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.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
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.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
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.
Technavio supports Health for All campaign on this World Health Day with 20% savings on all reports in the Health and Wellness category for the entire month.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at [email protected].
Latest posts by Editorial Team (see all)
- Dubai Moves to Honour Knowledge Pioneer With $1 Million Mohammed bin Rashid Al Maktoum Knowledge Award - May 20, 2018
- Court Dismisses Andrea Tantaros Lawsuit Against Fox News And Pete Snyder - May 20, 2018
- President Jimmy Carter spurs Liberty University Class of 2018 to success through service - May 19, 2018