According to the research report titled ‘Global Monocrystalline Solar Cell (Mono-Si) Market Size study, by Grid Type (Grid Connected, Off-Grid), by Application (Residential, Commercial, Industrial, Power Utilities), by Installation (Ground-Mount, Rooftop Solar PV), by Technology (Crystalline Silicon Cells, Thin Film Cells, Ultra-Thin Film Cells) and Regional Forecasts 2020-2027’, available with Market Study Report, global monocrystalline solar cell (Mono-Si) market is slated to witness stellar growth during 2020-2027.
 

Rising adoption of solar energy power sources coupled with favorable government initiatives which promote use of solar technologies are key factors driving the growth of global monocrystalline solar cell (Mono-Si) market.
 

Citing an instance, according to SEIA (Solar Energy Industries Association), the residential deployment of solar PV cells was recorded at 2,239 MWdc in the year 2017, which subsequently reached around 2,386 MWdc in 2018.
 

For those uninitiated, monocrystalline silicon, also known as a single crystal silicon, is a primary material in silicon-based components as well as in integrated circuits which are used in solar modules & cells. The product is basically made using cylindrical silicon ingots which are cut into wafers.
 

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Monocrystalline silicon-based solar cells offer better efficiency due to the use of highly pure silicon. They can also operate in lower light environments and extreme heat conditions, which in turn is boosting the demand for Mono-Si cells. Apart from this, rising concerns regarding energy self-sufficiency and security are further propelling global monocrystalline solar cell market share.
 

The global lockdown stemmed by the COVID-19 pandemic has resulted in temporary shutdown of commercial as well as industrial establishments of solar energy in order to curb the spread of the disease, which in turn is negatively impacting the growth of global monocrystalline solar cell industry. Additionally, high production and deployment costs coupled with concerns regarding inconsistent performance of the product may also hamper the industry remuneration in the ensuing years.
 

Regionally, monocrystalline solar cell market in Europe is slated to record a strong CAGR through 2027. Supportive government initiatives which encourage the deployment of solar panels in consort with focus towards increasing solar energy generation capacity are favoring the market outlook in Europe.
 

On the other hand, Asia-Pacific is expected to emerge as a major revenue generator for global monocrystalline solar cell market by the year 2027. Escalating investments towards installation of solar cells coupled with rising adoption of sustainable sources of energy are augmenting the regional demand for the product.
 

Canadian Solar Inc., Trina Solar Co. Ltd., Solaris Technology Industry Inc., ALPS Technology Inc., Sharp Corporation, Tata Power Solar Systems Ltd., Suniva Inc., Green Brilliance Renewable Energy LLP, SunPower Corporation, and First Solar Inc. are the key participants in global monocrystalline solar cell industry.