Solar Silicon Wafer Market Size, By Type (Monocrystalline Wafer, Polycrystalline wafer), By Application (PV Modules, Inverter, Solar Cell, Solar Racking System, Solar Battery), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Industry Trends

Solar Silicon Wafer Market size exceeded USD 9.5 billion in 2020 and is estimated to grow at a CAGR of over 11% from 2021 to 2027.
 

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The solar silicon wafer market growth is due to continuous development of large-sized solar silicon wafer, to deliver high energy efficiency, low pricing, and stable heat absorption capabilities. The increasing development in M12-size for solar silicon wafer to improve product efficiency and reduce associated costs will further augment the market expansion.
 

The solar silicon wafer is thin slice of crystalline silicon which is used as a substrate in microeconomic devices to fabricate integrated circuits in photovoltaics (PV) for the manufacturing of solar cell. These wafers require highly pure and defect free single crystalline materials to increase the efficiency of solar cells and solar modules.
 

Solar silicon wafer market players are proactively focusing on increasing the energy conversion efficiency of monocrystalline solar silicon wafer and associated products. For instance, in July 2020, JinkoSolar Holding Co., Ltd. announced the development of its N-type monocrystalline silicon solar cells, which reached a maximum solar conversion efficiency of 24.79%. Similar development and innovations in solar silicon wafer will add new growth opportunities to the market. 
 

The COVID-19 pandemic has severely disrupted the supply chain of polysilicon raw materials for solar wafer manufacturing across the globe, hampering the solar silicon wafer market revenue. More than 70% of the polysilicon raw material suppliers are located in the Chinese region. The market leaders are highly dependent on China for procuring raw materials and components. To restructure supply chain issues, major market participants and public sector units (PSUs) are focusing on establishing new production facilities in their home countries and other regions. For instance, in December 2020, Coal India Limited (CIL) announced to set up an integrated solar wafer manufacturing facility to boost the local solar value chain in the country. The company announced to invest USD 763 million by March 2024 to develop 14 solar power projects. These companies are majorly focusing on building solar equipment manufacturing facilities in new regions to fix the supply chain ecosystem, which will fuel the market value.  
 

Superior energy conversion efficiency delivered by monocrystalline wafers will drive the market demand

The monocrystalline wafer segment in the solar silicon wafer market was valued at USD 8 billion in 2020 and is projected to witness around 13% growth rate till 2027 led by several intuitive features offered by the monocrystalline solar silicon wafer such as sleeker aesthetics, higher performance, and better energy conversion efficiency. Adding to this, the monocrystalline solar silicon wafer manufacturers are proactively focusing on expanding their production capacities and entering into strategic long-term contracts to achieve competitive advantage in the market.
 

Expansive penetration of solar power stations in developing economies will add new growth opportunities to solar cells

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The solar cell application accounted for 12.5% of the solar silicon wafer market share in 2020 and will grow at a CAGR of 13% through 2027 impelled by growing adoption of solar cells in photovoltaic panels, solar modules and solar power station equipment for energy conversion, and storage application in the market. The rising establishment of solar farms and solar power stations in developing economies, such as Turkey, Mexico, India, and Malaysia, is expected to create high growth opportunities for the market. In January 2021, the Ministry of Energy and Natural Resources, Turkey, for development of its Renewable Energy Resource Zones (YEKA), announced the launch of 74 solar energy mini tenders. These new tenders will increase the total production capacity by 1,000 MW for 36 regions in Turkey. This is increasing the proliferation of solar cells, adding new growth opportunities to the market.
 

Rising government initiatives will create an opportunity for the APAC industry expansion

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Asia Pacific solar silicon wafer market dominated around 90% of revenue share in 2020 and is predicted to attain a CAGR of over 11 % during 2021 to 2027 on account of the favorable government initiatives supporting the regional PV manufacturing industry in China. In July 2020, the Ministry of Finance, Government of China, increased its budget for renewable power subsidies to approximately USD 14.27 billion, which is 7.5% more than the previous year’s budget. The proposed budget will subsidize local solar silicon wafer manufacturers in research & development and plant expansion activities, further contributing to the regional growth.  
 

Adding to this, the presence of several solar silicon wafer manufacturers in the region including LONGi Solar, CETC Solar Energy Holdings Co., Ltd, Jiangxi LDK Solar High-Tech Co., Ltd., and Comtec Solar Systems Group Limited is further accelerating the market growth in China. According to the China Photovoltaic Industry Association, China holds for the largest manufacturers of photovoltaic products and had a silicon wafers production capacity of more than 173.7 GW in FY2019. The country held 93.7% of the world’s total production capacity in FY2019.
 

Focusing on increasing annual production capacity to stay competitive in the market

Key players operating in the solar silicon wafer market are LONGi Green Energy Technology Co., Ltd., JinkoSolar Holding Co., Ltd., GCL-Poly Energy Holdings Limited, Solargiga Energy Holdings Limited, Huantai Group, CETC Solar Energy Holdings Co., Ltd., Jiangxi LDK Solar High-Tech Co., Ltd., among others. These industry participants are extensively focusing on rising their annual production capacity for solar silicon wafer to stay competitive in the market.
 

The solar silicon wafer market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

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Market, By Type

• Monocrystalline wafer
• Polycrystalline wafer

Market, By Application

• PV modules
• Inverter
• Solar cell
• Solar racking system
• Solar battery

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • Russia
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Taiwan
  • Malaysia
  • Singapore
  • Thailand
• LAMEA
  • Turkey
  • Qatar