LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the CAGR for the global monocrystalline silicon market to be around 9% during the period 2018-2022, however, the market's growth momentum will decelerate owing to a decrease in the year-over-year growth.
The development and adoption of thin film monocrystalline silicon materials will have a positive influence on the market during the forecast period. Thin films made of monocrystalline silicon materials are cost-efficient and can be used in large-scale electricity production.
The energy payback time (EPBT) of thin film monocrystalline silicon cells is lower than that of other technologies. These cells exhibit low-temperature coefficients and are thus used in hot regions around the world. They can work at an absorber thickness of approximately 2 µm, and the absorbance can be increased by using plasma-enhanced chemical vapor deposition.
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In this report, Technavio analysts highlight the increasing demand for solar energy as a key factor contributing to the growth of the global monocrystalline silicon market:
Increasing demand for solar energy
The growing focus on energy security is likely to fuel the demand for renewable energy. The limited reserves of fossil fuels are used for producing energy. Crude oil imports influence the economic growth of countries. Renewable energy sources are increasingly used as alternatives to conventional energy sources as they expand the energy mix and decrease the dependence petroleum-based fuels. Solar energy reduces the dependency on imported crude oil for countries that have few or no petroleum reserves. Unlike conventional fuels, solar energy does not cause emissions.
“Microcrystalline silicon is widely used for manufacturing photovoltaic panels that convert sunlight into electricity. The increasing government support and subsidies for the installation and use of solar power will drive the microcrystalline silicon market during the forecast period,” says a senior analyst at Technavio for specialty chemicals research.
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Global monocrystalline silicon market segmentation
This market research report segments the global monocrystalline silicon market by application (photovoltaics and electronics) and key regions (the Americas, APAC, and EMEA).
Of the two application segments, the photovoltaics segment held the largest market share in 2017, accounting for over 71% of the market. The market share for this application is expected to increase by nearly 2% by 2022. APAC was the leading region for the global monocrystalline silicon market in 2017, accounting for a market share of close to 57%, followed by the Americas and EMEA.
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