PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401773
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401773
Topcon Solar Cells Market size was valued at USD 6,210 Million in 2022, expanding at a CAGR of 19.5% from 2023 to 2030.
The TOPCon solar cell is considered the next advancement in solar cell technology following PERC. Its structure consists of a thin tunnel oxide layer positioned between a transparent conductive oxide (TCO) layer and a p-doped crystalline silicon layer. The TCO layer serves as the front contact for the solar cell, while the p-doped layer acts as the absorber layer. Scientific research has determined that TOPCon solar cells have a theoretical efficiency range of 28.2%-28.7%, surpassing HJT cells at 27.5% and PERC cells at 24.5%. In fact, TOPCon cells approach the theoretical limit for all crystalline-silicon based solar cells at 29.43%. There are multiple methods to construct a solar cell using crystalline silicon, with the traditional approach being the "PERC" cell concept, which balances efficiency and simplicity. However, the "TOPCon" cell concept shows great promise in improving efficiency levels during mass production. The advantage of TOPCon modules is that they can be manufactured using the same machines as P-type modules, eliminating the need for significant capital investment by manufacturers.
Topcon Solar Cells Market- Market Dynamics
Growing Demand for Higher-Efficiency Solar Cells is expected to propel Topcon Solar Cells market demand
As the global emphasis on renewable energy grows stronger, the pursuit of more effective solar technologies becomes essential in order to maximize the power output of photovoltaic systems. Topcon solar cells employ a passivated contact technology that minimizes recombination losses, resulting in higher conversion efficiencies. According to the National Renewable Energy Laboratory (NREL), the majority of solar panels currently installed have efficiency ratings ranging from 19% to 21%. Solar panels with efficiency ratings approaching the 22% threshold are considered premium efficiency panels and are only offered by a select few manufacturers such as SunPower and REC Group. Research and development endeavors aimed at enhancing this technology could unlock new possibilities and expand the market share of Topcon Solar Cells. However, the initial capital investment required for implementing Topcon solar cell technology may be relatively high when compared to traditional solar cells.
Topcon Solar Cells Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 19.5% over the forecast period (2023-2030)
Based on Type segmentation, N-Type was predicted to show maximum market share in the year 2022
Based on Installation segmentation, Ground-mounted was the leading type in 2022
Based on End-User segmentation, commercial was the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Topcon Solar Cells Market is segmented based on Type, Installation, End-User, and Region.
The market is divided into Two categories based on Type: N-Type and P-Type. N-Type technology has the potential to dominate the market due to its superior efficiency levels compared to other technologies. Given that solar cell efficiency plays a crucial role in the industry, N-Type technology may gain significant dominance in the market.
The market is categorized into two groups according to Installation: Ground-Mounted and Rooftop. Ground-mounted installations enable the utilization of optimal orientation and tracking systems to maximize sunlight exposure throughout the day, thereby enhancing the overall efficiency of the system. On the other hand, rooftop installations efficiently utilize the available space, particularly in urban areas where ground space is limited. Additionally, they play a significant role in decentralized energy production.
The market is divided into Four categories based on End-User: Residential, Commercial, Utility, Agriculture, and Others. The commercial segment dominates the market. Solar installations are often suitable for commercial buildings due to their spacious rooftops. Topcon Solar Cells, renowned for their enhanced efficiency, can be a viable option for rooftop applications where maximizing energy output is of utmost importance.
Topcon Solar Cells Market- Geographical Insights
The market is geographically spread across various regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. In terms of growth, North America is expected to dominate the Topcon Solar Cells Market due to the increasing investments in solar infrastructure. The region offers significant opportunities for the market, recognitions to the growing investments in solar infrastructure projects at both utility and residential levels. The demand for high-efficiency solar technologies is also driven by large-scale solar installations and the expansion of solar farms. According to the U.S. Energy Information Administration (EIA), the percentage of U.S. electric capacity additions from solar is projected to grow from 45% in 2022 (17 GWac) to 56% in 2023 (31 GWac) and 62% in 2024 (41 GWac). Europe holds the second-largest region for market growth, primarily due to the rising demand for renewable energy.
The competitiveness of companies in the Topcon Solar Cells Market is determined by the effectiveness and technological advancements of their solar cells. Improvements in effectiveness and durability can serve as significant factors that differentiate companies. Some companies not only manufacture solar cells but also engage in project development and offer engineering, procurement, and construction (EPC) services. This diversification can be viewed as a competitive strategy. Different companies have adopted various approaches to upgrade their PERC/PERT production lines by incorporating TOPCon solar cells. However, due to limited mass production, the roadmap for this technology is still under development. As major players like Trina Solar, LONGi, and others address key challenges and discover optimal methods for producing TOPCon solar cells, the roadmap will become clearer. TOPCon solar cell technology is an innovative product that enhances the design of PERC/PERT solar panels. This technology has already proven its worth by achieving efficiencies that approach the Shockley-Queisser limit for single p-n junction solar cells and delivering superior overall performance. Considering the price sensitivity of the solar market, companies strive to achieve cost competitiveness through economies of scale, efficient manufacturing processes, and supply chain optimization.
On February 2023, Spanish utility company Iberdrola and solar panels manufacturer Exiom Solution have joined forces to establish Spain's first major photovoltaic module manufacturing plant. This plant, one of the pioneering industrial-scale facilities in Europe, will be built in the municipality of Langreo, Asturias, on a former mining site. With an investment of €20 million from Iberdrola's Perseo Venture Builder, the construction of the solar panel factory aims to contribute to the economic revitalization of mining areas by promoting industrialization aligned with the energy transition.
The scope of this report covers the market by its major segments, which include as follows: