HIT (Heterojunction) Solar Cell Market Size, Share, Growth, and Industry Analysis by Type (Silver-based, Copper-based, others) by Application (PV Power Station, Commercial, Residential) and Regional Forecast to 2032

Updated On: 02 September 2024

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HIT (HETEROJUNCTION) SOLAR CELL MARKET REPORT OVERVIEW

The global HIT (Heterojunction) solar cell market size was USD 1.18 billion in 2023. As per our research, the market is expected to reach USD 123 billion by 2032, exhibiting a CAGR of 53.5% during the forecast period.

The HIT (Heterojunction) solar Cell market is one of the most quickly developing sectors of the photovoltaic (PV) market characterized by its high technical level and efficiency. HIT solar cells are of innovative technology that has aspects of both crystalline silicon and Thin-film solar cells; it uses an amorphous silicon layer on crystalline silicon wafers. It gives this structure great energy loss, and therefore great performance, especially in high temperature services. The HIT solar cell market is expanding, and there is research and development investment as a result of the continually rising world demand for renewable energy. This is the reasons that makes HIT solar cells to stand out showing; improved energy conversion, reduced temperature sensitivity, and good operating capability in low light situations making HIT solar cells ideal for residential, commercial or industrial applications. This one is known as the monocrystalline silicon HIT cell and is expected interesting with reference to its market prospect, because energy efficiency and sustainable energy will obviously remain one of the key trends in the future in parallel with the technological progress and the use of new materials in manufacturing. The HIT (Heterojunction) solar cell is one of the subsections of the photovoltaic (PV) market which can be considered among the most rapidly growing markets, with high technical indicators and effectiveness.

COVID-19 Impact: Pandemic Negatively Impacted the Market, causing delays in Production

The COVID-19 pandemic has been unprecedented and staggering, HIT (Heterojunction) solar cell market growth with experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The supply chain format in global environment was a constrain and there were issues to do with lack of materials and there were issues to do with delivery of the products.

Also, owing to the effects of the pandemic on the economy across the world, there was a cut on investments in renewable energy especially installations for the solar power equipment, as they adapted to other issues arising from the pandemic by both companies and governments. The market decline was worsened by reduced economic growth rates, as well as decreased construction and installation activities. Although the market has begun to revive itself, the outbreak of the COVID-19 pandemic exposed weaknesses in the supply chain, and therefore stressed the appropriate manufacturing and delivery models in the solar energy market.

LATEST TRENDS

"Rising Adoption of HIT Solar Cells Helps Market to Grow"

One latest trend that has been observed in the HIT (Heterojunction) solar cell market in the recent past is the rising use of the bifacial solar cell technology. HIT solar cells are available in bifacial form-the cells are effective at collecting energy from both the surfaces of the panel. This technology combines the high efficiency of HIT cells and at the same time enables power output to be increased from the reflected and diffuse sunlight on the back of the panels.HIT solar cells are especially beneficial in the territories having high albedo of the ground, for instance, the desert or snowy landscape where the reflection improves the possible PV output. This arises from the desire in the industry for higher efficiency and improved economics of land use – thus HIT solar cells offer a good prospect for large scale utility and business applications. Since the need for higher efficiency and optimum use of space is all set to increase in the future, technology will go a long way in determining the fate of the HIT solar cell market.

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HIT (HETEROJUNCTION) SOLAR CELL MARKET SEGMENTATION

• By type

Depending on HIT (Heterojunction) Solar cell market given are Silver-based, Copper-based, others.  

Silver-based: Implement the silver for a front and rear metal contact as it is increased efficiency and conducts electricity well but is highly priced due to the price of silver.

Copper-based: Replace silver with copper since this material also conducts very well, is relatively cheaper and as such suitable for bulk use.

Others: This involves the incorporation of cells made of metals such as aluminum or nickel; the former are less used, though have certain advantages concerning cost, availability and potential to be modified in terms of electrical properties for specific functions.

• By Application

The market is divided into PV Power Station, Commercial, and Residential.

PV Power Station: Mass production of HIT solar cells installed on vast solar power plants for continuous production of large quantities of electricity channeled to the main electricity grid for distribution.

Commercial:  HIT solar cells can also be used in commercial buildings and industries to supply cheap human renewable power and minimized emissions.

Residential:  HIT solar cells in home solar panel systems to provide homeowners with excellent solar power generation efficiency and low electrical expenses.

