"Actionable Insights to Fuel Your Growth"

U.S. Heterojunction Solar Cell Market Size, Share & COVID-19 Impact Analysis, By Type (Monofacial Cell and Bifacial Cell), and By Application (PV Power Station, Commercial, and Residential), and Country Forecast, 2023-2030

Last Updated: September 16, 2024 | Format: PDF | Report ID: FBI108906

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The U.S. heterojunction solar cell market size was valued at USD 310.62 million in 2022 and is projected to grow at a CAGR of 14.66% during the forecast period. 


A heterojunction solar cell is a type of solar cell that utilizes two different semiconductor materials with different bandgaps. This design establishes a junction between the two materials, enabling efficient charge separation and collection of solar energy. The heterojunction structure significantly enhances cell performance by reducing recombination losses, resulting in higher conversion efficiencies than traditional solar cells. When sunlight strikes the adsorbed layer, it generates electron-hole pairs. The different bandgaps of the two materials facilitate the separation of these charge carriers across the heterojunction interface.


The impact of COVID-19 on the U.S. heterojunction solar cell market was primarily in the form of supply chain disruptions and project delays. The pandemic triggered temporary closures of manufacturing facilities, logistical challenges, and workforce disruptions, further restricting the market growth.


Despite these setbacks, the solar industry, including heterojunction solar cell technology, is expected to grow in the long term due to increased interest in renewable energy and government incentives aimed at fostering clean energy projects.


U.S. Heterojunction Solar Cell Market Trends


Growing Consumer Demand for Clean Energy to Propel Market Growth


The decarbonization efforts in the energy sectors have significantly elevated the production of green energy, driving investments and innovations in renewable energy technologies. This process is centered on reducing carbon emissions from energy production and consumption. As the decarbonization movement gains momentum, it is reshaping the dynamics of the energy market. Diverse audiences increasingly favor renewable energy sources, and consumer demand for cleaner energy options is on the rise. This heightened interest is contributing substantially to the ongoing U.S. heterojunction solar cell market growth.


U.S. Heterojunction Solar Cell Market Growth Opportunities


Advancements in Technology and Manufacturing Processes to Propel Market Growth


The rising adoption of renewable power sources, especially solar energy, is expected to positively impact the U.S. heterojunction solar cell market size. The global market focuses on cleaner and more sustainable energy solutions, which has led to a rapid rise in demand for solar energy. Heterojunction solar cells, with their higher efficiency compared to traditional solar cells, are well-positioned to meet this growing demand effectively. These cells achieve higher conversion efficiency due to their unique design, facilitating more efficient charge separation and reduced recombination losses. As a result, they can generate more electricity from the same amount of sunlight than traditional solar panels, making them a cost-effective option for solar power installation. As technology advancements and manufacturing processes in the heterojunction solar cell industry continue to improve, production costs are expected to decrease. The increasing economies of scale and enhancements in manufacturing techniques are likely to make the overall cost of these cells more competitive with other solar technologies.


For instance, the Energy Information Administration reports that the U.S. has over 2,500 utility-scale solar photovoltaic (PV) power generation systems. Most of these power plants are relatively small. Collectively, they contribute to 2.5% of utility-scale power generation capacity and account for 1.7% of the annual power generation.


RESTRAINING FACTORS


High Initial Investment May Restrain Market Growth


Heterojunction solar cells require specialized manufacturing equipment, including deposition chambers for thin film layers and other advanced processes. These machines come with a significant price tag, contributing to a higher initial capital investment for companies entering the market or expanding production capacity. The development and optimization of heterojunction solar cell technology involves substantial research and development costs. Testing and validating new materials, processes, and device architectures often contribute to the initial investment burden. Some materials used in heterojunction solar cells, such as amorphous silicon and transparent conductive oxides, can be more expensive than those used in traditional solar cells, such as silicon wafers.


U.S. Heterojunction Solar Cell Market Segmentation Landscape


By Type Analysis


By type, the market is segmented into monofacial cells and bifacial cell.


The monofacial cell segment holds the major market share due to their heightened efficiency, facilitated by an innovative design employing heterojunctions, thereby garnering significant interest due to the promise of substantially improved energy conversion rates. Moreover, the incorporation of thin semiconductor layers in monofacial cells contributes to cost reduction while continuous technological advancements continue to propel their development. This combined advantage of increased efficiency and cost-effectiveness positions monofacial cells as the primary driver within the market segment, solidifying their current dominance in the industry.


On the other hand, the bifacial cell is the second segment with significant growth. These cells, capable of harnessing sunlight from both their front and rear sides, offer enhanced energy generation potential compared to traditional solar cells. Their increased efficiency is a significant driving force, as they leverage heterojunction technology to maximize energy conversion from sunlight. The versatility of capturing light from both sides amplifies energy output.


