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 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.
Monocrystalline silicon currently sells at an average price ofCNY 217.5 ($32.30)/kg, with prices ranging from CNY 200/kg to CNY 232/kg. This is 31.02% higher that the levels registered in mid-January.
Figure 1 indicates a consistent underestimate by the PV industry participants of the extent to which monocrystalline silicon would overtake directionally solidified silicon as the preferred wafering technology. When PERC solar cells were first commercial-ized, p-type multicrystalline silicon wafers still dominated the solar cell market.
The market share of crystalline silicon (c-Si) modules was 96.6% in 2021, with monocrystalline accounting for 88.9% of those. More than 80% of PV modules used half-cut c-Si solar cells, and shingled PV module technology was also adopted.
In the figure, monocrystalline silicon includes Cz, magnetic Cz, and float-zone silicon wafers. However, Cz wafers represent over 99% of the monocrystalline silicon market. Directionally solidified silicon includes traditional multicrystalline, high-performance multicrystalline, and mono-like (also known as cast- and quasi-mono) silicon wafers.