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Monocrystalline solar panels (or mono panels) are made from monocrystalline solar cells. Each cell is a slice of a single crystal of silicon that is grown expressly for the purpose of creating solar panels. Distinctive for their black color, monocrystalline solar panels typically have an efficiency range of between 15% to 20%. Monocrystalline solar panels captured more than 80% of the whole solar panel market and is one of the highest growing markets in renewable energy worldwide.

The Monocrystalline Solar Panel Market is expected to grow at a strong CAGR of 21.8% during the forecast period owing to the rising sale of solar panels and increasing investment in the renewable sector. Moreover, the need to meet net zero emission goals across the globe in various countries and rising consumer awareness towards environmentally friendly energy is acting as a catalyst in the growth of the Monocrystalline Solar Panel Market globally during the projected period. Solar power generation needs to grow by a CAGR of 25% for the period of 2022-30 in order to meet the targets set by the Net Zero Emissions 2050 policy.

Solar PV generation increased by 22%, an amount of 179 TWh in 2021 to exceed 1,000 TWh overall power. Solar PV is one of the world's lowest-cost options for electricity generation. Solar PV accounts for nearly 3.6% of electricity generation globally and it is the third largest renewable electricity technology behind wind and hydropower. Countries worldwide are heavily investing in renewable energy to meet their renewable energy targets. The solar energy market is one of the prominent sources of energy that has seen a massive boom in the last decade. For instance, In the USA, one of the leading nations for solar power, solar has experienced an average annual growth rate of 33% in the last decade alone. Thanks to strong federal policies like the Solar Investment Tax Credit, rapidly declining costs, and increasing demand across the private and public sectors for clean electricity, more than 140 gigawatts of solar capacity are installed nationwide, enough to power 25 million homes.

• Based on deployment, the Monocrystalline Solar Panel market is bifurcated into Rooftop and Ground-Mounted segments. The rooftop segment acquired a majority share in the Monocrystalline Solar Panel market and is expected to register a substantial growth rate during the forecast period. A Rooftop PV system means a PV system that has electricity-generating solar panels mounted on the rooftop of a building or structure. Most rooftop PV systems are usually residential and much smaller when compared to utility-scale solar ground-mounted systems. Most residential rooftop PV systems are in the range of 5-20 kW while commercial rooftop-mounted systems can range from 100 kW to 1 MW. many large rooftops have built industrial-scale PV systems in the range of 10 MW.
• Based on Application, the Monocrystalline Solar Panel market is divided into Residential, Commercial & Industrial, and Utility-scale segments. The Utility-scale segment acquired a majority share in the Monocrystalline Solar Panel market and is expected to showcase a substantial growth rate during the forecast period. Utility-scale PV remains the most competitive source of PV generation globally; however, building large-scale installations is becoming increasingly challenging in many regions of the world due to the lack of suitable sites. Moreover, Solar PV is the main choice for the private sector if they want to invest in renewable energy. Companies investing in distributed (including rooftop) solar PV installations on their commercial buildings and premises are responsible for around 30% of the total installed PV capacity, moreover, Companies are entering into corporate power purchase agreements with solar PV plant operators which would drive the market for Monocrystalline Solar Panel during the forecast period.
• For a better understanding of the market adoption of the Monocrystalline Solar Panel industry, the market is analyzed based on its worldwide presence in countries such as North & South America (U.S.A., Brazil, Rest of North & South America), Europe (Germany, Netherland, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), Rest of World. APAC registered the highest market share in the Monocrystalline Solar Panel market and is expected to witness an influential CAGR in the forecasted period. It is mainly owing to many Solar Photovoltaic (PV) Cell projects taking place in China, India, Australia, and Japan. Moreover, favorable government policies, regulations, and investments in achieving renewable energy targets set by various countries are driving the market. For instance: In Australia, the Australian government will provide AUD 14 million to support 5B’s AUD 33.4 million strategic technology innovation project through the Australian Renewable Energy Agency; In Japan, the Japanese government allocated 8 billion yen in the 2021 national budget to support the introduction of independent solar power generation equipment and storage batteries including electric vehicles through on-site PPA; and in India, the Government of India announced an additional capital infusion of Rs. 10 billion to the Solar Energy Corporation of India and Rs.15 billion to the Indian Renewable Energy Development Agency.
• Some of the major players operating in the market include First Solar Inc., Astronergy (Chint Solar Co. Ltd.), JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., Canadian Solar Inc., JA Solar Technology Co., Trina Solar Co. Ltd., Risen Energy Co. Ltd., Suntech Power Holdings Co. Ltd., and Hanwha Q CELLS Co. Ltd.