Monocrystalline Solar Cell Market Size - By Product (BSF, PERC/PERL/PERT/TOPCON, HJT, IBC & MWT), Regional Outlook & Global Forecast, 2024 – 2032

Monocrystalline Solar Cell Market Size

The global monocrystalline solar cell market was valued at USD 26.6 billion in 2023 and is estimated to grow at a CAGR of 2.9% from 2024 to 2032. It is a type of photovoltaic cell made from a single, continuous crystal structure of silicon. These cells are created using a process that involves slicing wafers from a pure, high-grade silicon ingot. Monocrystalline cells are known for their high efficiency, long lifespan, and better performance in low-light conditions compared to other types of solar cells, such as polycrystalline or thin-film cells.
 

Growing demand for high-efficiency cells ranging from 18% to 23%, making them ideal for installations where space is limited, such as rooftops or urban environments will propel the product adoption. Increasing adoption of solar cells offering better performance in low-light environments, such as cloudy days or during early morning and late afternoon hours will foster the product growth, especially in regions with variable sunlight conditions.
 

Growing requirement to adopt solutions having a longer lifespan with warranties ranging from 25 to 30 years will boost the product growth, especially for utility-scale projects, where long-term performance and low maintenance costs are crucial factors. Growing investments in reducing the cell manufacturing costs by shifting towards advanced technologies such as the Czochralski process will influence the industry statistics.

Monocrystalline Solar Cell Market Trends

Rising government incentives and policies to encourage the adoption of renewable energy technologies, including solar power, aiming at reducing the carbon footprint will complement the business landscape. Furthermore, mono solar cell's sleek and uniform appearance, makes them visually appealing, especially in residential settings will drive the market growth. Additionally, growing push for clean energy and decarbonization will complement demand for solar power installations, targeting regions with ambitious climate goals will lead to industry expansion.
 

Monocrystalline Solar Cell Market Analysis

Based on product, the PERC/PERL/PERT/TOPCON segment is projected to surpass USD 23 billion by 2032, owing to their significant performance improvements and potential to optimize solar energy generation. Furthermore, these technologies offer enhanced efficiency, durability, and cost-effectiveness, making them attractive in both residential and utility-scale solar projects. Rising demand for technologies offering enhanced passivation and design optimizations enabling better performance under diffuse or low-light conditions, such as on cloudy days or during early mornings and late evenings will bolster the product adoption.

Asia Pacific monocrystalline solar cell market is predicted to hit USD 31.5 billion by 2032. Rising policies including subsidies, tax incentives, and favorable regulatory frameworks that support solar installations will make the product a preferred choice owing to their high efficiency and long-term benefits. Rapid urbanization, industrialization, and population growth, increase electricity demand, encouraging the region to turn to renewable energy, including solar power, to meet this growing energy demand sustainably impacting product growth. Furthermore, surge in large-scale solar farms, with countries such as China and India leading the charge coupled with growing regional commitment towards reducing carbon emissions and combating climate change will complement the business landscape.

In the U.S., expanding residential solar growth driven by decreasing installation costs and the requirement for energy independence will stimulate the product penetration. Increasing awareness about climate change in line with expansion in utility-scale solar projects, particularly in the sun-rich regions of the Southwest and West will boost the product demand owing to their ability to generate more power per unit of area, thereby optimizing the land use and maximizing energy production for utilities.
 

Monocrystalline Solar Cell Market Share

Eminent market players are heavily investing in research and development (R&D) to improve cell efficiency and adopt cutting edge technologies. These innovations help increase energy output, making monocrystalline solar cells more attractive for large-scale and residential installations. Many key players are adopting a vertical integration strategy to control the entire value chain from raw materials to final product delivery. This approach not only helps to reduce costs but also ensures quality control and supply chain security, allowing companies to respond quickly to market demands and price fluctuations.
 

Monocrystalline Solar Cell Market Companies

Eminent players operating in the monocrystalline solar cell industry are:

• AIKO
• Havells
• Jinko Solar
• Motech Industries
• REC Solar Holdings
• RENESOLA
• Suniva
• Targray
• Tongwei
• Vikram Solar
   

Monocrystalline Solar Cell Industry News

• In May 2024, LONGi introduced the latest HBC solar cells from LONGi, certified by Germany’s Solar Energy Research Institute ISFH, reached an impressive 27.30% efficiency in the laboratory tests. This announcement aims to showcase LONGi’s rapid technological advancements in solar cell efficiency, solidifying its position as a leader in solar innovation with a new record setting.
   
• In October 2023, JinkoSolar, reached a pivotal technical milestone with its 182 mm high efficiency monocrystalline silicon solar cell. The company set a new benchmark in solar conversion efficiency, attaining an impressive 26.89% for its 182 mm and larger TOPCon monocrystalline silicon cells. This landmark achievement has received independent validation from the National PV Industry Measurement and Testing Center.
   

This monocrystalline solar cell market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “USD Billion & MW” from 2021 to 2032, for the following segments:

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Market, By Product

• BSF
• PERC/PERL/PERT/TOPCON
• HJT
• IBC & MWT
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
• Europe
  • Germany
  • Spain
  • France
  • Netherlands
• Asia Pacific
  • China
  • Malaysia
  • South Korea
  • Japan
  • Taiwan
  • India
• Rest of World