Mono PERC Solar Panels Market Assessment and Revenue Forecast Until The End of 2029

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Mono PERC Solar Panels

• Demand for renewable energy sources has been rising across the globe, as these sources of renewable energy help reduce carbon emissions. Steady research in photovoltaic (PV) cells has led to a gradual decrease in the cost of solar panels. It has also led to an increase in efficiency. This has boosted the installation and investment in solar energy.

• Rise in research and development activities related to photovoltaic cells has led to the development of mono PERC solar panels. Mono PERC is combination of monocrystalline cells and passivated emitter and rear cell.

• Mono PERC solar panels have better flexibility, as they provide end-users with various placement and tilt options without compromising efficiency

• Mono PERC solar panels provide higher energy efficiency of up to 22% compared to conventional solar cells. They also offer exceptional low light performance.

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Key Drivers of Global Mono PERC Solar Panels Market

• The mono PERC solar panels market has been expanding owing to rise in urbanization and increase in demand for energy across the globe. Mono PERC solar panels help reduce pollution and dependence on electricity. Furthermore, rise in environmental regulations on carbon emission is estimated to propel the demand for mono PERC solar panels in the next few years.

• Rise in government initiatives regarding renewable energy in rural and urban areas is also anticipated to boost the demand for these panels in the near future

COVID-19 Impact Analysis

• Governments of various countries have enforced nationwide lockdowns, as a precautionary measure to curb the spread of the COVID-19 pandemic. This has disrupted planned renewable energy projects across the globe. The pandemic has also disrupted the supply of raw materials, essential equipment, and skilled labor in the market, resulting in project delays. Thus, the COVID-19 pandemic has adversely affected the mono PERC solar panels market.

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Key Development

• On March 06, 2020, Trina Solar announced that its State Key Laboratory (SKL) of PV Science and Technology (PVST) fabricated a PERC cell with 23.39% efficiency solely using standard manufacturing equipment. This is the highest efficiency confirmed by an ISO/IEC 17025 certified calibration laboratory for such an industrial cell. The cell has an area of 252 cm2, is bifacial, and has nine bus bars as used in many Trina modules. The cell was calibrated at ISFH CalTeC in Germany under full area illumination (with full front metallization taken into account) on a brass chuck contacting the whole rear area.

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Asia Pacific to Hold Major Share of Global Mono PERC Solar Panels Market

• Based on region, the global mono PERC solar panels market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

• Asia Pacific dominated the global mono PERC solar panels market in 2019, owing to the rise in globalization and urbanization in the region. Investments in the renewable energy sector are rising at a rapid pace in countries such as China, India, and Japan in Asia Pacific. China has the largest installed base of solar energy. It is also the major manufacturer of solar panels in the world. This is anticipated to drive the mono PERC solar panels market in the region.

• Europe also held key share of the global mono PERC solar panels market in 2019, led by significant investments in the renewable energy sector in the region. Countries in the region are striving to generate energy via solar panels in order to achieve the renewable energy target set by the European Union. The region is focusing on becoming carbon neutral by 2030 by reducing the use of fossil fuels and shifting toward green energy.

• North America is likely to account for vital share of the global mono PERC solar panels market during the forecast period. The region is well developed and is investing in various sources of renewable energy.

• The market in Middle East & Africa is expected to expand at a healthy space during the forecast period. The region is focusing on developing its renewable energy sector. It is integrating solar energy with district cooling/heating and desalination plants.

• The market in Latin America is likely to be expand at a sluggish pace during the forecast period owing to low awareness and investments in the renewable energy sector