DRIVING FACTORS

"High Energy Conversion Efficiency Drives the Market"

The most important growth stimulant for the demand of HIT (Heterojunction) solar cell deals in its inherent capacity to yield a higher efficiency of energy conversion. HIT solar cells have features of both crystalline silicon and thin film solar cells and have higher efficiency rates than the normal solar cells. This efficiency makes it ideal especially in generating energy levels that are so needed from constrained installations like rooftop residences or urban densities. The capacity of HIT cells to operate under high temperatures and low light make it to be ideal for use across different segment hence increasing the demand for the product by companies that aim at increasing energy production and reducing the general costs.

"Rising Need for Renewable Energy Drives the Market"

The other factor that plays in favor of the HIT Solar Cell market is the rising global trends towards utilization of clean and renewable power sources. With governments and organizations globally adopting enviable goals for curtailing carbon emission and checking global warming, there is increased need for clean and efficient energy solutions. Due to their higher efficiency and lower effects on the natural world, HIT solar cells are prepared to accommodate these demands properly. Also, favorable policies, rebates, and subsidies promoted for renewable energy generation activities are influencing the HIT solar technology acceptance and consequent market development and investments in this cutting-edge solar solution.

RESTRAINING FACTORS

"High manufacturing Cost Restrain the Market Growth"

One restraining factor for high manufacturing cost is linked with creation of these futuristic solar cells. The process of manufacturing HIT cells is more involved compared to regular cells and needs employing high-purity silicon wafers thin-film coating techniques among others. Further, many Hit cells are tested to have silver for the use of metal contacts, an aspect that boosts production costs even more. As a result, HIT solar cells tend to be more costly as compared to competitively available photovoltaic technologies and hence their deployment has been somewhat constrained particularly in cost-sensitive markets. Elimination of this cost is important for expanded market growth and penetration.

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HIT (HETEROJUNCTION) SOLAR CELL MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, China, Latin America, South Pacific, North America, and Middle East & Africa.

"Asia Pacific to dominate the market due to large number of manufacturing in china"

Asia Pacific is predicted to dominate the HIT (Heterojunction) solar cell market share due to the large number of manufactures in China, Japan and South Korea. Most of these countries have embraced solar energy technologies, with the government’s support and polices endorsing the use of renewable energy. Also, the population density in the region and growing industrialization also put very high demand for clean energy mechanisms. Thus, skilled labor force, superior manufacturing facilities and sound supply chain adds to the strength of Asia-Pacific to dominate the global HIT solar cell market.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Key industrial players influencing the HIT (Heterojunction) Solar Cell market include Panasonic Corporation: With impeccable reputation for advanced HIT technology in the market offering superior efficiency; Sun Power Corporation: Integrating the HIT technology into its premium solar product line; REC Group: Offering the high efficiency solar panels with HIT integrated. Further, it is noted that some of the key players of the market are engaged in the enhancement of technology as well as production capability such as Canadian Solar Inc. and JA Solar Technology Co, Ltd. They are continually engaged in research, development, mass production of HIT solar cells thus controlling the market trends and competition among the companies.

List of Market Players Profiled

• Panasonic (Japan)
• GS-Solar (China)
• REC (Norway)
• Jinneng (China)
• Huasun (China)
• Akcome (China)
• TW Solar (China)

INDUSTRIAL DEVELOPMENT

April 2024: the launch of modern HIT sun panel collection, presenting improved efficiency and sturdiness. The new panels incorporate advanced bifacial generation, improving electricity seize from each facets and offering better performance in numerous environmental situations.

REPORT COVERAGE

The HIT (Heterojunction) solar cell market is experiencing sizeable growth, pushed through the technology's superior power conversion efficiency and increasing call for renewable electricity. HIT solar cells, combining crystalline silicon with thin-movie era, offer high overall performance, reduced power losses, and better temperature resilience compared to standard sun cells. As international initiatives to fight weather change and transition to purifier strength resources intensify, the marketplace for HIT sun cells is increasing, in particular in regions like Asia-Pacific, in which main manufacturers and strong governmental support accelerate adoption. However, the market faces demanding situations, such as excessive manufacturing expenses and complex manufacturing procedures. Despite those limitations, ongoing technological improvements and declining manufacturing fees are anticipated to decorate the marketplace's competitiveness. With key industry gamers making an investment in studies and improvement, the HIT solar cell market is poised for persisted boom, playing a crucial position inside the future of sustainable energy answers.