PERC Solar Panels Market Expected to Reach $304.9 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “PERC Solar Panels Market," The PERC solar panel market size 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 Contact Solar Panel 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 solar panel market 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 panel market opportunities.

However, PERC solar panel market scope 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 solar panel 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. These factors are anticipated to restain the PERC solar panel market share.

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 PERC solar panel market growth in the upcoming years.

The PERC solar panel market analysis 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 forecast 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 PERC solar panel 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.