$304.9 Billion PERC Solar Panels Market Trends, Top Companies And Growth At A 8.2% CAGR By 2032

PERC Solar Panels Market Analysis

PERC Solar Panels Market Reflects Impressive Growth Rate During 2032

PORTLAND, OREGON, UNITED STATES, November 6, 2023 /EINPresswire / -- Passivated Emitter and Rear Contact (PERC) solar panels represent a cutting-edge advancement in photovoltaic technology. These panels are engineered with a distinct design aimed at optimizing their efficiency and overall power generation capabilities. At the heart of PERC solar panels lies the incorporation of a specialized passivation layer on the rear surface of the solar cell. This crucial addition serves to mitigate electron recombination, a phenomenon responsible for energy dissipation in traditional solar cells. Through this ingenious approach, PERC solar panels excel in harnessing and transforming a greater portion of sunlight into usable electrical energy. 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.

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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, 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, 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 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 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.

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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.

Competitive Analysis:

The PERC Solar Panels industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players in the global PERC Solar Panels market include,

SunPower Corporation
Wuxi Suntech Power Co., Ltd.
Jinko Solar
REC Solar Holdings AS
Trina Solar
First Solar, Inc.
SolarEdge
Sunnova Energy International, Inc.
Canadian Solar
JA Solar Holdings Co. Ltd.

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 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.

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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.
- Based on region, Asia-Pacific registered the highest market share in 2022 and is projected to maintain its position during the forecast period.

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