Monocrystalline Solar Cell Market Size & Share, by Grid Type (Grid-connected, Off-grid); Application; Technology; Installation - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2025-2037

APAC Market Statistics

Asia Pacific in monocrystalline solar cell market is expected to dominate around 36.1% revenue share by the end of 2037. Due to its high efficiency and long-term advantages, the monocrystalline solar cell has become a favored option due to rising policies that support solar installations, such as tax incentives, subsidies, and favorable regulatory frameworks. Rapid population expansion, industrialization, and urbanization raise the need for electricity, which pushes the region to use renewable energy sources such as solar power to fulfill the rising energy demand in a sustainable way that affects product growth. The economic environment will also be enhanced by the rise in large-scale solar farms, which are being driven by nations such as China and India, as well as the growing regional commitment to lowering carbon emissions and addressing climate change.

China’s advanced manufacturing capabilities, driven by leading producers such as LONGi and JinkoSolar, have enabled mass production, reducing costs, and improving the efficiency of monocrystalline solar cells. Additionally, the rise of ultra-large utility-scale solar farms, along with urban rooftop solar installations, has increased demand for high-power density solutions. China’s focus on innovations such as bifacial and n-type monocrystalline cells, which offer higher energy yields and lower degradation rates, further fuels monocrystalline solar cell market growth.

The Global Energy Monitor disclosed that although data from the China Electricity Council estimated that the overall capacity, including distributed solar, was 1,120 GW, China's utility-scale solar and wind capacity reached 758 GW by the first quarter of 2024. Additionally, China's Whole Country Solar approach was a major factor in the installation of roughly half of the distributed solar added in 2023 on residential rooftops. Since 2021, distributed solar has grown at a faster rate than centralized solar, making for 41% of the total solar capacity. Moreover, supportive policies such as subsidies, tax credits, and favorable grid integration frameworks continue to accelerate the adoption of monocrystalline solar cells across various sectors.

In India, the Production-Linked Incentive (PLI) scheme and 100% Foreign Direct Investment policy have attracted investments in solar manufacturing, boosting the adoption of high-efficiency monocrystalline panels. With the nation targeting 500 GW of non-fossil fuel capacity by 2030, large-scale solar projects, such as those in Rajasthan and Gujarat, are driving demand for monocrystalline technology, known for its superior efficiency and durability in extreme climates. For instance, the largest Gujarat Solar Park in Asia was launched by Gujarat Power Corporation Limited (GPCL) to lessen the effects of climate change and preserve the environment for future generations.

Additionally, corporate sustainability commitments, increasing adoption of rooftop solar in commercial and industrial sectors, and advancements in bifacial and n-type monocrystalline cells are further accelerating the monocrystalline solar cell market growth. Also, the declining Levelized Cost of Electricity (LCOE) and improved efficiency-to-cost ratio make monocrystalline panels a preferred choice for industrial and utility-scale solar farms, strengthening India’s position as a global solar energy leader.

North America Market Analysis

North America monocrystalline solar cell market is expected to grow at a significant rate during the projected period. The market in the region is distinguished by a significant focus on sustainability and the adoption of renewable energy. Residential solar installations are becoming popular due to government incentives and increased environmental consciousness. Additionally, utility-scale solar projects prosper, particularly in locations with abundant sunshine. The use of monocrystalline solar cells has also been accelerated by net-metering regulations and developments in energy storage technologies. As a result, solar capacity has steadily increased across North America, fueling a thriving monocrystalline solar cell market.

The need for energy independence and falling installation prices is expanding the residential solar in the U.S., which will boost product penetration. Also, the Energy Star reported that an annual residential clean energy tax credit of 30% of the prices for eligible, newly installed property is available to individuals who invest in renewable energy for their homes (such as solar, wind, geothermal, fuel cells, or battery storage technologies) between 2022 and 2032. For properties installed in 2033 and 2034, the credit percentage falls to 26% and 22%, respectively.
Growing awareness of climate change in tandem with the growth of utility-scale solar projects, especially in the sun-rich southwestern and western regions, is increasing demand for the product since these projects can produce more power per unit of area, which maximizes energy production for utilities and optimizes land use.

Furthermore, in Canada, Feed-in tariffs (FITs), tax credits, and net metering programs encourage businesses and homeowners to install solar systems, boosting the demand for monocrystalline solar cells. Also, the industrial sector, particularly in mining, manufacturing, and commercial real estate, is integrating solar power to cut operational costs and meet sustainability goals, further fueling monocrystalline solar cell market growth. According to the Canada Action Coalition, there are currently 196 significant solar energy projects in Canada, with Alberta and Ontario housing the largest of these. Furthermore, the nation's rooftops are home to over 43,000 solar (PV) energy installations that supply electricity directly to homes, businesses, and commercial buildings.