Monocrystalline Solar Panel Market Size, Share, Opportunities, And Trends By Type (N-Type, P-Type), By End User (Residential, Commercial, Industrial), And By Geography - Forecasts From 2023 To 2028

The monocrystalline solar panel market is projected to show steady growth during the forecast period.

Monocrystalline solar panels, recognized for their high efficiency and durability, are created from a solitary silicon crystal that is melted and grown into a cylindrical ingot. The ingot is then sliced into thin wafers, forming solar panels. Because they are made from a single crystal, they have a very uniform appearance and are more efficient at converting sunlight into electricity than other types of solar panels, such as polycrystalline or thin-film solar panels. The market for monocrystalline solar panels is being driven by several factors, including rising demand for renewable energy, advancements in technology, government incentives, and urbanization, among others.

The monocrystalline solar panel market is expected to experience growth as a result of the increasing generation of solar power.

Monocrystalline solar panels are more efficient and durable than normal solar panels. As the demand for solar power continues to grow, the demand for monocrystalline solar panel also increases. For instance, data from the International Energy Agency shows that global solar power generation increased from 679.0 TWh (Terawatt hours) in 2019 to 1002.9 TWh in 2021 and is expected to reach around 7413.9 TWh in 2030. The same source also indicates that the share of solar power in the global cumulative power capacity increased from 8.1% in 2019 to 12.8% in 2022 and is expected to reach 22.2% by 2027. IEA data also indicates that the solar power capacity in residential buildings has increased from 74.7 GW (Gigawatts) to 145.4 GW between 2019 and 2021. Likewise, in the commercial and industrial sectors, the capacity has increased from 177.4 GW to 238.0 GW during the same period.  According to data from the International Renewable Energy Agency (IRENA), China holds the largest solar capacity in the world, estimated at around 392 GW as of 2022. The United States of America follows with a capacity of 135.7 GW. Japan, Germany, and India also have a substantial solar capacity, according to the same source.

The mandatory inclusion of solar panels in new residential and commercial constructions by governments is expected to drive the growth of the monocrystalline solar panel market.

Governments across the globe are making the installation of solar panels mandatory on new residential constructions, commercial buildings, and government buildings, to increase power generation from renewable energy sources like the sun, and to reduce power generation from traditional sources that cause pollution. Data from the U.S. Energy Information Administration (EIA) indicates that residential solar power installations rose by 34%, from 2.9 gigawatts in 2020 to 3.9 gigawatts in 2021. Similarly, the federal states in Germany are requiring the installation of solar panels on the roofs of both residential and commercial buildings. According to the Canadian Renewable Energy Association, around 40,000 solar rooftop installations were recorded in 2021. Additionally, In July 2021, China's National Energy Administration (NEA) announced that it aimed to have a minimum of 20% of residential rooftops equipped with solar panels in selected counties. The NEA wanted at least 30% of commercial and industrial structures, 40% of non-government public buildings such as hospitals and schools, and 50% of roofs on government-owned properties to have solar panels installed. Similarly, The Delhi government made it mandatory for all government buildings in the capital to install rooftop solar energy panels in May 2022, as announced in India. Thus, such initiatives taken by the governments will boost the growth of the monocrystalline solar panel market.

The Asia-Pacific region is expected to show the maximum growth of the monocrystalline solar panel market in the coming years.

The growth of the monocrystalline solar panel market in this region can be attributed to several factors, including the high adoption of solar energy in countries such as China, Japan, and India, favorable government policies and incentives, and the increasing demand for renewable energy sources. For instance, data from the Energy Information Administration (EIA) shows that China’s solar power capacity increased from 224 TWh in 2019 to 327 TWh in 2021. During the same period, Japan and India also experienced similar growth with their solar capacities increasing from 69.38 TWh to 88.70 TWh and 46.27 TWh to 68.31 TWh, respectively. In addition, various programs and schemes have been launched by the Indian government to encourage the production of solar power in the country. These initiatives include the Solar Park Scheme, VGF Schemes, CPSU Scheme, Bundling Scheme, and Grid Connected Solar Rooftop Scheme, among others. In December 2022, a new regulation was passed by the local assembly of the Japanese capital, stating that all new houses built in Tokyo after April 2025 must have solar power panels installed to reduce household carbon emissions. Similarly, the solar power project in William Creek, South Australia, is setting a remarkable precedent. The town is powered entirely by solar energy, making it one of the rare places on earth to rely completely on renewable energy. Thus, the increase in solar power generation and government initiatives to promote the adoption of solar energy as a form of power generation is expected to contribute to the growth of the monocrystalline solar panel market in the Asia Pacific region.

Market Key Developments

• In September 2022, Sharp Energy Solutions Europe added a new black-framed 410W monocrystalline PERC silicon photovoltaic panel, the NU-JC410B, to its half-cut cell portfolio. The panel is designed for residential, small-scale commercial, and industrial rooftop installations and is suitable for both long and short-frame side clamping.
• In August 2022, IB Solar Pvt Ltd introduced a limited-edition line of monocrystalline solar panels that are designed to withstand various weather conditions. These panels have a low density of silicone crystals that absorb less heat and light, enabling electrons to move freely and generate electricity.
• In March 2022, Gautam Solar unveiled the G-2X monocrystalline series of solar panels, which could produce up to 566 Wp. These bifacial modules were well-suited for both rooftop and ground-mounted solar power plants, offering an extra 10%- 30% power generation from the back side on the same land area. The solar modules had a combined front and back efficiency that could reach up to 25.72%.

Monocrystalline Solar Panel Market Scope:

Segmentation

•  By Type
  • N-Type
  • P-Type
• By End User
  • Residential
  • Commercial
  • Industrial
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others