Dublin, Aug. 11, 2023 (GLOBE NEWSWIRE) -- The "TOPCon Solar Cells Market - A Global and Regional Analysis: Focus on End User, Type, Installation and Region - Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.
The global TOPCon solar cells market, valued at $7.54 billion in 2022, is poised for substantial growth, reaching $40.69 billion by 2032.
The market is projected to accelerate at an impressive CAGR of 19.8% during the forecast period from 2023 to 2032. The increasing demand for solar cells with higher efficiency and flexible manufacturing processes using TOPCon technology is driving the growth of the global TOPCon solar cells market.
Market Segmentation:
Segmentation 1: by End User
- Residential
- Commercial
- Utility
- Agriculture
- Others
Residential Segment to Lead the TOPCon Solar Cells Market (by End User)
- The residential segment held the largest share in the TOPCon solar cells market in 2022, driven by rising consumer demand for solar cells.
- Countries like the U.S., U.K., Germany, and India are adopting high goals to increase the proportion of renewable energy in their power mix, supporting the implementation of residential solar PV systems in the coming years (2023-2032).
Segmentation 2: by Type
- N-Type
- P-Type
N-Type Segment to Lead the TOPCon Solar Cells Market (by Type)
- The N-type segment is expected to dominate the TOPCon solar cells market in the forecast period, fueled by growing demand from commercial and residential end-use industries, higher efficiency, and improved passivation.
- Ongoing research shows that N-type products can generate power at a 3% greater rate than P-type products, driving their adoption in the market.
Segmentation 3: by Installation
- Ground-Mounted
- Rooftop
Rooftop Segment to Dominate the TOPCon Solar Cells Market (by Installation)
- The rooftop segment led the TOPCon solar cells market and was the largest segment due to expected decreases in expenses on electrical power, the need for alternate power availability, and the aim to reduce the threat of warming temperatures.
- Ground-mounted installations, with their increased efficiency, are also expected to drive market expansion globally in the upcoming years.
Segmentation 4: by Region
- North America: U.S., Canada, and Mexico
- Europe: Germany, Spain, France, Italy, and Rest-of-Europe
- U.K.
- China
- Asia-Pacific and Japan: Japan, South Korea, India, Vietnam, and Rest-of-Asia-Pacific and Japan
- Rest-of-the-World: Middle East and Africa, and South America
China, Asia-Pacific and Japan, Europe, and North America to Drive Significant Growth
- Major contributions from China, Asia-Pacific and Japan, Europe, and North America regional markets are expected to fuel significant growth in the global TOPCon solar cells market.
- China is a key region in the market due to faster adoption of new technology and the presence of leading industry players across the TOPCon solar cells supply chain.
Recent Developments:
- In April 2023, Jolywood achieved an energy conversion efficiency of 26.7% for an N-type M10 solar cell based on TOPCon technology, setting an international mark for an N-type TOPCon cell.
- In September 2022, JA Solar revealed plans for 30 GW of expansion, including 20 GW of TOPCon solar cells capacity and 10 GW of TOPCon module capacity.
- In January 2023, Solarspace Technology commenced the second-phase manufacturing of N-type TOPCon PV cells in China, with a 16 GW production capacity.
- In October 2022, Royal Green Energy concluded partnership agreements with Yingli Energy and Jetion Solar Co., Ltd. for the supply of 6 GW TOPCon solar cells each.
Demand - Drivers and Limitations:
Market Demand Drivers: Growing Demand for Higher-Efficiency Solar Cells
- The growing demand for solar cells with higher efficiency is driving the growth of the global TOPCon solar cells market.
- TOPCon solar cells utilizing N-type silicon offer superior performance and efficiency compared to other solar power techniques, making them an attractive prospect for organizations seeking more effective and sustainable energy solutions.
Market Challenges: Increased Silver Requirement for Cell Printing
- The increased silver requirement in the manufacturing of TOPCon solar cells may raise overall cell costs, leading to questions about sustainability and resource availability.
- Manufacturers are exploring new materials and methods to reduce silver use and promote sustainability without compromising cell performance.
Market Opportunities: Environment Concerns and Carbon Neutrality Targets
- Governments worldwide are setting ambitious renewable energy goals to combat climate change, increasing the demand for solar energy.
- TOPCon solar cells, with their improved efficiency and performance, are well-suited to assist governments in meeting renewable energy targets and achieving carbon neutrality.
Key Market Players: Private Companies:
- AE SOLAR
- CARBON
- RENA Technologies GmbH
- HELIENE Inc.
- Exiom Solution SA
- LUXOR SOLAR
- Jolywood
- FuturaSun srl
- SoliTek
Public Companies:
- Wuxi Suntech Power Co., Ltd.
- Trina Solar Co., Ltd.
- JA SOLAR Technology Co., Ltd.
- LONGi
- Solar4America
- REC Solar Holdings AS
- Boviet Solar
- Hanwha QCells
- Websol Energy System Limited
- Sharp Energy Solutions Corporation
- Canadian Solar
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 249 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $8.03 Billion |
| Forecasted Market Value (USD) by 2032 | $40.69 Billion |
| Compound Annual Growth Rate | 19.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/n7b446
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