.2 Brazil Heterojunction (HJT) Solar Cell Market by Application
6.4.3.2 Argentina Heterojunction (HJT) Solar Cell Market
6.4.3.2.1 Argentina Heterojunction (HJT) Solar Cell Market by Type
6.4.3.2.2 Argentina Heterojunction (HJT) Solar Cell Market by Application
6.4.3.3 Egypt Heterojunction (HJT) Solar Cell Market
6.4.3.3.1 Egypt Heterojunction (HJT) Solar Cell Market by Type
6.4.3.3.2 Egypt Heterojunction (HJT) Solar Cell Market by Application
6.4.3.4 South Africa Heterojunction (HJT) Solar Cell Market
6.4.3.4.1 South Africa Heterojunction (HJT) Solar Cell Market by Type
6.4.3.4.2 South Africa Heterojunction (HJT) Solar Cell Market by Application
6.4.3.5 Morocco Heterojunction (HJT) Solar Cell Market
6.4.3.5.1 Morocco Heterojunction (HJT) Solar Cell Market by Type
6.4.3.5.2 Morocco Heterojunction (HJT) Solar Cell Market by Application
6.4.3.6 Chile Heterojunction (HJT) Solar Cell Market
6.4.3.6.1 Chile Heterojunction (HJT) Solar Cell Market by Type
6.4.3.6.2 Chile Heterojunction (HJT) Solar Cell Market by Application
6.4.3.7 Rest of LAMEA Heterojunction (HJT) Solar Cell Market
6.4.3.7.1 Rest of LAMEA Heterojunction (HJT) Solar Cell Market by Type
6.4.3.7.2 Rest of LAMEA Heterojunction (HJT) Solar Cell Market by Application
Chapter 7. Company Profiles
7.1 Reliance Industries Limited (REC Solar Pte. Ltd.)
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental Analysis
7.1.4 Research & Development Expenses
7.1.5 SWOT Analysis
7.2 Jinneng Clean Energy Technology Ltd. (Jinneng Holding Group)
7.2.1 Company Overview
7.3 Anhui Huasun Energy Co., Ltd.
7.3.1 Company Overview
7.4 Jiangsu Akcome Science and Technology Co., Ltd.
7.4.1 Company Overview
7.5 Canadian Solar Inc.
7.5.1 Company Overview
7.6 RISEN ENERGY Co., LTD.
7.6.1 Company Overview
7.7 Meyer Burger Technology AG
7.7.1 Company Overview
7.7.2 Financial Analysis
7.8 Enel S.p.A
7.8.1 Company Overview
7.8.2 Financial Analysis
7.8.3 Segmental and Regional Analysis
7.8.4 SWOT Analysis
Chapter 8. Winning Imperatives for Heterojunction (HJT) Solar Cell Market

Companies Mentioned

  • 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
  • Meyer Burger Technology AG

Methodology

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