HIT (HJT) Solar Cell Market to Reach $6.1 Billion, Globally by 2032 at 17.7% CAGR: Allied Market Research

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Jun 11, 2024, 10:20 ET

The increased demand for natural gas & clean energy and growing focus on sustainable energy sources are projected to drive the global HIT(HJT) solar cell market's growth during the forecast period. The Asia-Pacific region is predicted to hold the major market share by 2032.

PORTLAND, Ore., June 11, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "HIT (HJT) Solar Cell Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global HIT (HJT) solar cell market generated $1.2 billion in 2022, and is anticipated to generate $6.1 billion by 2032, rising at a CAGR of 17.7% from 2023 to 2032.

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Prime Determinants of Growth

The increasing adoption of HIT solar cells in various sectors, such as building & construction, consumer electronics, & transportation, the growing awareness of environmental issues, including climate change and air pollution, and the initiatives by various governments to adopt clean and renewable energy sources are the factors expected to drive the growth of the global HIT(HJT) solar cell market in the forecast period from 2023 to 2032. However, the high initial costs, price fluctuations, and supply chain disruptions may restrict market growth in the coming future. Contrarily, continued advancements in technology and in materials science & manufacturing processes are expected to offer remunerative opportunities for the HIT(HJT) solar cell market expansion during the forecast period.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$1.2 billion
Market Size in 2032	$6.1 billion
CAGR	17.7 %
No. of Pages in Report	310
Segments covered	Type, Application, and Region
Drivers	• Increasing awareness regarding environmental issues • Rising demand from consumer electronics & transportation sector • Better performance in hot climates compared to conventional solar cells
Opportunities	• Technological advancements • Growing demand for sustainable transportation solutions
Restraints	• High initial costs and complex manufacturing process

Bifacial Cell Sub-segment to be the Most Dominant by 2032

The bifacial cell sub-segment accounted for the largest global HIT(HJT) solar cell market share of 55.6% in 2022 and is expected to rise at the highest growth rate 18.3% during the forecast period. This is mainly because of the bifacial cell's higher efficiency, ability to capture sunlight from both sides, and increased overall energy output. This efficiency helps reduce the cost of solar power generation and meets the growing demand for renewable energy, contributing to environmental sustainability by maximizing energy production per unit area.

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Residential Sub-segment to Flourish Immensely During the Forecast Period

The residential sub-segment held the largest market share of 57.4% in 2022 and is predicted to lead and grow at the highest CAGR of 18.2% during the forecast period. This growth is mainly owing to the increasing concerns about energy security and environmental sustainability, government incentives making installations more affordable, and the aesthetic appeal of sleek, high-efficiency HIT solar cells. Besides, homeowners are drawn to generating their own electricity, reducing dependence on traditional sources, and lowering their carbon footprint.

Asia-Pacific Market to Witness Prominent Growth by 2032

The Asia-Pacific HIT(HJT) solar cell market accounted for the largest share of 58.8% in 2022 and is predicted to continue to dominate and rise at the highest CAGR of 18.2% during the forecast period. The region's growth is attributed to rapid economic growth and urbanization driving energy demand. The decreasing cost of solar PV technology, driven by technological advancements and manufacturing efficiencies, makes solar energy competitive. In addition, increasing awareness of climate change emphasizes the transition to clean, renewable energy sources.

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Leading Players in the HIT(HJT) Solar Cell Market:

Akcome group
Jinergy
Meyer Burger
Risen Energy Co. Ltd.
Enel (3SUN)
TW Solar
REC (India)
GS-Solar
Canadian Solar
HuaSun

The report provides a detailed analysis of the key players of the global HIT(HJT) solar cell market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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