PERC Solar Panel Market Research Report: By Material (Monocrystalline Silicon, Polycrystalline Silicon, Thin Film), By Application (Residential, Commercial, Industrial, Utility-Scale), By Efficiency (19-21%, 21-23%, 23-25%, Above 25%), By Technology (PERC, PERT, IBC, HIT), By Size (60 Cells, 72 Cells, Above 72 Cells) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global PERC Solar Panel Market Overview

As per MRFR analysis, the PERC Solar Panel Market Size was estimated at 86.97 (USD Billion) in 2022.

The PERC Solar Panel Industry is expected to grow from 108.32 (USD Billion) in 2023 to 781.5 (USD Billion) by 2032. The PERC Solar Panel Market CAGR (growth rate) is expected to be around 24.56% during the forecast period (2024 - 2032).

Key PERC Solar Panel Market Trends Highlighted

The global market for PERC Solar Panels is poised for significant growth, driven by increasing demand for renewable energy and government initiatives promoting solar adoption. Advancements in technology, such as the passivated emitter and rear contact (PERC) method, have enhanced the efficiency and cost-effectiveness of PERC Solar Panels, making them an attractive choice for residential, commercial, and utility-scale installations.

Recent trends in the PERC Solar Panel market include the rise of bifacial panels, which generate electricity from both sides of the panel, increasing energy yield. Additionally, the integration of microinverters into PERC Solar Panels offers increased efficiency and reliability. The market is also witnessing a growing demand for high-power and large-format PERC Solar Panels, as they enable higher power generation and reduce installation costs.

Key market drivers include increasing concerns about climate change, rising energy demand, and supportive government policies such as feed-in tariffs and tax incentives. The opportunities to be explored in the PERC Solar Panel market include the development of bifacial Perc panels with high efficiency, the integration of energy storage systems with PERC Solar Panels, and the expansion into emerging markets with high solar potential.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

PERC Solar Panel Market Drivers

Rising Demand for Sustainable Energy Sources

The increasing global demand for sustainable energy sources is a major driver for the growth of the PERC Solar Panel Market Industry. As governments and businesses worldwide prioritize the reduction of carbon emissions and the transition to renewable energy, solar power has emerged as a viable and cost-effective solution. The growing awareness of the environmental benefits of solar energy, coupled with favorable government policies and incentives, has spurred the adoption of solar panels in both residential and commercial sectors.

The rising demand for sustainable energy sources is expected to continue driving the growth of the PERC Solar Panel Market Industry over the forecast period.

Technological Advancements and Improved Efficiency

Technological advancements have played a significant role in driving the growth of the PERC Solar Panel Market Industry. The development of high-efficiency Perc (Passivated Emitter and Rear Cell) solar panels has increased the power output and efficiency of solar panels, making them more attractive to consumers. PERC Solar Panels utilize a passivated emitter and a rear cell to reduce energy losses and improve overall performance. These advancements have resulted in lower levelized costs of electricity (LCOE) for solar power, making it more competitive with traditional energy sources.

Government Policies and Incentives

Government policies and incentives have been instrumental in promoting the adoption of solar energy and driving the growth of the PERC Solar Panel Market Industry. Many governments worldwide have implemented feed-in tariffs (FITs), tax incentives, and other support mechanisms to encourage the installation of solar panels. These policies have helped to reduce the upfront costs of solar systems, making them more accessible to consumers and businesses.

Additionally, governments are increasingly setting renewable energy targets and mandating the use of solar power in new buildings, further stimulating the demand for PERC Solar Panels.

PERC Solar Panel Market Segment Insights

PERC Solar Panel Market Material Insights

Segmentation of the market is done based on different criteria, including Material, which comprises Monocrystalline Silicon, Polycrystalline Silicon, and Thin Film. Monocrystalline Silicon is the most efficient and expensive type of solar cell, with an efficiency of up to 26%. It is made from a single crystal of silicon, which gives it a uniform structure and high performance. Polycrystalline Silicon, or multicrystalline silicon, is less efficient than monocrystalline silicon, with an efficiency of up to 22%. It is made from multiple crystals of silicon, which results in a less uniform structure and lower performance.

Thin Film is the least efficient type of solar cell, with an efficiency of up to 15%. It is made from a thin layer of semiconductor material deposited on a substrate. Monocrystalline Silicon dominated the PERC Solar Panel Market in 2023, accounting for over 55% of the market share. This dominance is due to its high efficiency and durability. Polycrystalline Silicon is expected to grow at a faster CAGR during the forecast period due to its lower cost and increasing demand in emerging markets. Thin Film is expected to grow at a moderate CAGR due to its low efficiency and limited applications.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

PERC Solar Panel Market Application Insights

The application segment of the PERC Solar Panel Market exhibits a diverse landscape comprising residential, commercial, industrial, and utility-scale applications. In 2023, the residential sector dominated the market, accounting for approximately 35% of the total revenue. The growing demand for solar energy in households, particularly in emerging economies, fuels this dominance. The commercial segment follows closely, capturing around 30% of the market share. Factors such as increasing adoption by businesses seeking sustainable energy solutions and government incentives drive growth in this sector.

Industrial applications account for approximately 20% of the market, primarily driven by the need for reliable and cost-effective energy sources in manufacturing and processing facilities. The utility-scale segment, with a share of around 15%, is expected to witness significant growth in the coming years due to large-scale solar projects and government initiatives promoting renewable energy.

PERC Solar Panel Market Efficiency Insights

The efficiency segment plays a crucial role in the PERC Solar Panel Market revenue growth. With the increasing demand for higher-efficiency solar panels, the market is witnessing a shift towards Perc panels with higher efficiency ratings. The 23-25% efficiency range is expected to hold a significant market share in 2024, driven by its cost-effectiveness and improved performance. Meanwhile, the 'Above 25%' efficiency range is gaining traction as manufacturers focus on developing ultra-high-efficiency panels for commercial and industrial applications.

