Global Low Carbon Monocrystalline Silicon Market Outlook (2024 - 2030)

In 2023, the Global Monocrystalline Silicon Market reached a valuation of USD 4.35 billion and is forecasted to attain a market size of USD 6.99 billion by 2030. The market is poised to expand at a CAGR of 7% during the period spanning from 2024 to 2030.

Low Carbon Monocrystalline Silicon Market Overview:

The adoption and advancement of thin-film low carbon monocrystalline silicon materials are expected to positively impact the market in the forthcoming years. These thin film products, crafted from low-carbon monocrystalline silicon materials, offer cost-effectiveness and are suitable for large-scale electricity production. Compared to other technologies within the industry, thin film low-carbon monocrystalline silicon cells exhibit a lower energy payback time. Additionally, these cells display efficient performance in hot climates worldwide due to their low-temperature properties. They demonstrate optimal performance at an absorber thickness of around 2 µm and can be further enhanced using the plasma-enhanced chemical vapor deposition method. Typically composed of a single crystal of pure silicon, these solar panels are manufactured from a cylindrical silicon ingot, typically grown from a single crystal of silicon with a high purity index. The cylindrical ingot is then sliced into wafers to assemble cells, maximizing their utility. These cells boost efficiency levels between 18% to 24%.

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

The low-carbon monocrystalline silicon market suffered significant setbacks due to the COVID-19 pandemic, as stringent lockdown measures and social distancing protocols were enforced to contain the virus spread. Factors such as economic uncertainties, partial business closures, and decreased consumer confidence adversely affected the demand for low-carbon monocrystalline silicon technology. Supply chains were disrupted, leading to delays in logistics operations. Nevertheless, the market is anticipated to recover its growth trajectory in the post-pandemic era, following the easing of restrictions across various economies.

Market Drivers:

Rising Demand for Solar Cell Energy Driving Market Growth:

The increasing emphasis on energy security is driving the demand for renewable energy sources. With traditional fossil fuels and non-renewable resources being finite, there is a growing shift towards renewable energy sources to diversify the energy mix and reduce reliance on petroleum-based fuels. Solar energy, in particular, plays a crucial role in reducing dependence on imported crude oil for economies with limited petroleum reserves, thereby boosting the demand for low-carbon monocrystalline silicon globally.

Global Surge in Modern Energy Services Installations:

Economic growth and a focus on energy security are propelling the global market forward. The push to reduce poverty and enhance quality of life through modern energy services has contributed to the market's expansion. The increasing installations of solar systems worldwide have further stimulated market growth. The demand for low-carbon monocrystalline silicon is on the rise due to the need to lower the costs of solar cell modules. Factors such as rapid urbanization, lifestyle changes, increased investments, and rising consumer spending have all positively influenced the low-carbon monocrystalline silicon market.

Boost from Research and Development Investments:

The market is benefiting from increased investments in research and development, leading to technological advancements. These developments offer lucrative opportunities for market players between 2024 and 2028. Furthermore, advancements in infrastructure development activities are expected to expand the market size for low-carbon monocrystalline silicon on a global scale.

Urbanization and Middle-Class Disposable Income Drive Market Growth:

The market is experiencing a surge in demand due to rapid urbanization, improved living standards, and rising disposable income among the middle-class population. As household spending increases alongside changing consumer preferences, the demand for low-carbon monocrystalline silicon products continues to rise.

Market Restraints:

High Installation and Production Costs as Market Challenges:

The high costs associated with device installation and production are significant hurdles to market adoption. Additionally, the market faces challenges due to lower performance efficiency. Fluctuations in raw material prices are also expected to pose challenges to the low-carbon monocrystalline silicon market between 2024 and 2028.

In the Low Carbon Monocrystalline Silicon Market – By Application:

• Photovoltaics
• Electronics

The Low Carbon Monocrystalline Silicon Market has been categorized into two segments based on application – Photovoltaics and Electronics.

The Photovoltaics segment commands the highest market share, holding the largest portion as of 2022, constituting more than 71% of the global market share. By 2028, it is expected that the market share for this segment will increase by nearly 2%.

The global adoption of low-carbon monocrystalline silicones is on the rise due to the growing awareness among individuals about the adverse environmental effects of fossil fuels.

In the Low Carbon Monocrystalline Silicon Market – By Region:

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

The Low Carbon Monocrystalline Silicon Market has been segmented into five major regions – North America, Europe, Asia-Pacific, South America, and Middle-East and Africa.

Europe leads the global low-carbon monocrystalline silicon market due to its high rate of implementation in Building-Integrated Photovoltaics (BIPV) and the utilization of cutting-edge technologies within the region.

North America is poised to experience significant growth during the forecast period from 2024 to 2028, fueled by the increase in capital investments in the development of Dye-Sensitized Solar Cells (DSSC) and the research and development sector in the region.

Asia-Pacific is also witnessing remarkable growth, capturing a market share of nearly 57%, driven by the escalating industrialization and urbanization activities in the region. Asia-Pacific, excluding Japan, is an emerging yet rapidly growing market for the technology, with China and India standing out as key markets. The substantial populations of both countries are anticipated to create attractive growth opportunities.

In the 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. Jinko Solar

The Low Carbon Monocrystalline Silicon Market is characterized by high fragmentation and intense competition, with key players engaged in Research and Development (R&D) and continuous technological innovation.