Global Monocrystalline Solar Cell (Mono-Si) Market, By Grid Type (Grid Connected, Off-Grid), Application (Residential, Commercial, Industrial, Power Utilities), Installation (Ground-Mount, Rooftop Solar PV), Technology (Crystalline Silicon Cells, Thin Film Cells, Ultra-Thin Film Cells) - Industry Trends and Forecast to 2029
Market Analysis and Size
Monocrystalline solar cell (Mono-Si) is being highly deployed throughout the world due to the rise in awareness among consumers regarding adverse environmental impacts of fossil fuels. This solar cell is one of the most widely used semiconductor material in photovoltaic (PV) technology.
Global Monocrystalline Solar Cell (Mono-Si) Market was valued at USD 4.1 billion in 2021 and is expected to reach USD 7.11 billion by 2029, registering a CAGR of 6.30% during the forecast period of 2022-2029. Thin Film Cells is expected to witness high growth in the technology segment owing to its added functionality. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
These solar panels are generally made of a single crystal of pure silicon. They are manufactured from a cylindrical silicon ingot that is grown from a single crystal of silicon of great purity. The cylindrical ingot is sliced into wafers forming cells to maximize the cells' utility. These cells enhance efficiency between 18% to 24%.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Grid Type (Grid Connected, Off-Grid), Application (Residential, Commercial, Industrial, Power Utilities), Installation (Ground-Mount, Rooftop Solar PV), Technology (Crystalline Silicon Cells, Thin Film Cells, Ultra-Thin Film Cells)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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First Solar. (US), SunPower Corporation (US), Suniva Inc (US), Tata Power Solar Systems Ltd. (India), SHARP CORPORATION (Japan), ALPS Technology Inc. (US), Solaris Technology Industry, Inc. (India), GREEN BRILLIANCE RENEWABLE ENERGY LLP (India), Trina Solar (China), Canadian Solar. (Canada), and sJinko Solar (China), among others
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Market Opportunities
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Monocrystalline Solar Cell (Mono-Si) Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Rise in Awareness regarding Adverse Environmental Impacts
The rise in awareness among buyers regarding adverse environmental impacts of non-renewable source-based power acts as one of the major factors driving the monocrystalline solar cell (Mono-Si) market. Also, increase in the dependence on unconventional sources of energy has a positive impact on the market.
- Modern Energy Services
The rise in economic growth and energy security accelerate the market growth. Also, increase in the need for reducing poverty and improving the quality of life with the help of modern energy services has assist in the expansion of the market.
- Increase in Solar System Installation
The increase in the number of installation of solar system further influence the market. The rise in demand of monocrystalline solar cell (Mono-Si) because of growing need to decline prices of solar cells modules drives the growth of the market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the monocrystalline solar cell (Mono-Si) market.
Opportunities
Furthermore, recent technical advancements reducing production cost extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, improvement in infrastructure development activities will further expand the market.
Restraints/Challenges
On the other hand, low performance efficiency is expected to obstruct market growth. Also, fluctuations in the raw materials are projected to challenge the monocrystalline solar cell (Mono-Si) market in the forecast period of 2022-2029.
This monocrystalline solar cell (Mono-Si) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on monocrystalline solar cell (Mono-Si) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Monocrystalline Solar Cell (Mono-Si) Market
The COVID-19 had a negative impact on the monocrystalline solar cell (Mono-Si) market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand monocrystalline solar cell (Mono-Si) technology. The supply chain got hampered during the pandemic along with delay logistics activities. However, the monocrystalline solar cell (Mono-Si) market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.
Global Monocrystalline Solar Cell (Mono-Si) Market Scope and Market Size
The monocrystalline solar cell (Mono-Si) market is segmented on the basis of grid type, application, technology and installation. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Grid Type
- Grid Connected
- Off-Grid
Application
- Residential
- Commercial
- Industrial
- Power Utilities
Technology
- Crystalline Silicon Cells
- Thin Film Cells
- Ultra-Thin Film Cells
Installation
- Ground-Mount
- Rooftop Solar PV
Monocrystalline Solar Cell (Mono-Si) Market Regional Analysis/Insights
The monocrystalline solar cell (Mono-Si) market is analysed and market size insights and trends are provided by country, grid type, application, technology and installation as referred above.
The countries covered in the monocrystalline solar cell (Mono-Si) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe dominates the monocrystalline solar cell (Mono-Si) market because of the high rate of implementation in BIPV and usage of the latest technologies within the region.
North America is expected to witness significant growth during the forecast period of 2022 to 2029 because of the surge in investments in the development of DSSC in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Monocrystalline Solar Cell (Mono-Si) Market
The monocrystalline solar cell (Mono-Si) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to monocrystalline solar cell (Mono-Si) market.
Some of the major players operating in monocrystalline solar cell (Mono-Si) market are
- First Solar. (US)
- SunPower Corporation (US)
- Suniva Inc (US)
- Tata Power Solar Systems Ltd. (India)
- SHARP CORPORATION (Japan)
- ALPS Technology Inc. (US)
- Solaris Technology Industry, Inc. (India)
- GREEN BRILLIANCE RENEWABLE ENERGY LLP (India)
- Trina Solar (China)
- Canadian Solar. (Canada)
- sJinko Solar (China)
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