Topcon Solar Cell and Module Market Size, Share, Growth, and Industry Analysis, By Type (TOPCon Solar Cell, TOPCon Module), By Application (PV Power Station, Commercial, Others) and Regional Forecast to 2024-2031

Updated On: 29 April 2024

REPORT OVERVIEW

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The global topcon solar cell and module market size expanded rapidly in 2023.

The global COVID-19 pandemic has been unprecedented and staggering, with the topcon solar cell and module market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2029, a robust CAGR during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The idea underlying the (topcon) also known as tunnel oxide passivated contact method is to prevent any contact between the wafer and the metallic component. There is a connection between N-type cells and topcon technology. The ultrathin layer of tunneling oxide that covers an N-type silicon base of topcon is followed by a layer composed of heavily doped polysilicon that joins the metal at the edges. Solar cells of the P- and N-types are made using silicon wafers. The chemical used to dirty the silicon wafer—a process intended to increase power output—is the source of the difference between N-type and P-type. For P-type cells, boron is supplied, and for N-type cells, phosphorus.

The rising demand for topcon solar cell and module can be attributed to their many advantages, including increased efficiency potential, improved stability, a flexible production method, and the capacity to function well in extremely cold temperatures. Furthermore, topcon solar cell and module have environmental benefits including lower emissions of carbon, air pollution, and consumption of water in comparison to conventional energy sources. Hence, the topcon solar cell and module market growth will flourish in the coming years.

COVID-19 Impact: Stoppage in the Supply of Raw Materials to Shrink Market Share 

Globally, people and economies have been severely impacted in very different ways by the devastating shock of the coronavirus. The global energy sector is no different. The market was severely impacted by the COVID-19 outbreak. Stoppage in the supply of raw material needed to manufacture or design the solar cell declined the overall share of the market.

LATEST TRENDS 

"Establishment of Targets by the Governments to Stimulate Market Development  "

Globally, governments are establishing challenging targets for renewable energy to reduce carbon emissions and combat climate change. Often, these efforts have specific goals for solar energy deployment. Topcon solar cells offer superior performance and efficiency, making them the perfect choice for helping governments achieve their renewable energy goals. Growing awareness of the environment and the need to transition to renewable energy sources have increased demand for solar energy.

In addition, the United Nations' Sustainable growth Goals (SDGs) provide a roadmap for global growth that includes affordable, clean energy availability for all. With topcon solar cells, the SDG 7 goal of ensuring that everyone has access to inexpensive, dependable, sustainable, and modern energy will be fulfilled.

SEGMENTATION

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By Type

Based on type; the market is divided into TOPCon solar cell, TOPCon module

TOPCon solar cell is the leading part of the type segment.

By Application

Based on the application; the market is divided into PV power station, commercial, others

PV power station is the leading part of the application segment.

DRIVING FACTORS

"Rooftop Segment to Aid Market Expansion  "

Due to anticipated drops in electricity costs, the requirement for backup power sources, and the desire to mitigate the risk of rising temperatures, the rooftop segment within the topcon solar cell and module market held the biggest share based on installation. In addition, utility-scale solar power deployments and objectives are rising while solar PV system costs are falling. Ground-mounted installations have traditionally been thought to be easier to keep immaculate and maintain. They produce more energy as a result of their greater efficiency, and this is anticipated to fuel further global market expansion in the years to come.

"Increment in Research Initiatives to Foster Industry Progress "

Furthermore, research into increasing the efficiency of topcon solar cells remains in progress. By addressing these crucial issues, researchers hope to boost efficiency and facilitate the quick development of this exciting new solar cell technology. Additionally, the companies are growing the amount they spend on research and development and building a sizable international customer base by offering customers sustainable and cutting-edge products. The increased efficiency levels of topcon solar cells and their widespread use in major markets are key factors driving the expansion of the global market for these cells.

RESTRAINING FACTORS

"Requirement of Silver for Printing the Cell's Contacts to Stop Market Evolution  "

Regarding costs and resource use, there are some challenges and considerations associated with the rising silver requirement. Silver, a valuable metal that is rather expensive, is used more often in the production about topcon solar cell, which could result in an increase in the overall cost of the cells. Due to the fact that silver is a limited natural resource, the growing demand for it in the solar industry may potentially lead to concerns regarding availability and sustainability. To solve these challenges, producers and researchers are exploring novel materials and techniques to reduce the amount of silver used in topcon solar cell and module. This involves improving printing techniques to cut down on silver waste and developing new connections with improved conductivity and fewer material requirements.

Furthermore, lowering the amount of silver required to produce topcon solar cells could assist in save costs while advancing sustainability and conserving resources. The objective is to create a solution that optimizes the usage of silver or finds alternatives that provide comparable conductance at a cheaper cost and with less of an adverse environmental impact, all while maintaining the high-performance characteristics of topcon solar cells.

REGIONAL INSIGHTS

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"Asia Pacific to Support Market Advancement owing to Quicker Acceptance of New Technologies "

In the upcoming years, it is anticipated that the global topcon solar cell and module market share would expand significantly, led by the regional markets in Asia Pacific. One of the important areas in the global market for topcon solar cell and module in terms of income generation is China. A significant portion of this can be ascribed to the region's increasing topcon solar cell manufacturing sector and the relatively quicker acceptance of new technologies. Nonetheless, over the projection period, the Asia Pacific area will probably continue to be among those with the fastest growth. In addition, the rapid development of China's economy and the existence of major industry players along the supply chain for topcon solar cell are significantly influencing the market's expansion.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled 

• TW Solar (China)
• LONGi (China)
• Trina Solar (China)
• Jinko Solar (China)
• Jolywood (China)
• Suntech (China)
• DAS Solar (China)
• LG (South Korea)
• REC (India)
• Yingli (China)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.