PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1747775
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1747775
Global Heterojunction Solar Cells Market to Reach US$3.0 Billion by 2030
The global market for Heterojunction Solar Cells estimated at US$1.5 Billion in the year 2024, is expected to reach US$3.0 Billion by 2030, growing at a CAGR of 11.7% over the analysis period 2024-2030. Monofacial Cell, one of the segments analyzed in the report, is expected to record a 10.2% CAGR and reach US$1.9 Billion by the end of the analysis period. Growth in the Bifacial Cell segment is estimated at 14.9% CAGR over the analysis period.
The U.S. Market is Estimated at US$418.2 Million While China is Forecast to Grow at 15.6% CAGR
The Heterojunction Solar Cells market in the U.S. is estimated at US$418.2 Million in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$615.0 Million by the year 2030 trailing a CAGR of 15.6% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 8.7% and 10.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.2% CAGR.
Global Heterojunction Solar Cells Market - Key Trends & Drivers Summarized
Why Are Heterojunction Solar Cells a Breakthrough in PV Efficiency and Stability?
Heterojunction solar cells (HJT), which combine crystalline silicon wafers with amorphous silicon layers, represent a significant leap in photovoltaic (PV) technology. These cells are designed to exploit the benefits of both material types: the high energy conversion efficiency of crystalline silicon and the superior passivation properties of amorphous silicon. This dual-layer configuration reduces carrier recombination losses and results in higher open-circuit voltages and greater efficiency compared to standard PERC (Passivated Emitter Rear Contact) or even TOPCon (Tunnel Oxide Passivated Contact) technologies.
HJT cells also perform exceptionally well in high-temperature environments due to their low temperature coefficient, making them more productive in hot climates. Additionally, their symmetrical structure allows for bifacial module configurations that generate electricity from both sides of the panel-thereby boosting energy yield per square meter. These advantages are positioning HJT as a key technology for utility-scale solar farms, premium rooftop installations, and next-generation energy applications that demand both performance and durability.
How Are Manufacturing Enhancements and Cost Optimization Shaping HJT Market Growth?
One of the early barriers to HJT adoption was the high manufacturing cost due to the use of expensive materials like indium tin oxide (ITO) and silver, as well as the complexity of deposition processes. However, significant strides are being made to reduce these costs through copper plating technology, reduced silver paste usage, and thinner wafer integration. Equipment providers are developing high-throughput HJT manufacturing lines with inline PECVD, laser texturing, and screen printing compatibility, which are improving throughput and yield.
Further innovation is focused on integrating HJT into tandem solar cell architectures, particularly with perovskite top cells. The compatibility of HJT with low-temperature processes makes it a preferred bottom-cell candidate in perovskite-silicon tandem modules-an area forecasted to exceed 30% efficiency in commercial deployments. As solar technology providers invest in large-scale HJT production capacity, economies of scale are steadily narrowing the cost gap with traditional PV technologies, unlocking broader market access.
Which Regions and Applications Are Catalyzing Market Expansion?
China leads in both HJT research and manufacturing, with several major solar manufacturers transitioning away from PERC and building gigawatt-scale HJT capacity. Japan and South Korea are also investing in HJT, leveraging their precision manufacturing capabilities and long-standing R&D expertise in advanced PV materials. Europe is adopting HJT for premium and architectural solar applications, especially in building-integrated photovoltaics (BIPV) and agrivoltaic projects that require high power output from limited space.
Commercial rooftop systems, utility-scale solar farms, and space-constrained urban deployments are the key growth areas for HJT cells. In premium residential markets, HJT modules are gaining favor for their aesthetic appeal, longer lifespan, and superior performance in partial shading or low-light conditions. As decarbonization goals intensify and grid parity becomes standard, project developers are increasingly favoring HJT solutions to maximize long-term return on investment and site-specific energy yield.
The Growth in the Heterojunction Solar Cells Market Is Driven by Several Factors
The growth in the heterojunction solar cells market is driven by the global demand for ultra-high efficiency modules, the migration away from conventional PERC technologies, and increasing investment in tandem PV architectures. HJT cells offer high energy yield, excellent thermal stability, and bifacial capabilities, making them ideal for high-performance and high-reliability solar applications. As copper metallization, thinner wafers, and PECVD process improvements reduce manufacturing costs, HJT is becoming more accessible to a broader array of developers and integrators.
Additional growth is supported by the global policy push toward renewable energy adoption, including feed-in tariffs, performance-based incentives, and green building mandates. HJT's potential integration with emerging technologies like perovskites and solar tiles further enhances its relevance in the future PV ecosystem. With strong R&D momentum, capacity expansion, and superior technical attributes, heterojunction solar cells are poised to play a central role in the solar industry's next technological leap.
SCOPE OF STUDY:
The report analyzes the Heterojunction Solar Cells market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Type (Monofacial Cell, Bifacial Cell); Application (PV Power Station, Commercial, Residential, Other Applications)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
Select Competitors (Total 36 Featured) -
TARIFF IMPACT FACTOR
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