The PERC Solar Panel Market Projected to Grow at a CAGR of 8.2% and Generate a Revenue of $304,871.40 million by 2032

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The global PERC solar panel market is predicted to be valued at $304,871.40 million by 2032, surging from $140,345.60 million in 2022, at a noteworthy CAGR of 8.2%.

Impact Analysis of COVID-19 on the PERC Solar Panel Market

The COVID-19 pandemic had a significant impact on various industries, including the solar industry. The solar panel manufacturing industry faced disruptions in the supply chain due to lockdown measures, travel restrictions, and factory closures. This led to delays in production and shortages of certain components, affecting the overall supply of solar panels. The pandemic resulted in a slowdown in solar panel installations globally. Many construction projects were put on hold, and people's purchasing power was affected, leading to a decrease in demand for solar panels.

Some governments are implementing stimulus packages and renewable energy incentives to promote economic recovery. These measures are supporting the solar industry by providing financial assistance and encouraging solar installations. Therefore, the PERC solar panel market is experiencing steady growth in the post-pandemic period.

Global PERC Solar Panel Market Analysis

PERC panels exhibit enhanced performance in low-light conditions compared to traditional solar panels. PERC technology improves the overall efficiency of solar panels by capturing more sunlight and converting it into electricity. The passivation layer on the rear cell reduces recombination losses, allowing for better electron capture and improved energy conversion. This enhanced efficiency converts into higher energy production, even in low-light situations. Moreover, PERC panels exhibit a higher energy yield compared to traditional solar panels, especially in environments with partial shading or reduced light intensity. The improved performance in low-light conditions enables PERC panels to generate electricity consistently, maximizing the energy output over the panel's lifetime. Furthermore, the ability of PERC panels to perform well in low-light or shaded environments expands their range of applications. They are suitable for installations on rooftops, building facades, and other spaces where shading or obstructions may occur. PERC panels are also used in locations with variable weather patterns or regions that experience long winters or cloudy days. In addition, PERC panels offer improved aesthetics compared to traditional solar panels, making them more appealing to customers. The rear passivation layer reduces the visibility of conductive lines and busbars on the front side, giving the panels a sleeker, uniform appearance. This aesthetic advantage further boosts the market demand for PERC panels. The superior performance of PERC panels in low-light conditions, driven by their passivation layer and other technological improvements, has significantly contributed to its demand. These are the major factors anticipated to boost the PERC solar panel market share during the forecast timeframe.

The general public and potential consumers may have limited awareness or understanding of PERC solar panels compared to more established solar technologies. Along with lack of familiarity, there may also be a limited understanding of how PERC panels differ from other solar technologies. The specific advantages and benefits of PERC panels, such as improved efficiency and enhanced performance under low-light conditions, may not be well-known to consumers. This knowledge gap can impede the adoption of PERC panels. Moreover, the absence of comprehensive education and awareness campaigns can hinder the adoption of PERC solar panels. Educational initiatives, such as workshops, seminars, online resources, and targeted marketing campaigns, play a crucial role in disseminating information about PERC technology, its benefits, and its potential for energy savings. Furthermore, misconceptions or misinformation about PERC panels may exist among consumers. Rumors or doubts regarding their reliability, durability, or cost-effectiveness might dissuade potential buyers from considering them as a viable option.

PERC technology has demonstrated higher energy conversion efficiency compared to traditional solar cells PERC solar panels can achieve an efficiency of over 20%, which means they can generate more power when compared to traditional solar panels. This higher energy output makes PERC solar panels the most desirable option for residential and commercial usage as the installation of PERC solar panel unit provides more energy efficiency with a return on investment. Moreover, the higher efficiency of PERC panels allows for the generation of more power in limited space. This is particularly advantageous in areas with limited available land for solar installations or on rooftops with limited surface area. With PERC panels, more power can be generated from the same footprint, enabling greater energy production without the need for additional space. The development of PERC technology has paved the way for further advancements in solar panel efficiency. Researchers and manufacturers continue to explore new materials, manufacturing techniques, and cell designs to push the efficiency boundaries even higher.