By Application Analysis


Based on application, the market is segmented into PV power station, commercial, and residential.


The PV power station segment accounts for the dominating U.S. heterojunction solar cell market share due to the increased emphasis on renewable energy sources, coupled with government incentives and policies favoring solar power generation, propels the expansion of PV power stations. Heterojunction solar cells, known for their enhanced efficiency and energy conversion rates, attract significant attention within utility-scale solar projects. Moreover, the declining costs associated with solar technologies, including heterojunction cells, make PV power stations more economically viable.


The commercial & industrial segment also holds a notable share of the market due to the rising government incentives, tax credits, and initiatives supporting renewable energy adoption, incentivising commercial and industrial establishments to invest in solar power solutions. This trend aligns with the increasing global focus on sustainable practices, enhancing the appeal and demand for heterojunction solar cells in commercial and industrial applications.


List of Key U.S. Heterojunction Solar Cell Market Companies


The U.S. market for heterojunction solar cells is highly competitive. The major players operating in the market compete with a broader range of companies that manufacture heterojunction solar cells and related products. Panasonic Corporation is a prominent player in the industry, known particularly for its proprietary HIT (Heterojunction with Intrinsic Thin-layer) technology. This technology integrates monocrystalline silicon wafers with ultra-thin amorphous silicon layers, resulting in highly efficient solar cells. Panasonic's HIT solar panels have gained recognition for their superior performance, efficiency, and durability, suitable for diverse applications in residential, commercial, and industrial settings.


Other companies with a considerable presence in the U.S. market include REVKOR HOLDINGS INC (U.S.), Panasonic Corporation (U.S.), Silfab Solar, Solaria Corporation (U.S.), Heliene Inc (U.S.), Jinergy (U.S.), HuaSun (U.S.), Akcome, Canadian Solar, and Risen Energy.


LIST OF KEY COMPANIES PROFILED:



  • REVKOR HOLDINGS INC (U.S.)

  • Panasonic Corporation (U.S.)

  • Silfab solar (U.S.)

  • Solaria Corporation (U.S.)

  • Heliene Inc (U.S.)

  • Jinergy (U.S.)

  • HuaSun (U.S.)

  • Risen Energy (China)

  • Canadian Solar (Canada)

  • EcoSolifer (Switzerland)


KEY INDUSTRY DEVELOPMENTS:



  • July 2023: Revkor and H2GEMINI plan to set up 20 GW annual production capacity for high-efficiency US HJT/perovskite solar technologies. The production would be ramped up in 2 phases, beginning with 5 GW annual capacity under phase I in Salt Lake City, Utah. It would eventually be scaled up to 20 GW capacity across multiple project sites by the end of 2025.

  • July 2023: SPI Energy introduced its new solar technology, solar4america. The company revealed plans for the N-type heterojunction technology solar cell factory in the U.S. The HJT uses N-type monocrystalline silicon as a foundation, storing silicon-based thin films with distinctive characteristics and conductive films on both the front and back surfaces. The HJT technology utilizes a base of N-type monocrystalline silicon, applying specialized silicon-based thin films and conductive coatings on both the front and back sides.

  • May 2023: Enel announced the construction of a large-scale solar PV factory in Oklahoma with a billion-dollar investment. This new big-scale manufacturing facility for photovoltaic (PV) cells would have a capacity of 3GW.


REPORT COVERAGE


The U.S. heterojunction solar cell market research report provides a detailed market analysis. The report is focused on providing key information for key products, leading segment information, key developments in the market, and leading product applications. Moreover, it provides insights into the trends of the market and highlights key industry developments.


An Infographic Representation of U.S. Heterojunction Solar Cell Market

To get information on various segments, share your queries with us



Report Scope & Segmentation













































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year 



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 14.66% from 2023 to 2030



Unit



Value (USD Million, MW)



Segmentation



By Type



  • Monofacial Cell

  • Bifacial Cell



By Application



  • PV Power Station

  • Commercial

  • Residential






Frequently Asked Questions

According to Fortune Business Insights, the U.S. market was worth USD 310.62 million in 2022.

The market is expected to exhibit a CAGR of 14.66% during the forecast period (2023-2030).

By application, the PV power station segment leads the market.

REVKOR HOLDINGS INC, Panasonic Corporation, and Sunpower Corporation are the market's top players.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts
Speak to an Expert
  • 2019-2030
  • 2022
  • 2019-2021
  • 60
Multi-report Purchase Plan
    A Customized Plan Will be Created Based on the number of reports you wish to purchase
Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X