The global PERC solar panel market is anticipated to reach $304.9 billion by 2032, growing from $140.4 billion in 2022 at a CAGR of 8.2% from 2023 to 2032.
A sort of solar panel technology known as PERC increases the effectiveness of photovoltaic (PV) cells. The PERC design tries to boost solar panels' energy output by minimizing energy loss brought on by recombination and reflection. In a PERC solar panel, a layer of material is applied to the PV cell's back side to reduce the amount of electron recombination there. Recombination can be decreased so that more electrons are accessible to produce power, increasing total efficiency.
There is a global push to transition to renewable energy sources due to increasing concerns about climate change and the limited availability of fossil fuels. Solar power stands out as a clean and abundant energy option and PERC solar panels have emerged as a highly efficient technology within the solar industry. Moreover, PERC solar panels offer substantial environmental benefits compared to conventional energy sources. By harnessing sunlight and converting it into electricity these panels generate power without emitting greenhouse gases or other harmful pollutants. This characteristic aligns with the goals of reducing carbon emissions and mitigating climate change. PERC solar panels enable users to generate their electricity, reducing reliance on traditional power grids and mitigating the impact of potential energy crises or disruptions. Many governments worldwide have implemented supportive policies and financial incentives to promote renewable energy adoption. These measures include subsidies, tax credits, net metering programs, and feed-in tariffs, which make it financially attractive for individuals and businesses to invest in PERC solar panels.
Solar panels' efficiency may decrease due to reasons such as potential-induced deterioration and light-driven degradation. Furthermore, mono-PERC solar panels are susceptible to efficiency losses. Continuous exposure to high temperatures might cause a progressive deterioration in overall performance. These are the major factors projected to hamper the market revenue growth. When evaluating the long-term efficiency and performance of solar panels, several elements must be considered. Regular maintenance and monitoring can assist reduce degradation and maximize the performance of solar panel installations.
PERC solar panels exhibit better performance in high-temperature conditions compared to conventional panels. PERC solar panels are designed to reduce electron recombination on the rear surface, leading to improved power output. In high-temperature environments, conventional solar panels tend to experience a decrease in efficiency due to increased electron recombination. However, PERC panels can maintain higher power output, making them more efficient and productive in hot climates. This enhanced energy production is attractive to both residential and commercial solar installations. Moreover, the superior performance of PERC solar panels in high temperatures makes them well-suited for installation in regions with hot climates. Areas such as deserts or tropical regions, where the ambient temperatures can be consistently high, can benefit greatly from the deployment of PERC panels. These regions often have abundant sunlight and can now harness that energy more effectively due to PERC technology. High temperatures can put a strain on solar panels, affecting their lifespan and long-term performance. PERC panels' ability to handle high-temperature conditions more effectively can lead to increased reliability and durability. This advantage is crucial for solar installations in regions prone to heat stress, as it helps minimize potential performance degradation and extends the lifespan of the panels. The unique benefits of PERC solar panels in high temperatures are expected to create opportunities for market players.
The COVID-19 pandemic had significant impacts on the market for PERC solar panels. The pandemic disrupted global supply chains, including the production and transportation of solar components. Manufacturing facilities faced temporary shutdowns or reduced capacity, leading to delays in production and delivery of solar panels, including PERC panels. Lockdown measures, economic uncertainties, and reduced consumer spending had the potential to impact the demand for solar installations. Projects were postponed or canceled, which affected the demand for PERC solar panels. The economic downturn caused by the pandemic made it more challenging for solar project developers to secure financing. This slowed down the deployment of solar projects, including those using PERC panels. Some governments implemented policy changes or shifted priorities in response to the pandemic, which affected the solar industry. Changes in incentives, subsidies, or regulations also impacted the adoption and deployment of PERC solar panels.
The key players profiled in this report include Sunnova Energy International, Inc., Jinko Solar, Canadian Solar, SolarEdge, First Solar, Inc., Trina Solar, JA Solar Holdings Co. Ltd., SunPower Corporation, Wuxi Suntech Power Co., Ltd., and REC Solar Holdings AS. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
A sort of solar panel technology known as PERC increases the effectiveness of photovoltaic (PV) cells. The PERC design tries to boost solar panels' energy output by minimizing energy loss brought on by recombination and reflection. In a PERC solar panel, a layer of material is applied to the PV cell's back side to reduce the amount of electron recombination there. Recombination can be decreased so that more electrons are accessible to produce power, increasing total efficiency.
There is a global push to transition to renewable energy sources due to increasing concerns about climate change and the limited availability of fossil fuels. Solar power stands out as a clean and abundant energy option and PERC solar panels have emerged as a highly efficient technology within the solar industry. Moreover, PERC solar panels offer substantial environmental benefits compared to conventional energy sources. By harnessing sunlight and converting it into electricity these panels generate power without emitting greenhouse gases or other harmful pollutants. This characteristic aligns with the goals of reducing carbon emissions and mitigating climate change. PERC solar panels enable users to generate their electricity, reducing reliance on traditional power grids and mitigating the impact of potential energy crises or disruptions. Many governments worldwide have implemented supportive policies and financial incentives to promote renewable energy adoption. These measures include subsidies, tax credits, net metering programs, and feed-in tariffs, which make it financially attractive for individuals and businesses to invest in PERC solar panels.
Solar panels' efficiency may decrease due to reasons such as potential-induced deterioration and light-driven degradation. Furthermore, mono-PERC solar panels are susceptible to efficiency losses. Continuous exposure to high temperatures might cause a progressive deterioration in overall performance. These are the major factors projected to hamper the market revenue growth. When evaluating the long-term efficiency and performance of solar panels, several elements must be considered. Regular maintenance and monitoring can assist reduce degradation and maximize the performance of solar panel installations.
PERC solar panels exhibit better performance in high-temperature conditions compared to conventional panels. PERC solar panels are designed to reduce electron recombination on the rear surface, leading to improved power output. In high-temperature environments, conventional solar panels tend to experience a decrease in efficiency due to increased electron recombination. However, PERC panels can maintain higher power output, making them more efficient and productive in hot climates. This enhanced energy production is attractive to both residential and commercial solar installations. Moreover, the superior performance of PERC solar panels in high temperatures makes them well-suited for installation in regions with hot climates. Areas such as deserts or tropical regions, where the ambient temperatures can be consistently high, can benefit greatly from the deployment of PERC panels. These regions often have abundant sunlight and can now harness that energy more effectively due to PERC technology. High temperatures can put a strain on solar panels, affecting their lifespan and long-term performance. PERC panels' ability to handle high-temperature conditions more effectively can lead to increased reliability and durability. This advantage is crucial for solar installations in regions prone to heat stress, as it helps minimize potential performance degradation and extends the lifespan of the panels. The unique benefits of PERC solar panels in high temperatures are expected to create opportunities for market players.
The COVID-19 pandemic had significant impacts on the market for PERC solar panels. The pandemic disrupted global supply chains, including the production and transportation of solar components. Manufacturing facilities faced temporary shutdowns or reduced capacity, leading to delays in production and delivery of solar panels, including PERC panels. Lockdown measures, economic uncertainties, and reduced consumer spending had the potential to impact the demand for solar installations. Projects were postponed or canceled, which affected the demand for PERC solar panels. The economic downturn caused by the pandemic made it more challenging for solar project developers to secure financing. This slowed down the deployment of solar projects, including those using PERC panels. Some governments implemented policy changes or shifted priorities in response to the pandemic, which affected the solar industry. Changes in incentives, subsidies, or regulations also impacted the adoption and deployment of PERC solar panels.
The key players profiled in this report include Sunnova Energy International, Inc., Jinko Solar, Canadian Solar, SolarEdge, First Solar, Inc., Trina Solar, JA Solar Holdings Co. Ltd., SunPower Corporation, Wuxi Suntech Power Co., Ltd., and REC Solar Holdings AS. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the perc solar panels market analysis from 2022 to 2032 to identify the prevailing PERC solar panel market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the perc solar panels market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global perc solar panels market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Mounting
- Roof-top
- Ground-mounted
By Installation
- On-grid
- Off-grid
- Hybrid
By Type
- Mono-crystalline
- Polycrystalline
By Application
- Residential
- Commercial
- Utility
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Canadian Solar
- First Solar, Inc.
- JA Solar Holdings Co. Ltd.
- Jinko Solar
- REC Solar Holdings AS
- SolarEdge
- Sunnova Energy International, Inc.
- SunPower Corporation
- Trina Solar
- Wuxi Suntech Power Co., Ltd.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PERC SOLAR PANELS MARKET, BY TYPE
CHAPTER 5: PERC SOLAR PANELS MARKET, BY APPLICATION
CHAPTER 6: PERC SOLAR PANELS MARKET, BY MOUNTING
CHAPTER 7: PERC SOLAR PANELS MARKET, BY INSTALLATION
CHAPTER 8: PERC SOLAR PANELS MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the perc solar panels market was valued at $140.4 billion in 2022, and is estimated to reach $304.9 billion by 2032, growing at a CAGR of 8.2% from 2023 to 2032.Passivated Emitter and Rear Cell (PERC) refers to a type of solar panel technology. PERC solar panels are an advanced form of photovoltaic (PV) panels that feature a specific design to enhance their efficiency and power output. PERC solar panels is the addition of a passivation layer on the rear surface of the solar cell. This passivation layer helps to reduce electron recombination, which is a process that leads to energy loss in conventional solar cells. By minimizing electron recombination, PERC solar panels can capture and convert more sunlight into electricity.
PERC solar panels are designed to have improved durability and reliability due to the passivation of the rear surface. This layer helps reduce the recombination of charge carriers, minimizing energy loss within the solar cell. By passivating the rear surface, the panel's efficiency is improved, resulting in higher energy output. The passivation layer on the rear surface of PERC solar cells acts as a protective barrier against environmental factors. It helps shield the panel from moisture, humidity, and temperature fluctuations, which can otherwise cause degradation and performance losses over time. By reducing the impact of these factors, PERC panels exhibit improved long-term durability. Moreover, potential-induced degradation is a phenomenon that can occur in conventional solar panels, leading to power loss over time. However, PERC solar panels with passivated rear surfaces have shown a reduced susceptibility to PID. The passivation layer helps minimize the effects of voltage potential differences, ensuring the panel maintains its performance levels even in challenging operating conditions. Furthermore, the improved durability and protection provided by the passivation layer contribute to lower degradation rates in PERC solar panels. With reduced energy losses and improved resistance to environmental stresses, PERC panels tend to experience slower performance degradation over their operational lifetime. This characteristic makes them an attractive choice for long-term solar installations, where consistent energy generation is essential. The combination of improved durability, reliability, and energy efficiency has driven the adoption of PERC solar panels.
However, PERC solar panels involve additional manufacturing steps compared to conventional solar panels. These steps include passivation and rear contact formation, which require specialized equipment and processes. Each additional step adds complexity and time to the manufacturing process. The introduction of extra manufacturing steps in PERC solar panels can result in increased production costs. The additional equipment, materials, and labor required for passivation and rear contact formation can contribute to higher manufacturing expenses. These increased costs can affect the overall competitiveness and affordability of PERC panels in the market. Moreover, the complex manufacturing process of PERC solar panels can potentially impact production yield and efficiency. Any issues or variations in the passivation or rear contact formation steps can result in lower yields, leading to wastage of materials and resources. Maintaining consistent quality and performance across a large-scale manufacturing operation becomes more challenging due to the increased complexity.
The rear surface passivation layer in PERC panels offers enhanced performance and long-term benefits. This makes the panels more resilient to harsh weather conditions and extends their lifespan. By reducing the impact of environmental factors, PERC panels are better equipped to maintain their performance over time. Solar panels can experience a decrease in performance due to factors such as light-induced degradation (LID) and potential-induced degradation (PID). The passivation layer in PERC panels helps mitigate these issues by reducing electron recombination at the rear surface of the cell. This leads to lower degradation rates and improved long-term performance, ensuring consistent electricity generation throughout the panel's lifespan. The improved reliability of PERC panels transforms into higher energy yield over their lifetime. By maintaining their efficiency and performance levels for a longer duration, PERC panels offer greater electricity production and yield more energy per installed capacity compared to conventional solar panels. This characteristic makes them an attractive choice for residential, commercial, and utility-scale solar installations, maximizing the return on investment. These factors are anticipated to boost market growth in the upcoming years.
The PERC solar panel market share is segmented on the basis of type, application, mounting, installation, and region. By type, it is classified into mono-crystalline and polycrystalline. By application, it is classified into residential, commercial, and utility. By mounting, it is classified into roof-top and ground-mounted. By installation, it is classified into on-grid, off-grid, and hybrid. By region, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America.
The key players profiled in the PERC solar panel market report include Sunnova Energy International, Inc., Jinko Solar, Canadian Solar, SolarEdge, First Solar, Inc., Trina Solar, JA Solar Holdings Co. Ltd., SunPower Corporation, Wuxi Suntech Power Co., Ltd., and REC Solar Holdings AS.
The report offers a comprehensive analysis of the global PERC solar panel market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of COVID-19 on the Global PERC Solar Panel Industry
The pandemic caused disruptions in global supply chains, including the solar industry. Manufacturing facilities faced temporary closures, and there were delays in the production and delivery of solar panels and other components. These disruptions affected the availability and pricing of solar panels, including PERC solar panels.The pandemic led to economic uncertainty, which affected the demand for solar installations. Many construction projects were put on hold or delayed, including solar projects. The decrease in demand resulted in reduced installations and potential challenges for solar panel manufacturers.
Governments worldwide have implemented various measures to mitigate the economic impact of the pandemic. In some cases, this includes supporting renewable energy industries through stimulus packages, grants, or tax incentives. These policies could potentially have a positive impact on the PERC solar panel market, depending on the specific measures implemented in different countries or regions.
The pandemic highlighted the importance of reliable and resilient energy systems. Some countries recognized the need to accelerate the transition to clean energy sources, including solar power, to reduce dependence on fossil fuels and strengthen energy security. This increased focus on renewable energy and led to a rise in demand for solar panels, including PERC technology.
Key Findings of the Study
Based on type, the mono-crystalline sub-segment emerged as the global leader in 2022 and is anticipated to be the fastest growing during the forecast period.Based on application, the utility sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.
Based on mounting, the ground-mounted sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.
Based on installation, the on-grid sub-segment emerged as the global leader in 2022 and the hybrid sub-segment is predicted to show the fastest growth in the upcoming years.
Based on region, Asia-Pacific registered the highest market share in 2022 and is projected to maintain its position during the forecast period.
Companies Mentioned
- Canadian Solar
- First Solar, Inc.
- JA Solar Holdings Co. Ltd.
- Jinko Solar
- REC Solar Holdings AS
- SolarEdge
- Sunnova Energy International, Inc.
- SunPower Corporation
- Trina Solar
- Wuxi Suntech Power Co., Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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