Global PERC Solar Panel Market, Segmentation

The PERC solar panel market is segmented on the basis of type, application, mounting, installation, and region.

Type:

The type segment is classified into mono-crystalline and polycrystalline. Among these, the mono-crystalline sub-segment is anticipated to be the fastest growing during the forecast period. Mono-crystalline PERC solar panels exhibit better temperature coefficient characteristics compared to some other solar technologies. As solar installations continue to expand in regions with high-temperature environments, the demand for mono-crystalline PERC panels is also expected to increase. Mono-crystalline PERC solar panels often have a sleek, black appearance due to the uniform black cells. This aesthetic appeal is preferred by many residential and commercial customers, especially for installations on rooftops or other visible areas.

Application:

The application segment is further classified into residential, commercial, and utility. Among these, the utility sub-segment is projected to witness the highest CAGR during the forecast years. Utility-scale solar installations require large quantities of solar panels to generate significant amounts of electricity. PERC solar panels offer a higher energy conversion efficiency compared to traditional solar panels and allowing utility companies to maximize electricity generation from a given area. The cost per watt of electricity produced by PERC panels is often lower, making them a cost-effective choice for utility-scale solar projects. Moreover, PERC solar panels have higher energy conversion efficiencies due to their passivated emitter and rear cell technology.

Mounting:

The mounting segment is further classified into roof-top and ground-mounted. Among these, the ground-mounted sub-segment is predicted to have the fastest growth during the forecast period. Ground-mounted installations typically have lower installation costs compared to rooftop installations. They require less complex mounting systems and have easier access to sunlight, reducing the overall installation and maintenance expenses. This cost advantage contributes to the growing popularity of ground-mounted PERC solar panels. Moreover, PERC solar panels offer higher efficiency compared to traditional solar panels. The passivation layer on the rear side of PERC cells improves the energy conversion efficiency by reducing electron recombination. Ground-mounted installations allow for larger panel sizes and optimized tilt angles, maximizing the efficiency of PERC solar panels. Ground-mounted installations typically have lower installation costs compared to rooftop installations. They require less complex mounting systems and have easier access to sunlight, reducing the overall installation and maintenance expenses. This cost advantage contributes to the growing popularity of ground-mounted PERC solar panels.

Installation:

The installation segment is further classified into on-grid, off-grid, and hybrid. Among these, the hybrid sub-segment is predicted to have the fastest growth during the forecast period. Hybrid PERC solar panels combine the benefits of PERC technology with other advanced technologies such as bifaciality and half-cut cells. This hybridization allows for higher energy conversion efficiency compared to traditional PERC panels. The higher efficiency makes hybrid PERC panels attractive to customers looking to maximize power output in limited space. Moreover, hybrid PERC panels can capture sunlight from both the front and rear sides of the module, owing to the bifacial technology. This enables them to generate electricity from both direct sunlight and reflected light from the surroundings, such as the ground or nearby structures. The ability to capture additional light results in increased energy yield, making hybrid PERC panels appealing for applications where maximizing energy production is crucial. Hybrid PERC panels have a reduced vulnerability to shading compared to conventional PERC panels. The use of half-cut cells in hybrid panels helps mitigate power losses caused by partial shading. Therefore, hybrid PERC panels can maintain higher energy production levels even when certain sections of the module are shaded. This feature is particularly valuable in installations where shading is inevitable, such as in urban environments or near trees/buildings.

Region:

The PERC solar panel market in Asia-Pacific is projected to show the fastest growth during the forecast period. Asia-Pacific has experienced rapid economic growth, urbanization, and industrialization, leading to an increase in energy demand. Solar energy, including PERC solar panels, offers a sustainable and reliable solution to meet the rising energy needs of the region. The abundant sunlight in many countries in the region makes solar power an attractive option. Moreover, the cost of solar panels, including PERC technology, has been decreasing steadily over the years. Therefore, solar energy has become more affordable and cost-competitive with traditional energy sources, driving its adoption in Asia-Pacific.

Key Players in the Global PERC Solar Panel Market

Some of the leading PERC solar panel market players are 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.