Heterojunction Solar Cell Market Is Projected to Grow from Usd 2.47 Billion in 2023 to Usd 6.67 Billion by 2030
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.
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