Solar Silicon Wafer Market Size, Share and Global Trend By Type (Single Crystal Silicon Wafer, Polycrystalline Silicon Wafer), By End-User (Residential, Commercial, Industrial, Utility) and Regional Forecast, 2024-2032

The silicon wafers are used as a base for the manufacturing of solar panels. The reflectivity and absorptivity of the solar rays falling on the solar panels depend on the characteristics of the silicon wafer used. The use of silicon wafers in the solar panels increases the efficiency of the solar panels.

At present, the silicon wafers are being utilized in most of the solar installations taking place around the globe. Therefore, the growth of the solar photovoltaic market goes hand in hand with the growth of the solar silicon wafers market.

The application of the silicon wafers in the upcoming electric vehicles to store more amount of energy and increase the efficiency of the vehicle will also help the growth of the global solar silicon wafer market, as the automobile industry is growing in every region at a good pace.

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The increasing demand for energy, rural electrification, and demand shift towards clean energy are the other factors which will augment the growth of the global solar silicon wafer market over the forecast period.

On the type of manufacturing process of the solar silicon wafer, the global market can be segmented into a single-crystal silicon wafer and the polycrystalline silicon wafer. The higher efficiency of the single crystal silicon wafer is the primary factor which will see single crystal silicon wafer hold a more significant market share.

Based on the end-user the global solar silicon wafer market can be segmented into residential, commercial, industrial, and utilities. The installation for solar panels has been adopted in every sector owing to its advantages.

The utility segment will dominate the global solar silicon wafer market during the forecast period. The higher market share of the utility segment will be attributed to the ongoing large scale installations by governments to increase power output and decrease the dependency of conventional sources.

The major market driver for the global solar silicon wafer market is the increasing demand for clean energy around the world, which has seen a rise in the number of solar installations. Also, the support from governments of various countries for the installation of solar has boosted the global solar silicon wafer market.

The application of solar wafers in the electric vehicles in the automobile industry which is growing at a reasonable rate is also the factor driving the growth of the global solar silicon wafer market.

The key market restraint for global solar silicon wafer market is the high cost of manufacturing and installation associated with silicon wafer panels as compared to the thin-film photovoltaic panels. The high capital cost indulged in production will see small players being kept away from entering the market which minimizes the opportunity for the market to be fragmented.

Key Players Covered

Some of the major companies that are present in the global solar silicon wafer market are GCL Solar Energy, Inc., LDK Solar Energy Europe, Yingli Solar, ReneSola Ltd., LONGi Solar, Green Energy Technology, Trina Solar, Comtec Solar Systems Group Ltd, Targray, UniversityWafer, CETC Solar Energy Holdings Co., Ltd., ENF Solar, Wuxi Suntech Power Co., Ltd., Jinko Solar Co., Ltd., JA Solar and others.

SEGMENTATION 

Regional Analysis

In recent years the developed and the developing countries have drifted towards the use of solar energy, which has increased the deployment of the solar panels and therefore, the solar silicon wafer market has also gained pace. The global solar silicon wafer market has now been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. China is the largest consumer and manufacturing hub for solar silicon wafers. Many of the major players operating in the solar silicon market are based in China. This has seen Asia Pacific region dominate the global solar silicon wafer market with increased installations and with government initiatives to support the growth. After the Asia Pacific, Europe is the dominant region for the global solar silicon wafer market with many countries in Europe shifting towards clean energy, and solar energy stands as the most preferred replacement of conventional sources. Similarly, the steps to reduce carbon footprints have seen the USA dominate the solar silicon wafer market in the North America region. The Middle East & Africa and Latin America regions will also have a lucrative growth rate in the solar silicon wafer market with energy trend shifting towards renewables.    

Key Industry Developments

• In July 2019, LONGI green energy which is a leading monocrystalline wafer producer signed a long term supply contract Vietnam based PV manufacturer Vina Solar. Total supply of around 254 million pieces would be done with the total time ranging from July 2019 to December 2021. The total deal is valued at around $540 million.
• In August 2019, GlobalWafers and GT advanced technologies signed a long term agreement wherein the expertise of bot the companies will combine to form a new source of supply for silicon carbide wafers. The objective of the collaboration is to increase supply and reduce costs for the high demand substrate material.