HIT(HJT) Solar Cell Market Expected to Reach $6.1 Billion by 2032

According to a new report published by Allied Market Research, titled, “HIT(HJT) Solar Cell Market," The HIT(HJT) solar cell market was valued at $1.2 billion in 2022, and is estimated to reach $6.1 billion by 2032, growing at a CAGR of 17.7% from 2023 to 2032.

A HIT solar cell, which stands for Heterojunction with Intrinsic Thin-layer, is a type of photovoltaic (PV) cell used for converting sunlight into electricity. It is a variation of crystalline silicon solar cells, known for their high efficiency and excellent performance under varying light conditions. In a HIT solar cell, sunlight passes through a transparent conductive oxide layer into the amorphous silicon layer. Electron-hole pairs are generated due to the absorption of photons. These charge carriers (electrons and holes) are then separated and collected efficiently due to the design of the heterojunction.

HIT (HJT) solar cell market can be seamlessly integrated into building structures, such as roofs, facades, and windows. This integration not only provides renewable energy generation but also enhances the aesthetic appeal of buildings. HIT (HJT) solar cell industry building-integrated photovoltaics (BIPV) solutions are gaining popularity in the construction industry due to their dual functionality of serving as both building materials and energy generators. The compact size and high efficiency of HIT (HJT) solar cell market make them suitable for integration into various consumer electronics devices, such as smartphones, laptops, wearables, and IoT devices.

Integrating HIT (HJT) solar cell market into these devices can enable them to harness solar energy for charging, thereby extending battery life and reducing dependence on conventional power sources. Another potential application of HIT (HJT) solar cell market is in the transportation sector, particularly for electric vehicles (EVs). Integrating solar cells into the roofs or body panels of EVs can supplement their onboard battery charging, extending driving range and reducing reliance on grid electricity. This integration aligns with the growing trend towards sustainable transportation solutions.

Supply chain disruptions pose a significant challenge to the stability and growth of the HIT (HJT) solar cell market. HIT (HJT) solar cell market technology, known for its high efficiency and superior performance, is reliant on a complex global supply chain for its materials, components, and equipment. Any disruption in this supply chain can have adverse effects on production, leading to shortages and price fluctuations in the HIT (HJT) solar cell market.

Natural disasters such as earthquakes, floods, or hurricanes can disrupt manufacturing facilities and transportation routes, causing delays in the delivery of crucial components and materials needed for HIT solar cell production. Geopolitical tensions can also disrupt the flow of materials and components, particularly if they originate from regions experiencing conflict or trade disputes.

HIT (HJT) solar cell market boast higher efficiency compared to traditional silicon-based solar cells. This efficiency advantage makes them attractive for applications where space or weight constraints limit the available area for solar panels, such as satellites, drones, or portable devices. As consumer electronics become more powerful, the demand for efficient and lightweight power sources increases. HIT solar cells can be integrated into portable devices such as smartphones, tablets, and wearables to extend battery life or even provide a supplementary power source for charging on the go.

HIT solar cells can be particularly advantageous in remote or off-grid installations where space is limited, such as weather stations, remote monitoring systems, or off-grid cabins. Their high efficiency allows for maximum power generation even in constrained environments, reducing the need for frequent maintenance and ensuring reliable operation. As the technology continues to advance and manufacturing costs decrease, HIT solar cells could become more accessible for a wider range of applications, including residential and commercial solar installations. Their higher efficiency can maximize energy production from limited rooftop space, making them an attractive option for urban environments and areas with high electricity costs.

The HIT (HJT) solar cell market analysis is segmented on the basis of type, application, and region. By type, it is classified into monofacial cell and bifacial cell. By application, it is divided PV power station, commercial, and residential. By region, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America.

The key players profiled in the heterojunction solar cell market report include REC (India), GS-Solar (China), Jinergy (China), HuaSun (China), Akcome (China), TW Solar (Spain), Canadian Solar (Canada), Risen Energy (China), Enel (3SUN) (Italy), and Meyer Burger (Switzerland).

The report offers a comprehensive analysis of the global HIT (HJT) solar cell market trends by thoroughly studying different aspects of the HIT (HJT) solar cell market share including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the HIT (HJT) solar cell market size. The HIT (HJT) solar cell market report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the HIT (HJT) solar cell market growth to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the HIT (HJT) solar cell market forecast.

Key Findings of the Study

Based on type, the bifacial cell sub-segment emerged as the global leader in 2022 and is anticipated to be the fastest growing during the forecast period.

Based on application, the residential sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.

Based on region, Asia-Pacific registered the highest market share in 2022 and is predicted to show the fastest growth in the upcoming years.