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Monofacial Solar Panels Market

Monofacial Solar Panels Market

The market for Monofacial Solar Panels was estimated at $156 billion in 2024; it is anticipated to increase to $239 billion by 2030, with projections indicating growth to around $341 billion by 2035.

Report ID:DS2406006
Author:Chandra Mohan - Sr. Industry Consultant
Published Date:December 2024
Datatree
Energy & Power
Renewable Energy
Monofacial Solar Panels
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Report Summary
Table of Contents
Methodology
Market Data

Global Monofacial Solar Panels Market Outlook

Revenue, 2024

$156B

Forecast, 2034

$317B

CAGR, 2024 - 2034

7.34%
The Monofacial Solar Panels industry revenue is expected to be around $167.9 billion in 2025 and expected to showcase growth with 7.34% CAGR between 2025 and 2034.

Monofacial solar panels capture sunlight from a direction and efficiently transform it into electric power while showcasing straightforwardness and versatility, for consistent energy production.

Monofacial Solar Panels market outlook with forecast trends, drivers, opportunities, supply chain, and competition 2024-2034

Market Key Insights

  • The Monofacial Solar Panels market is projected to grow from $156.4 billion in 2024 to $318 billion in 2034. This represents a CAGR of 7.34%, reflecting rising demand across Residential Solar Power Generation, Auxiliary Power Units in Motor Vehicles and Communal Solar Power Production.
  • The market leaders in this sector include JinkoSolar Holding Co. Ltd and Canadian Solar Inc and Trina Solar which determine the competitive dynamics of this market.
  • China and U.S. are the top markets within the Monofacial Solar Panels market and are expected to observe the growth CAGR of 4.8% to 7.0% between 2024 and 2030.
  • Emerging markets including Nigeria, Colombia and Philippines are expected to observe highest growth with CAGR ranging between 8.4% to 10.1%.
  • The adoption of bifacial technology will drive Monofacial Solar Panels market expansion by $23.0 billion during the 2030 period.
  • The Monofacial Solar Panels market is set to add $161 billion between 2024 and 2034, with manufacturer targeting All-Black & undefined Product Design projected to gain a larger market share.
  • With Rise in global electricity demand, and Technological advancements in energy sector, Monofacial Solar Panels market to expand 103% between 2024 and 2034.
monofacial solar panels market size with pie charts of major and emerging country share, CAGR, trends for 2025 and 2032

Opportunities in the Monofacial Solar Panels

Monofacial solar panels have the potential to revolutionize the market for energy solutions by catering to various needs such as outdoor workstations and camping equipment as well as providing crucial support for humanitarian efforts in remote regions with unexplored possibilities, for portable solar power utilization.

Growth Opportunities in North America and Europe

North America Outlook

In the global monofacial solar panel market share pie chart symbolizes North America with a slice carved out for itself due to various reasons like the rise in solar energy projects being implemented and supportive regulations alongside widespread consumer knowledge driving its influence forward despite facing fierce competition from both local and international competitors battling it out for a piece of the market pie which is further fueled by advancements in technology and attractive incentives promoting renewable energy sources signifying promising prospects, for growth ahead.

Europe Outlook

The market for solar panels in Europe is experiencing significant growth due to the regions emphasis on renewable energy and substantial investments in solar power infrastructure alongside a well established regulatory system in place facilitating this development despite facing stiff competition primarily from manufacturers based in Asia which adds a challenging aspect to the landscape of this industry segment yet the increasing dedication towards achieving carbon neutrality across Europe offers promising prospects, for expansion and advancement within this sector.

Market Dynamics and Supply Chain

01

Driver: Rise in Global Electricity Demand, and Climate Change Concerns and Sustainability

The demand for electricity is also skyrocketing as the worlds population grows and industries expand worldwide. Monofacial solar panels are also gaining popularity as an efficient option, for power generation compared to traditional sources. This trend is also driving market expansion in the energy sector. With the increasing focus on issues comes a trend towards using renewable energy sources more often these days. Monofacial solar panels are also becoming popular because they are also environmentally friendly and help, in lowering the carbon footprint.
The increased attention given to research and development in the energy industry has also resulted in improvements, in the effectiveness and output of monofacial solar panels consequently boosting their usage rates.
02

Restraint: High Installation Costs

The significant market obstacle for solar panels lies in their expensive initial installation and purchase costs—a deterrent for potential customers due to the upfront investment required despite the long term advantages of solar energy adoption; this issue is particularly challenging in developing regions with limited access, to capital resources.
03

