Monocrystalline solar panels have black-colored solar cells made of a single silicon crystal and usually have a higher efficiency rating. However, these panels often come at a higher price. Polycrystalline solar panels have blue-colored cells made of multiple silicon crystals melted together.
Monocrystalline silicon is used to manufacture high-performance photovoltaic panels. The quality requirements for monocrystalline solar panels are not very demanding. In this type of boards the demands on structural imperfections are less high compared to microelectronics applications. For this reason, lower quality silicon is used.
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.
The market share of solar crystalline silicon (advanced c-Si) cells is expected to account for 25.6 percent of the global market by 2030. C-Si is the oldest photovoltaic technology and is largely dominant in the solar market.
Polycrystalline solar panels are also made from silicon. However, instead of using a single silicon crystal, manufacturers melt many silicon fragments together to form wafers for the panel. Polycrystalline solar cells are also called "multi-crystalline" or many-crystal silicon.
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.