Global PERC Solar Panels Market Size By Technology, By Application, By Component Type, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationGlobal PERC Solar Panels Market Size By Technology, By Application, By Component Type, By Geographic Scope And Forecast
PERC Solar Panels Market Size And Forecast
PERC Solar Panels Market size is growing at a moderate pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e., 2024 to 2031.
Global PERC Solar Panels Market Drivers
The market drivers for the PERC Solar Panels Market can be influenced by various factors. These may include
- Efficiency Improvement By adding a passivation layer to the back of the cell and lowering electron recombination, PERC technology increases the efficiency of solar cells. Due to its increased efficiency, PERC panels are now more appealing to homeowners and business owners who want to get the most power out of a little amount of land or roof.
- Cost Reduction The cost of manufacturing PERC solar panels has decreased thanks to improvements in production techniques and economies of scale, even with the added manufacturing complexity involved. They can now compete more effectively with other solar technologies and conventional energy sources because to this cost drop.
- Growing Concerns about Climate Change and Environmental Sustainability Have Increased Demand for Renewable EnergyDemand for solar power and other renewable energy sources has increased. Because of their enhanced performance and increased efficiency, PERC panels are ideally positioned to benefit from this trend.
- Policies and Incentives from countries As part of their efforts to meet their targets for renewable energy, a large number of countries worldwide provide subsidies and incentives to encourage the use of solar energy. The upfront costs of installing solar panels are lowered by these incentives, which include feed-in tariffs, tax credits, and rebates, making solar energy more affordable for homes and businesses.
- Technological Advancements Constant research and development has resulted in enhanced durability, higher efficiency rates, and increased reliability in PERC technology. These developments raise the PERC solar panels’ total value proposition and encourage market acceptance.
- Increasing Energy Costs As electricity prices rise and the markets for fossil fuels become more unstable, solar energy is becoming a more alluring choice for people looking for long-term security and financial savings. Adoption of PERC panels is further encouraged by the higher returns on investment they provide during the system’s lifetime due to their increased efficiency.
- Urbanisation and Energy Independence With the growing urban population, decentralised energy production and energy independence are becoming more and more important. Homeowners, companies, and communities can produce their own electricity locally with solar panels, including PERC technology, which lessens their need on fossil fuels and centralised power networks.
- Compatibility with Energy Storage It’s becoming more common to combine solar installations with energy storage devices, including batteries. Because PERC panels are more efficient, they may produce more electricity for storage, maximising the advantages of energy independence and serving as a backup power source in the event of a grid interruption.
Global PERC Solar Panels Market Restraints
Several factors can act as restraints or challenges for the PERC Solar Panels Market. These may include
- Initial Cost PERC solar panels are typically more expensive upfront than regular solar panels, even with advances in manufacturing and economies of scale. For some consumers and organisations, especially in areas with limited solar incentives and subsidies, this upfront expense may be a deterrent to adoption.
- Competition from Other Solar Technologies Monocrystalline and thin-film solar panels, as well as other solar technologies, are competitors for PERC solar panels. These alternative technologies may have advantages of their own, such as cheaper manufacturing costs or greater performance under specific situations, even though PERC panels offer superior efficiency and performance.
- Constraints in the Supply Chain The worldwide solar business is dependent on a convoluted supply chain that includes manufacturing components, distribution routes, and raw materials. The availability and price of PERC solar panels may be impacted by disruptions at any step of this supply chain, including problems with shipping or shortages of essential materials.
- Regulatory Uncertainty Manufacturers and investors in solar panels may experience uncertainty due to modifications in government policies, such as trade agreements, tariffs, and targets for renewable energy. Investment decisions and market expansion may be impacted by regulatory instability, especially in areas where there is uneven support from the government for renewable energy sources.
- Intermittency and Variability of Solar Energy Although solar energy is a renewable resource, its production varies and is contingent upon a number of factors, including the time of day and the weather. Particularly in areas with significant solar penetration, this irregularity might provide difficulties for energy management and grid integration.
