Solar Silicon Wafer Market Size

Solar Silicon Wafer Market Size

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.