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

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.

Report Scope & Segmentation