- Perception of Durability and Reliability In spite of technology developments, some organisations and customers may continue to believe that traditional energy sources are more durable and reliable than solar energy systems, especially PERC panels. To achieve widespread acceptance, it is imperative to dispel these myths and foster confidence in the long-term viability of solar power systems.
- Land Use and Aesthetic considerations Because large-scale solar arrays need a large amount of land, there may be conflicts between land uses, environmental effects, and aesthetic considerations. It’s critical to address these issues through community involvement, land use planning, and appropriate siting in order to overcome opposition to solar development.
- Challenges with Integrating Energy Storage Systems with PERC Panels Although energy storage systems can improve the dependability and adaptability of solar energy systems, there may be technical and financial difficulties in doing so. Careful system design and implementation are necessary to maximise energy storage technologies’ sizing, performance, and affordability.
Global PERC Solar Panels Market Segmentation Analysis
Global PERC Solar Panels Market is segmented based on Technology, Application, Component Type, and Geography.
PERC Solar Panels Market, By Technology
- Monocrystalline PERC Solar Panels High-efficiency solar panels utilizing monocrystalline silicon wafers with a passivated emitter and rear cell (PERC) design for improved performance.
- Polycrystalline PERC Solar Panels Solar panels incorporating polycrystalline silicon wafers featuring a passivated emitter and rear cell (PERC) architecture, offering enhanced efficiency compared to traditional polycrystalline panels.
PERC Solar Panels Market, By Application
- ResidentialDeployment of PERC solar panels for generating electricity in single-family homes, apartments, and other residential properties, typically for onsite consumption or grid export.
- Commercial Utilization of PERC solar panels in commercial buildings, offices, and retail spaces to offset electricity consumption and reduce operating costs while promoting sustainability.
- Industrial Integration of PERC solar panels into industrial facilities and manufacturing plants to supplement energy needs and lower carbon emissions, contributing to energy efficiency initiatives.
- Utility-scale Large-scale deployment of PERC solar panels in utility-scale solar farms or solar parks for centralized electricity generation and distribution to the grid, catering to the needs of utilities and power providers.
PERC Solar Panels Market, By Component Type
- Solar Panels Photovoltaic modules incorporating PERC technology to convert sunlight into electricity efficiently, serving as the core component of solar energy systems.
- Mounting Structures Structural systems designed to support and secure PERC solar panels in various installations, including rooftop, ground-mounted, and solar tracking systems.
- Inverters Electronic devices responsible for converting direct current (DC) electricity generated by PERC solar panels into alternating current (AC) electricity suitable for use in electrical grids or appliances.
- Balance of System (BOS) Components Auxiliary components essential for the proper functioning of PERC solar energy systems, including wiring, connectors, junction boxes, and monitoring equipment.
PERC Solar Panels Market, By Geography
- North America Market conditions and demand in the United States, Canada, and Mexico.
- Europe Analysis of the PERC Solar Panels Market in European countries.
- Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
- Middle East and Africa Examining market dynamics in the Middle East and African regions.
- Latin America Covering market trends and developments in countries across Latin America.
Key Players
The major players in the PERC Solar Panels Market are
- Adani Group
- PV Cell Technologies
- Aleo Solar
- Alpha Solar
- Evolve Energy Group
- Trina Solar
- Bauer Solar GmbH
- Jiagnsu Akcome Solar Science and Technology Co
- Amerisolar
- EnfoSolar
- JA Solar
- Jiagnsu Akcome Solar Science & Technology Co
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2020-2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Period | 2020-2022 |
| Key Companies Profiled | Adani Group, PV Cell Technologies, Aleo Solar, Alpha Solar, Evolve Energy Group, Trina Solar, Bauer Solar GmbH, Jiagnsu Akcome Solar Science and Technology Co, Amerisolar, EnfoSolar, JA Solar, Jiagnsu Akcome Solar Science & Technology Co |
| Segments Covered | By Technology, By Application, By Component Type, and By Geography |
| Customization Scope | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
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