PERC Solar Panels Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented, By Type (Mono-crystalline, Polycrystalline), By Application (Residential, Commercial, Utility), By Mounting (Roof-top, Ground-mounted), By Installation (On-grid, Off-grid, Hybrid), By Region, Competition 2018-2028

Market Overview

Global PERC Solar Panels Market

Key Market Drivers

High Efficiency & Bifacial Technology

One of the most significant driving forces behind the adoption of PERC solar panels is their exceptional efficiency in converting sunlight into electricity. These panels can achieve efficiencies of over 20%, significantly higher than traditional solar panels, making them attractive for both residential and commercial installations. Bifacial PERC solar panels have gained popularity due to their ability to capture sunlight from both the front and rear sides. This innovative technology increases energy production, especially in areas with reflective surfaces like snow or water, making it suitable for utility-scale installations and solar farms. The integration of energy storage systems, such as batteries, with PERC solar panels is a driving force in the market. This enables users to store excess energy generated during the day for use during the night or during periods of low sunlight, enhancing the reliability and efficiency of solar power systems.

Advanced Manufacturing Processes

Ongoing advancements in manufacturing processes have led to increased automation, reduced waste, and improved quality control in PERC panel production. These developments have lowered production costs, making high-efficiency solar panels more accessible to a wider range of consumers. Sustainability has become a central focus in the solar industry. Manufacturers are increasingly adopting eco-friendly materials, optimizing production processes to minimize waste, and implementing recycling programs. This commitment to sustainability aligns with global environmental goals. Digital technologies are being integrated into PERC solar panels to provide real-time monitoring and diagnostics. This allows users to optimize energy production and identify maintenance needs promptly, further increasing panel efficiency. Recent disruptions in global supply chains have highlighted the importance of supply chain resilience. Manufacturers are diversifying their sourcing strategies and exploring local manufacturing options to reduce vulnerabilities to supply chain disruptions. Emerging economies, particularly in Asia and Africa, are experiencing a rapid increase in solar installations. This market expansion into new regions is driving the growth of the PERC solar panels market and promoting sustainable energy development.

Key Market Challenges

Cost-Competitiveness

While PERC solar panels offer higher efficiency, they are often more expensive to produce compared to traditional solar panels. The cost of manufacturing PERC panels has decreased over the years, but price competitiveness remains a challenge, particularly for residential installations where upfront costs are a significant consideration. The rapid pace of technological advancements in the solar industry means that newer and more efficient solar panel technologies are continually emerging. This poses a challenge to PERC panels as they need to stay ahead in terms of efficiency and performance to remain competitive. Although bifacial PERC panels have gained attention due to their ability to capture sunlight from both sides, their adoption is limited by the availability of suitable installation environments. They require reflective surfaces or elevated installation, which may not be feasible for all projects.

Energy Storage Integration

Supply Chain Disruptions

The global supply chain disruptions seen in various industries, including solar, have affected the availability of critical components and materials for PERC solar panels. Ensuring a resilient supply chain is a challenge in the face of such disruptions. While the expansion of the PERC solar panel market into emerging economies is a positive trend, it comes with challenges related to varying regulatory environments, infrastructure limitations, and access to skilled labor. Solar panel recycling and end-of-life management are emerging challenges as the number of decommissioned panels increases. Developing efficient recycling processes and policies is essential to address these challenges sustainably.

Key Market Trends

Increasing Solar Energy Adoption

As the world becomes more conscious of the need to transition to clean energy sources, solar power installations have surged. PERC solar panels, with their higher efficiency, have become the preferred choice for both residential and utility-scale projects. Advances in manufacturing processes and economies of scale have led to a reduction in the cost of producing PERC solar panels, making them more affordable for consumers and more competitive in the solar market.

Government Policies and Incentives

Governments worldwide have launched various incentives, subsidies, and regulations to promote the use of solar energy. These policies have played a crucial role in boosting the PERC solar panel market. Growing awareness of environmental issues and the need to reduce carbon emissions has driven individuals and businesses to adopt cleaner energy sources like solar power, creating a demand for high-efficiency solar panels. Continuous innovation in solar technology, including the development of more efficient passivation layers and improved manufacturing techniques, has contributed to the growth of the PERC solar panel market.

Higher Efficiency Standards

There is an ongoing race to develop PERC solar panels with even higher efficiencies. Manufacturers are investing in research and development to create panels that can convert more sunlight into electricity, ultimately improving the return on investment for solar installations. Bifacial PERC panels are gaining popularity due to their ability to capture sunlight from both the front and rear sides, increasing energy production. This trend is particularly prominent in utility-scale installations and solar farms.

Energy Storage Integration

The integration of energy storage systems with PERC solar panels is becoming common. This allows excess energy generated during the day to be stored and used during the night or during periods of low sunlight, increasing the reliability of solar power. Manufacturers are exploring lightweight and flexible PERC panel designs, which are easier to install and offer more versatility in solar applications. These panels are particularly attractive for residential and commercial installations. Sustainability is a key consideration in the solar industry. Manufacturers are increasingly using eco-friendly materials, optimizing production processes to reduce waste, and incorporating recycling programs into their business models.

Digitalization and Monitoring

Solar panel manufacturers are integrating digital technologies into their products, allowing for real-time monitoring and diagnostics. This helps users optimize energy production and identify maintenance needs promptly. Recent disruptions in global supply chains have led to a focus on supply chain resilience. Manufacturers are diversifying their supply sources and exploring local manufacturing options to reduce vulnerability to disruptions. Emerging economies, particularly in Asia and Africa, are witnessing a surge in solar installations. This growth is driving the expansion of the PERC solar panel market into new regions.

Segmental Insights

Mounting Insights

The ground-mounted sub-segment dominated the global PERC solar panel market share in 2022. PERC technology enables higher energy conversion efficiency compared to traditional solar cells. The passivation layer on the rear surface of the cell reduces recombination, allowing more photons to be converted into electricity. Moreover, the production costs of PERC solar panels have decreased due to advancements in manufacturing processes and economies of scale. PERC cells have demonstrated improved performance under diffuse light, making them suitable for ground-mounted installations in regions with less consistent sunlight.

Installation Insights

The on-grid sub-segment dominated the global PERC solar panel market share in 2022. PERC technology enhances the efficiency of solar panels by adding a passivation layer to the rear side of the cell. This passivation layer reduces electron recombination and increases light absorption, resulting in higher energy conversion efficiency. Furthermore, as the efficiency of PERC solar panels has increased over time, the cost per watt of power produced has reduced, making them a more enticing option for on-grid deployments. Numerous governments and utilities offer incentives and laws to stimulate the use of renewable energy, including on-grid solar installations. Feed-in tariffs, tax credits, subsidies, and other financial incentives that boost the economic sustainability of on-grid solar installations are examples of these financial benefits. These factors are anticipated to boost the demand for PERC solar panel market size.

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Regional Insights

The Asia Pacific region has established itself as the leader in the Global PERC Solar Panels Market with a significant revenue share in 2022

Recent Developments

• In 2023, Trina Solar announced the development of a new PERC solar cell with a record efficiency of 25.26%. This is the highest efficiency ever reported for a PERC solar cell.
• In 2023, Jinko Solar announced the launch of a new line of PERC solar panels with efficiencies of up to 23.5%. These panels are some of the most efficient PERC solar panels on the market.
• In 2023, JA Solar announced the construction of a new PERC solar panel manufacturing facility in China. This facility will have a capacity of 10 GW per year, making it one of the largest PERC solar panel manufacturing facilities in the world.

Key Market Players

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