TOPCon Solar Cells Market to Reach $40.69 Billion by 2032: BIS Research Report

Nov 17, 2023 5:00 PM ET

The TOPCon solar cell providers aim to develop solar cells that are highly efficient and durable. These cells must align with the changing demand patterns seen in the solar Photovoltaic (PV) industry.

BIS Research, a leading market research firm, has released a groundbreaking report titled TOPCon Solar Cells Market – A Global and Regional Analysis, discussing the global TOPCon solar cells market poised for remarkable growth, with a forecasted CAGR of 19.8% during the forecast period (2023-2032). The detailed study is a compilation of 145 market data tables, and 27 figures spread across 249 pages.

Market Analysis: Trends, Data, and Growth Projections

With several companies entering the market, the global TOPCon solar cells market is experiencing growth. Investments in renewable energy are on the rise worldwide due to its minimal carbon footprint and cost-effectiveness in manufacturing. TOPCon solar cells are particularly attractive because they outperform traditional solar cell technologies in terms of effectiveness due to their special design and production methods.

According to the report, the global TOPCon solar cells market is projected to reach $40.69 billion by 2032 from $7.54 billion in 2022, growing at a CAGR of 19.8% during the forecast period 2023-2032.

With the increasing demand for TOPCon solar cells, especially in the utility, residential, and commercial sectors, competition among established and emerging TOPCon solar cell providers in the industry is expected to intensify.

Key Players and Market Shares:

Several analyses have shown that the maximum efficiency of TOPCon solar cells falls within the range of 28.2% to 28.7%. This level of effectiveness is higher than that of passivation emitter rear contact (PERC) cells, which stands at 24.5%.

As per the report, private companies such as AE SOLAR, CARBON, RENA Technologies GmbH, and HELIENE held approximately 45% of the market share in 2022. In contrast, public companies such as Wuxi Suntech Power Co., Trina Solar Co., JA SOLAR Technology, LONGi, and Solar4America operating in the market secured around 55% of the market share.

The global TOPCon solar cells market is projected to thrive due to an increasing need for solar cells characterized by enhanced efficiency and a versatile manufacturing approach enabled by TOPCon technology.

Key Companies Profiled:

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

Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable).

Market Segments:

End User: Residential, Commercial, Utility, Agriculture, Others

Type: N-Type, P-Type

Installation: Ground-Mounted, Rooftop

Region: North America, Europe, U.K., China, Asia-Pacific and Japan

Market Drivers, Challenges, and Opportunities:

TOPCon solar cells are becoming attractive to organizations because they offer cost-effective manufacturing, simplified operations, and promising efficiency prospects. With a voltage of approximately 730 mV and the potential to reach up to 25% efficiency, TOPCon cells are in high demand due to the increasing need for more efficient solar cells.

However, the higher demand for silver in TOPCon solar cell production may elevate the overall cost of these cells since silver, a precious and relatively costly metal, is used more extensively. Additionally, the growing silver demand in the solar industry may raise concerns about sustainability and availability, given that silver is a finite natural resource.

TOPCon solar cells, with their improved efficiency and performance, are well-suited to help governments achieve their renewable energy goals. The United Nations’ Sustainable Development Goals (SDGs) provide a global framework for development, including the goal of universal access to affordable and clean energy. SDG 7 specifically aims to provide affordable, reliable, sustainable, and modern energy for all, which can be facilitated by TOPCon solar cells.

Report Focus and Methodology:

The TOPCon solar cells market report provides a credible global and regional market analysis and forecast for 2023-2032. The report profiles existing and upcoming products, types, applications, end users, and key players in the market.

BIS Research follows an effective market intelligence methodology comprising a crucial 15-step process. Data is captured from reliable, intelligent sources such as expert interviews, patents, web analytics, scholarly articles, scientific publications, and research and development literature.

BIS follows the Deep Tech M-A-P approach, which includes market, application, and product within syndicated and custom research projects.

M- The Market section covers industry overview, business dynamics, competitive benchmarks, and company profiles. It provides insights to enter, expand, or exit markets globally, regionally, or locally.

A- The Application section dives deep into product analyses, technology insights, use cases, and user types. This data is backed by precise market estimates and forecasts.

P- The Product section covers products, parts, technologies, and materials. Companies looking to drive an innovative agenda need information about product definitions, demand analysis, technology benchmarking and roadmaps, patents, as well as pricing analysis.

Conclusion

The growth in the TOPCon solar cells market is driven by the increasing demand for renewable energy sources for power generation, along with advanced solar PV technologies. These cells are particularly essential for various end-use applications, including utility and residential sectors. TOPCon solar cell providers are dedicated to creating solar cells that are not only more efficient but also more durable. These efforts align with the shifting demand trends in the solar PV industry.

About BIS Research:

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.

Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.

BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.