Monocrystalline Solar Cell Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMEP3295 | Last Updated On: Aug 02 2022 | Available Formats

> Global Monocrystalline Solar Cell Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Monocrystalline Solar Cell Market is segmented By Technology (Crystalline Silicon Cells, Thin-Film Cells, Ultra-Thin Film Cells), By Grid Type (On-Grid, Off-Grid, Hybrid System), By Installation (Ground-Mount, Rooftop Solar PV), By Application (Commercial, Residential, Industrial, Utility, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The global monocrystalline solar cell market is expected to grow at a CAGR during the forecasting period (2022-2029).

The solar panels made out of a single crystal of pure silicon are called monocrystalline solar panels. Moreover, these cells are manufactured from a cylindrical silicon ingot grown from a single crystal of silicon of great purity in the same way as a semiconductor. In addition, the cylindrical ingot is sliced into wafers (octagonal-shaped wafers), forming cells to maximize the cells' utility and increase the solar cell's efficiency between 18% to 24%.

Market Dynamics

Annual deployment of solar capacity has been doubling every four years for the past couple of decades, reaching 125 GW in 2019. Initially, a sector with relatively substantial contributions from rooftop installations (residential and commercial buildings), solar in 2020 is all about large-scale solar farms typically in the range of 100 MW to 1 GW, spread across large areas of the countryside. This ground-mount demand is utility sector-stimulated and often mandated by governments or utility providers as part of long-term environmental necessity. In addition, one of the reasons people tend to choose monocrystalline solar panels is because of how they look.

Rising preferences towards renewable power sources, rising awareness among the people regarding self-sufficiency & energy security, growing initiatives of the government for the establishment of solar energy by providing subsidies are some of the factors which will be expected to enhance the growth of the monocrystalline solar cell (Mono-Si) market in the forecast period of 2020-2027. Simultaneously, rising environmental concerns and a growing number of technological advancements will further boost various opportunities that will lead to the monocrystalline solar cell (Mono-Si) market during the forecast period. 

Furthermore, monocrystalline solar panels usually have the highest efficiency and power capacity out of all solar panels, with panel efficiencies ranging from 17% to 22%. Moreover, because monocrystalline solar cells are made out of a single crystal of silicon, electrons can flow easier through the cell, making the PV cell efficiency higher than other solar panels. So, monocrystalline solar panels usually have a higher power output rating than polycrystalline or thin-film modules.

However, monocrystalline panels are costing more than other solar panels due to their power ratings and high efficiency, which is expected to hinder the market growth during the forecast period. According to the Lawrence Berkeley National Laboratory, monocrystalline (Mono-Si) solar panels sell for about USD 0.05 per watt, higher than polycrystalline modules. As solar technology and manufacturing have improved, the price difference between polycrystalline and monocrystalline panels has shrunk.

Segment Analysis

By technology, the market is segmented into crystalline silicon cells, thin-film cells and ultra-thin film cells. By grid type, the market is segmented into on-grid, off-grid and hybrid systems. By installation, the market is segmented into ground-mount and rooftop solar PV. By application, the market is segmented into commercial, residential, industrial, utility and others.

Monocrystalline silicon solar PV is the reliable technology to deliver the highest efficiency, measured by wattage output related to the panel’s size. But the high efficiency increases the cost of the solar panel. In addition, the best value in solar PV technology is polycrystalline silicon, offering efficiency levels near monocrystalline panels at half the costs in a few cases. Moreover, monocrystalline solar is manufactured by increasing a single crystal. Because these crystals usually are an oval shape, monocrystalline panels are cut into unique designs that give them a recognizable appearance: the sliced silicon cells exhibit the missing corners in the grid-like arrangement. In addition, the crystal framework in a monocrystalline is even, providing a steady blue color and no grain marks, giving it the highest efficiency levels and best purity.

Geographical Analysis

APAC holds the largest market share for monocrystalline solar cells due to the surging investment for the prevalence of sustainable energy. At the same time, Europe is expected to dominate the monocrystalline solar cell (Mono-Si) market due to the growing number of favorable initiatives by the government for installing solar panels and rising technological advancement. Moreover, China, the U.S, Japan and India continue to add significant new capacity levels each year in 2020 alone, and China is expected to add more than 40 GW. Europe collectively is a 20 GW proposition, with countries in Southern Europe (particularly Portugal and Spain) now primarily operating subsidy-free. Australia has now become a key focus, with new gigawatt-scale additions coming from large-scale utility projects, adding to the strong adoption of residential systems of the past few years. However, some of the most robust growth comes from specific countries in Latin America, Southeast Asia and the Middle East countries.

Competitive Landscape

The monocrystalline solar cell market is fragmented with the presence of regional and global players. The competitive contour lies with the increase in the regional company and growing investment in upstream application. First Solar, SunPower Corporation, Jinko Solar, Trina Solar, FuturaSun, Panasonic, Suniva Inc, SHARP CORPORATION, ALPS Technology Inc., Solaris Technology Industry Inc. are the major player in the solar cell market. The major players adopt several growth strategies such as product launches, acquisitions, and collaborations, contributing to growing the monocrystalline solar cell market globally.

FuturaSun

The company offers a wide range of monocrystalline solar cells with enhanced properties and features.

FU360-380M SILK PRO

FuturaSun manufacture Silk Pro a new series of monocrystalline PV modules with 120 MBB half-cut solar cells (360-380 Watt) suitable for installation. The dimensions of SILK PRO are similar to the classic 60-cell modules. It is distinguished by its excellent temperature coefficient and higher yields in the event of dirt or shading present on the module's surface.

As of February 2021, the module is slightly smaller for technological optimization purposes and offers features such as:

  • New dimensions: 1755 x 1038 x 35 mm (120 half-cut cells, 360-380 Wp)
  • Product warranty of 15 years
  • Nine busbars 166 mm half-cut PERC cells
  • High module efficiency up to 20.86%
  • Fewer shades and more reflected light to the cell thanks to the round ribbon
  • Two independent section design secures a higher energy yield in case of shading
  • Lower risk of hot spot and micro-cracks
  • Improved low light performance
  • Low NMOT, improving the power generation efficiency
  • Half-cut design in combination with multi busbar reduce operating current and internal resistance
  • NEW: Product Liability Insurance

Why Purchase the Report?

  • Visualize the composition of the monocrystalline solar cell market segmentation by technology, Grid type, Installation, Application and region, highlighting the critical commercial assets and players.
  • Identify commercial opportunities in the monocrystalline solar cell market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of the monocrystalline solar cell market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the critical product of all major market players

The global monocrystalline solar cell market report would provide access to an approx.: 61 market data tables, 55 figures, and 180 pages.

Target Audience

  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers

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