Global Low Carbon Monocrystalline Silicon Market size (2023 - 2030)

In 2022, the Global Monocrystalline Silicon Market was valued at USD 4.07 billion and is projected to reach a market size of USD 6.99 billion by 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 7%.

Market Overview:

The development and adoption of thin film low carbon monocrystalline silicon materials are anticipated to have a positive influence on the market during the outlook period. These thin films made of low-carbon monocrystalline silicon materials are cost-effective and can be used in the production of large-scale electricity. The energy payback time of thin film low-carbon monocrystalline silicon cells is comparatively lower than that of other technologies involved in the industry. These cells show low-temperature properties and thus are used in hot regions around the globe. They work well at an absorber thickness of approximately 2 µm and can be further increased by using the plasma-enhanced chemical vapor deposition method. These solar panels are usually made of a single crystal of pure silicon and are manufactured from a cylindrical silicon ingot which is generally grown from a single crystal of silicon having a great purity index. The cylindrical ingot is sliced into wafers assembling cells to maximize the cells' utility. These cells upgrade the efficiency between 18% to 24%.

COVID-19 Impact on the Global Low Carbon Monocrystalline Silicon Market:

The COVID-19 pandemic had a severe negative impact on the low-carbon monocrystalline silicon market due to the strict lockdowns and social distancing norms to contain the spread of the virus. The economic uncertainty, partial lockdown, shutdowns of the business, and low consumer confidence affected the demand for low-carbon monocrystalline silicon technology. The supply chain got disrupted during the pandemic along with delayed logistics activities. However, the low-carbon monocrystalline silicon market is estimated to regain its growth rate during the post-pandemic scenario due to the easing of the restrictions across various economies.

Market Drivers:

Increasing demand for solar cell energy is augmenting the demand for low-carbon monocrystalline silicon in the market:

The increasing focus on energy security is likely to propel the demand for renewable energy resources. The limited reserves of fossil fuels and non-renewable resources have been used for producing energy for quite a long time. Now, the focus has been shifted and renewable energy sources are increasingly used as alternatives to traditional energy sources as they expand the energy mix and decrease the dependence on petroleum-based fuels. Solar energy greatly reduces the dependency on imported crude oil for those economies that have few or no petroleum reserves. Thereby, augmenting the demand for low-carbon monocrystalline silicon in the global market.
The increase in modern energy services installations worldwide is propelling the demand globally:

The surge in economic growth and energy security is accelerating global market growth. Also, an increase in the need for reducing poverty and improving the standard of life with the aid of modern energy services has assisted in the expansion of the global market size. Additionally, the increase in the number of installations of solar systems has further influenced the market. The increase in demand for low-carbon monocrystalline silicon because of the growing need to minimize the prices of solar cell modules fuels the growth of the market. Additionally, factors such as rapid urbanization, change in lifestyle, a surge in investments, and rising consumer spending have positively impacted the low-carbon monocrystalline silicon market.

The increasing investments in the research and development sector are boosting the market growth:

The recent technological advancements and increase in investments in the research and development sector have extended profitable opportunities to the market players in the forecast period of 2023 to 2028. Also, advancements in infrastructure development activities will further expand the market size for low-carbon monocrystalline silicon globally.

Increasing urbanization along with the disposable income among the middle-class population is bolstering the market growth:

With the rapid growth in the population and continuous increasing urbanization, improvement in living standards, and rising disposable income among the middle-class population, the amount of household spending has also increased, driving the demand for these products to keep up with the changing market dynamics. Therefore, the low-carbon monocrystalline silicon market has also seen a rapid rise in demand owing to the various range of applications it has and changes in consumer patterns and preferences along with the surplus disposable income among people.

Market Restraints: 

Higher installation and production costs are a key obstacle for market growth:

The higher costs of installation of devices and the production costs associated with them are key hindrances to the adoption of this low-carbon monocrystalline silicon. On the other hand, low-performance efficiency is likely to obstruct global market growth. Also, fluctuations in the prices of raw materials are estimated to challenge the low-carbon monocrystalline silicon market in the forecast period of 2023-2028.

LOW CARBON MONOCRYSTALLINE SILICON MARKET REPORT COVERAGE:

This research report on the Global Low Carbon Monocrystalline Silicon Market has been segmented and sub-segmented based on Applications, Regions, and Key Companies.

Low Carbon Monocrystalline Silicon Market – By Application

• Photovoltaics
• Electronics

Based on the application, the Low Carbon Monocrystalline Silicon Market has been segmented into 2 segments – Photovoltaics and Electronics.

The photovoltaics segment has the highest market share and holds the largest market share in 2022, accounting for over 71% of the global market share. The market share for this application is likely to increase by nearly 2% by 2028.

Low-carbon monocrystalline silicones are being greatly deployed throughout the globe due to the increase in awareness among people regarding the adverse environmental impacts of fossil fuels.

Low Carbon Monocrystalline Silicon Market – By Region.

• North America
• Europe
• Asia-Pacific
• South America
• Middle-East and Africa

Based on region, the Low Carbon Monocrystalline Silicon Market has been segmented into 5 major regions – North America, Europe, Asia-Pacific, South America, Middle-East, and Africa.

Europe dominates the global low-carbon monocrystalline silicon market because of the high rate of implementation in BIPV and the usage of the latest advanced technologies within the region.

North America is estimated to witness a significant growth rate during the forecast period of 2023 to 2028 because of the surge in capital investments in the development of DSSC and the research and development sector in the region.

Asia-Pacific is also witnessing a remarkable growth rate, accounting for a market share of close to 57%, due to increased industrialization and urbanization activities in the region. Asia-Pacific excluding Japan is budding yet a fast-growing market for the technology. Key markets include China and India. The large population bases of both countries are predicted to create lucrative growth opportunities.

Low Carbon Monocrystalline Silicon Market – By Companies.

1. First Solar
2. SunPower Corporation
3. Suniva Inc
4. Tata Power Solar Systems Ltd.
5. SHARP CORPORATION
6. ALPS Technology Inc.
7. Solaris Technology Industry, Inc.
8. GREEN BRILLIANCE RENEWABLE ENERGY LLP.
9. Trina Solar
10. Canadian Solar
11. sJinko Solar

The Low Carbon Monocrystalline Silicon Market is highly fragmented and extremely competitive with key players involved in R&D and constant technological innovation done by the vendors.