Opportunity: Revolutionizing Electric Vehicle Charging and Integrating Solar Into Building Materials

One promising opportunity that is arising involves using solar panels to create solar powered charging stations for electric cars as the popularity of electric vehicles increases globally and the demand for sustainable energy solutions grows stronger owing to their efficiency and affordability. Monofacial solar panels have become more efficient and cost effective over time suggest opening up an avenue for growth, in this market segment.
Monofacial solar panels may have potential in areas within building integrated photovoltaics (BIPVs). BIPVs are an idea that entails integrating solar technology into building materials to replace traditional ones like windows or roof tiles with the ability to produce electricity. A innovation that could lead to the development of eco friendly and sustainable buildings, in the coming years.
04

Challenge: Technological Limitations

Monoside solar panels absorb sunlight from one side which limits their effectiveness when compared to bifacial panels that can harness sunlight from both sides This drawback, in technology is impeding the expansion of the market since consumers are now leaning towards more efficient alternative options.

Supply Chain Landscape

1
Raw Material Procurement

Glencore

Rio Tinto

2
Ingot & Wafer Production

GCL-Poly

LONGi Green Energy

3
Cell & Module Production

First Solar

Jinko Solar

4
System Installation & Use

Canadian Solar

Trina Solar

*The illustration highlights the key stakeholders within the supply chain ecosystem.

Applications of Monofacial Solar Panels in Residential Power Generation, Auxiliary Power Units in Motor Vehicles & Communal Power Production

Residential Solar Power Generation

Monofacial solar panels are commonly used in homes because of their installation process and high efficiency levels. They capture sunlight. Convert it into electricity for household use reducing the dependenceon grid power and promoting eco friendly practices. SunPower and Canadian Solar are suppliers of quality monofacial solar panels designed for residential use know for their effectiveness and durability, over time.

Communal Solar Power Production

Numerous neighborhoods are embracing the utilization of solar panels to establish community solar energy centers driven by the idea of sustainable and decentralized electricity production. These initiatives enable communities to produce an amount of their power from a renewable source which results in saving costs and lowering carbon emissions. Key industry leaders, like First Solar and Trina Solar play roles in supporting these shared solar projects through their high capacity monofacial solar panels.

Auxiliary Power Units in Motor Vehicles

Monofacial solar panels are becoming popular in the sector as well and are commonly found in motorhomes and campervans where they serve as an additional power supply when the vehicle is not, in motion and the engine is turned off.

Recent Developments

December 2024

The leading global solar panel manufacturer JinkoSolar Holding Co., Ltd has introduced a range of monofacial solar panels that are resistant to corrosion and tailored for regions, with high humidity and coastal environments to enhance their longevity and durability significantly.

September 2024

SunPower Corporation has unveiled a line of mono facial solar panels that are remarkably efficient and now deliver around 380 watts of power. A substantial upgrade from their earlier versions. This move is geared towards enhancing the adoption of energy, in residential settings.

The Monofacial Solar Panels market has seen a rise in recent times mainly due to the growing interest in sustainable energy sources and the demand for efficient energy solutions worldwide leading to an increase in solar panel installations globally and advancements, in the efficiency of these panels.

Impact of Industry Transitions on the Monofacial Solar Panels Market

As a core segment of the Renewable Energy industry, the Monofacial Solar Panels market develops in line with broader industry shifts. Over recent years, transitions such as Shift Towards Bifacial Technology and Rising Market Consolidation have redefined priorities across the Renewable Energy sector, influencing how the Monofacial Solar Panels market evolves in terms of demand, applications and competitive dynamics. These transitions highlight the structural changes shaping long-term growth opportunities.
01

Shift Towards Bifacial Technology

The Monofacial Solar Panels market is experiencing a transition to bifacial technology primarily because of the enhanced performance efficiency of bifacial panels that make use of both the front and back sides to produce electricity resulting in increased energy output levels despite higher upfront installation expenses. The rising popularity of panels is attributed to their long term cost efficiency and energy efficacy which poses a significant competition to the demand, for monofacial solar panels. This industry transition is expected to add $23 billion in the industry revenue between 2024 and 2030.
02

Rising Market Consolidation

In the sector were seeing a rise, in companies merging to boost their market presence and cut down on expenses to keep up with the fierce competition.

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