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HIT (HJT) Solar Cell Market to Reach $6.1 Billion, Globally by 2032 at 17.7% CAGR: Allied Market Research
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.
• Better performance in hot climates compared to conventional solar cells
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.
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.
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.
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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