PERC Solar Panels Market to Garner $304.9 Billion, Globally, by 2032 at 8.2% CAGR: Allied Market Research

Mar 12, 2024

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31 Jul, 2023, 10:01 ET

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Advancements in Passivated Emitter and Rear Contact (PERC) technology is anticipated to drive the growth of the global PERC solar panels market during the forecast period from 2023 to 2032. The Asia-Pacific region is projected to grow at a tremendous CAGR by 2032.

PORTLAND, Ore., July 31, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "PERC Solar Panels Market by Type (Mono-crystalline, Polycrystalline), by Application (Residential, Commercial, Utility), by Mounting (Roof-top, Ground-mounted), by Installation (On-grid, Off-grid, Hybrid): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global PERC solar panels market generated $140.4 billion in 2022, and is anticipated to generate $304.9 billion by 2032, witnessing a CAGR of 8.2% from 2023 to 2032.

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Prime Determinants of Growth

In the last few years, there has been a steady increase in the pace of advancements and innovations in the Passivated Emitter and Rear Contact (PERC) technology. As a result, the demand for PERC solar panels has increased, which is predicted to be one of the important factors driving the growth of the global PERC solar panels market in the forecast timeframe. However, the higher initial prices of PERC solar panels may hamper the PERC solar panels market growth in the coming period. On the contrary, the high energy efficiency offered by PERC solar panels has increased their popularity across the globe, which is expected to offer growth opportunities for expansion of the PERC solar panels market in the 2023-2032 forecast period.

Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$140.4 Billion

Market Size in 2032

$304.9 Billion

CAGR

8.2 %

No. of Pages in Report

290

Segments Covered

Mounting, Installation, Type, Application, and Region

Drivers

Steady increase in pace of advancements and innovations in Passivated Emitter and Rear Contact (PERC) technology

Growing demand for PERC solar panels due to their higher conversion efficiencies compared to traditional solar cells

Opportunities

Increase in popularity due to higher energy efficiency

Growing adoption of PERC solar panels owing to enhanced performance in high-temperature environments

Restraints

High initial cost of PERC solar panels

COVID-19 Scenario

Mounting: Ground Mounted Sub-segment Projected to Gather a Huge Revenue During the Forecast Period

The ground mounted sub-segment accounted for the highest PERC solar panels market share of 58.4% in 2022 and is expected to grow at a CAGR of 8.6% during the forecast period. PERC solar panels have shown improved performance under diffused light, making them suitable for ground-mounted installations in regions with less consistent sunlight. This has led to an increase in adoption of ground mounted systems which is predicted to boost the sub-segment's growth by 2032.

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Installation: On-grid Sub-segment to be Highly Dominant During the Forecast Period

The on-grid sub-segment held the major share of 55.3% in 2022 and is expected to continue to hold major market share by 2032. Over the years, with an increase in efficiency of PERC solar panels, the cost per watt of power produced has reduced, making them more suitable for on-grid deployments. This has led to an increase in on-grid deployments which is predicted to boost the sub-segment's growth during the forecast period.

Type: Mono-crystalline Sub-segment to Grow Rapidly by 2032

The mono-crystalline sub-segment gathered a major share of 71.8% of the PERC solar panels market in 2022 and is expected to grow at a CAGR of 8.4% during the forecast period. As compared to polycrystalline or thin-film cells, mono-crystalline solar cells have higher efficiency. This has led to an increase in popularity of mono-crystalline solar cells which is predicted to boost the sub-segment's growth by 2032.

Application: Utility Sub-segment to Gather a Substantial Market Revenue in the Forecast Period

The utility sub-segment accounted for the highest market share of 57.5% in 2022 and is expected to grow at a stunning CAGR of 8.6% during the forecast period. PERC solar panels have better energy conversion efficiency, which is why they are an appealing option for utility-scale solar projects. As a result, there has been an increase in demand for these systems which is predicted to boost the sub-segment's growth by 2032.

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Region: Asia-Pacific Market to be One of the Fastest Growing by 2032

The Asia-Pacific region garnered the major share of 59.1% in 2022 and is expected to rise at a tremendous CAGR of 8.7% during the forecast period. The increasing number of governments in the region offering financial incentives and subsidies to promote the production of solar electricity is expected to be the main growth driver of the market in the Asia-Pacific region by 2032.

Leading Players in the PERC Solar Panels Market:

The report provides a detailed analysis of the key players of the global PERC solar panels market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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SOURCE Allied Market Research