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 are 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.
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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, the PERC solar panel market tends to
experience slower performance degradation over its 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, the PERC solar panel market scope involves
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 the 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 the 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 the PERC solar panel market
growth in the upcoming years.
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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 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.
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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.
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