Global Tunnel Oxidized Passivated Contact (TOPCON) Solar Cell Market Size to Reach USD 69.58 Billion in 2032 | Emergen Research

Rising demand for TOPCON solar cells due to increased upper level of efficiency is a key factor driving Tunnel Oxidixed Passivated Contact (TOPCON) solar cell market revenue growth

Vancouver, Sept. 07, 2023 (GLOBE NEWSWIRE) — The global Tunnel Oxidixed Passivated Contact (TOPCON) solar cell market size is expected to reach USD 69.58 Billion in 2032 and register a steady revenue CAGR of 22.7% during the forecast period, according to latest analysis by Emergen Research. Technological advancements in manufacturing technology is a key factor driving market revenue growth. Traditional solar cell technologies have been transformed by TOPCON technology, which improves efficiency, power output, and manufacturing processes. This technology provides improved passivation via a thin tunnel oxide layer, which reduces carrier recombination and increases the collection of photo-generated carriers, resulting in enhanced conversion efficiency. In addition, TOPCON cells provide more power, with greater open-circuit voltages and fill factors. Furthermore, these cells have reduced temperature coefficients, ensuring consistent performance even at shifting temperatures. This technique has accelerated the development of solar Photovoltaic (PV) production. New manufacturing techniques, such as Atomic Layer Deposition (ALD) have been developed, for exact deposition of thin tunnel oxide layer. TOPCON cells’ smooth integration with current production processes has helped quicker acceptance and commercialization.

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However, high cost of silver is a key factor, which could restrain market revenue growth. Rising demand for silver raises a number of problems and issues in terms of cost and resource utilization. Silver, a precious metal with a relatively high price, may enhance the overall cost of cells owing to increasing use in the manufacture of TOPCON solar cells. In addition, as silver is a limited natural resource, rising demand for silver in the solar sector can raise worries about its sustainability and availability. To address these issues, researchers and manufacturers are looking at new materials and techniques to reduce the use of silver in TOPCON solar cells.

Scope of Research

Report Details Outcome
Market Size in 2022 USD 8.96  Billion
CAGR (2023–2032) 22.7%
Revenue Forecast To 2032 USD 69.58 Billion
Base Year For Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Million and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Type, installation, technology, end-use, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Middle East & Africa
Key Companies Profiled Wuxi Suntech Power Co., Ltd., RENA Technologies GmbH, Trina Solar Co., Ltd., JA SOLAR Technology Co., Ltd., LONGi, AESOLAR, CARBON, Jolywood, HELIENE Inc., and Solar4America
Customization Scope 10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global TOPCON solar cell market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective Tunnel Oxidized Passivated Contact (TOPCON) Solar Cell. Some major players included in the global TOPCON solar cell market report are:

  • Wuxi Suntech Power Co., Ltd.
  • RENA Technologies GmbH
  • Trina Solar Co., Ltd.
  • JA SOLAR Technology Co., Ltd.
  • LONGi
  • Jolywood
  • HELIENE Inc.
  • Solar4America

Strategic Development

  • On 17 November 2022, Suntech debut its new-generation Ultra V Pro high-power module at the 14th Chinese Renewable Energy Conference & Exhibition (CREC) in its exhibit. The high-quality, precise, and innovative product generates a strong response from the industry and is well recognized by industry professionals and academics. The Ultra V Pro product of the next generation is a high-efficiency module based on 182mm N-type TOPCON cell technology. Ultra V Pro is divided into three versions based on size and power to meet the different needs of market segments and customers.
  • In February 2021, the first 4GW of Shanxi Jolywood Solar’s 16GW per year intelligent high-efficiency monocrystalline cell plant project started mass production, while the succeeding 4GW and second 8GW projects are on track. In order to speed the release of their high-efficiency cells and assure large-scale mass manufacturing, their business intends to finish entire construction in 2023.

Some Key Highlights From the Report

  • The N-Type segment is expected to account for largest revenue share in the global TOPCON solar cells market over the forecast period. This is because n-doped crystalline silicon wafer serves as the foundation for N-Type TOPCON cells, which are built on an n-doped crystalline silicon wafer. Based on their layer structure, PV cells are divided into two types, positively charged P-type cells and negatively charged N-type cells. Boron, which has one fewer electron than silicon, is doped in the base layer of P-type cells. This produces an electron hole with a predominance of positive charge carriers. The N-type cell basal layer is phosphorus-doped, which has one more electron than silicon, causing the formation of free electrons. These freed electrons are responsible for higher efficiency of N-type cells, which are also in charge of extremely low power losses and issue prevention such as Potential Induced Degradation (PID) and Light Induced Degradation (LID).
  • The commercial segment is expected to register steadily fast revenue growth rate in the global TOPCON solar cell market over the forecast period owing to increasing development activities by key market players. For example, JinkoSolar announced high-yield production of commercial n-type TOPCON solar cells with a conversion efficiency of 25%. When installed in the same area as PERC modules, JinkoSolar’s Tiger Neo TOPCON module series increases installed capacity by 3% to 6%. With the same installed capacity, Tiger Neo modules can generate 3% to 5% more power. This amounts to 6% to 10% more power generated on the same area of land as compared to PERC modules. According to JinkoSolar, the secrets of Tiger Neo’s popularity among worldwide customers include increased bifaciality, a superior temperature coefficient, and little degradation.
  • The North America market accounted for largest revenue share in the global TOPCON solar cell market in 2022 owing to increasing government initiatives toward sustainability in the region. For example, the U.S. Inflation Reduction Act of 2022 offers USD 370 billion in support for renewable energy and climate-change mitigation projects. The package includes over USD 60 billion for the U.S. manufacturers across the renewable energy supply chain. According to a recent research, developers, EPC companies, and manufacturers will be looking for clarity from the US Treasury Department and the IRS to strategize new solar development and investment in new manufacturing facilities in the U.S.

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For the purpose of this report, Emergen Research has segmented global TOPCON solar cell market on the type, installation, technology, end-use, and region:

  • Type Outlook (Revenue, USD Billion; 2019–2032)
    • N-Type
    • P-Type
  • Installation Outlook (Revenue, USD Billion; 2019–2032)
    • Ground-Mounted
    • Rooftop
  • Technology Outlook (Revenue, USD Billion; 2019–2032)
    • Conventional TOPCON
  • End-use Outlook (Revenue, USD Billion; 2019–2032)
    • Residential
    • Commercial
    • Utility
    • Agriculture
    • Photovoltaic (PV) Power Station
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. UK
      3. France
      4. Spain
      5. BENELUX
      6. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. Israel
      4. Rest of Middle East & Africa

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