This segment is projected to witness substantial growth in the coming years, driven by technological advancements and increasing demand for higher power output. Overall, the PERC Solar Panel Market segmentation based on efficiency provides valuable insights into the market dynamics and helps stakeholders make informed decisions.

PERC Solar Panel Market Technology Insights

The technology segment of the PERC Solar Panel Market is categorized into PERC, PERT, IBC, and HIT. PERC (Passivated Emitter and Rear Cell) technology dominates the market with a significant share due to its high efficiency and cost-effectiveness. PERC Solar Panels offer improved light absorption and reduced energy loss, resulting in higher power output compared to conventional solar panels. PERT (Passivated Emitter and Rear Totally diffused) technology is another advanced variation of PERC, offering slightly higher efficiency but at a higher cost.

IBC (Interdigitated Back Contact) technology is gaining traction due to its potential for even higher efficiency, but it is still relatively expensive and faces challenges in mass production. HIT (Heterojunction with Intrinsic Thin-layer) technology is another high-efficiency option that combines crystalline silicon with amorphous silicon, offering temperature stability and low light performance advantages. The PERC Solar Panel Market is projected to witness significant growth in the coming years, driven by increasing demand for renewable energy and government initiatives promoting solar power adoption.

PERC Solar Panel Market Size Insights

The PERC Solar Panel Market is segmented based on Size into 60 Cells, 72 Cells, and Above 72 Cells. The 60 Cells segment held the largest market share in 2023, accounting for over 40% of the PERC Solar Panel Market revenue. The 72 Cells segment is expected to witness the highest growth rate during the forecast period, owing to the increasing demand for higher power output solar panels. The Above 72 Cells segment is expected to gain significant traction in the coming years, as these panels offer even higher power output and efficiency.

The growth of the market is attributed to factors such as increasing demand for renewable energy, government incentives, and technological advancements.

PERC Solar Panel Market Regional Insights

The PERC Solar Panel Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC held the largest market share in 2023 and is expected to maintain its dominance throughout the forecast period. The growth in this region is primarily attributed to the increasing demand for renewable energy sources and government initiatives to promote solar energy adoption. China is the major contributor to the APAC market, accounting for over 50% of the regional revenue. Europe is the second-largest market for PERC Solar Panels, driven by rising environmental concerns and supportive government policies.

Germany, Italy, and the UK are the key markets in this region. North America is also a significant market for PERC Solar Panels, with the US being the major contributor. The growing adoption of solar energy in residential and commercial sectors is fueling the market growth in this region. South America and MEA are emerging markets for PERC Solar Panels, with Brazil and Saudi Arabia being the key markets. The increasing awareness about renewable energy and government incentives are driving the market growth in these regions.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

PERC Solar Panel Market Key Players And Competitive Insights:

Major players in the PERC Solar Panel Market industry are constantly striving to gain a competitive edge by investing heavily in research and development. Leading PERC Solar Panel Market players are focusing on developing innovative products and technologies to cater to the evolving needs of customers. The competitive landscape of the PERC Solar Panel Market is characterized by a high level of competition, with key players vying for market share through strategic partnerships, acquisitions, and product launches. The PERC Solar Panel Market industry is also witnessing the emergence of new entrants, adding to the competitive intensity.

Longi Green Energy Technology is a leading company in the PERC Solar Panel Market. The company has a strong global presence and a wide range of products, including monocrystalline and polycrystalline PERC Solar Panels. Longi Green Energy Technology is known for its high-quality products and strong customer service. The company has a strong focus on research and development, and it is constantly investing in new technologies to improve the efficiency and performance of its products.

JinkoSolar is a leading competitor in the PERC Solar Panel Market. The company has a significant presence in the global market and a wide range of products, including monocrystalline and polycrystalline PERC Solar Panels. JinkoSolar is known for its high-quality products and strong customer service. The company has a strong focus on research and development, and it is constantly investing in new technologies to improve the efficiency and performance of its products.

Key Companies in the PERC Solar Panel Market Include:

• First Solar


• GCL Group


• REC Group


• Risen Energy


• Canadian Solar


• Maxeon Solar Technologies


• Astronergy


• JA Solar


• SunPower


• LONGi Solar


• Jinko Solar


• Hanwha Q CELLS


• Trina Solar


• Seraphim Solar

PERC Solar Panel Industry Developments

The PERC Solar Panel Market is expected to witness significant growth in the coming years, driven by increasing demand for renewable energy sources and government initiatives promoting solar energy adoption. The market is projected to reach a valuation of USD 781.5 billion by 2032, expanding at a CAGR of 24.56% from 2023 to 2032.

Recent developments in the market include the launch of new high-efficiency PERC Solar Panels by major manufacturers, such as JinkoSolar and LONGi Solar. These panels offer improved conversion efficiency and lower levelized cost of electricity (LCOE), making them more attractive to consumers. Additionally, governments worldwide are implementing favorable policies and incentives to encourage the adoption of solar energy, further driving market growth.

PERC Solar Panel Market Segmentation Insights

PERC Solar Panel Market Material Outlook

• Monocrystalline Silicon


• Polycrystalline Silicon


• Thin Film

PERC Solar Panel Market Application Outlook

• Residential


• Commercial


• Industrial


• Utility-Scale

PERC Solar Panel Market Efficiency Outlook

• 19-21%


• 21-23%


• 23-25%


• Above 25%

PERC Solar Panel Market Technology Outlook

• PERC


• PERT


• IBC


• HIT

PERC Solar Panel Market Size Outlook

• 60 Cells


• 72 Cells


• Above 72 Cells

PERC Solar Panel Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa