Solar Silicon Wafer Market size is set to surpass USD 20 billion by 2027, according to a new research report by Global Market Insights Inc.
The declining cost of solar installation has accelerated the market opportunities for solar silicon wafers in the residential sector. This is majorly driven by increasing regulatory benefits and improved supply chain in the solar industry. According to the Solar Energy Industries Association, in the U.S. the installation cost for solar systems has declined to more than 70%, propelling their adoption among the regional population. Also, rising government initiatives and subsidiary schemes have spurred the solar installation capacity in the residential sector, adding an opportunity to the market growth.
The increasing size of wafer is one of the major challenges for the market players in solar silicon wafer manufacturing to deliver improved shape and flatness capability. When the thickness and wafer diameter are incompatible, it results in the delivery of rigid wafers, thereby rising the burden on wafer manufacturers to improve task capability. This is one of the major factors that may restrain the market expansion. Along with this, the growing demand for improved thickness along with increasing size is the major challenges faced by solar silicon wafers manufacturers.
Increasing establishment of new poly crystalline wafer manufacturing facilities will impel the market revenue
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The polycrystalline segment held 30% of the market share in 2020 and is anticipated to witness 12% growth rate till 2027 led by its eco-friendly benefits in comparison with multi crystalline wafer. For instance, poly crystalline wafers use most of the silicon while production, generating a very low amount of waste. Also, these poly crystalline wafers offer structural frame of their own, making mounting simpler and easier. These features will increase their demand in government tenders such as traffic lights, off grid households, among others.
The rise in trade conflict among several nations and increase in export prices for poly silicon wafers have accelerated the establishment of new manufacturing facilities in the regions. This will further add an advantage to reduce supply chain barriers.
Browse key industry insights spread across 185 pages with 105 market data tables and 37 figures & charts from the report, “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, Application Potential, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Growing acceptance of large wafer size in PV module will fuel the market opportunity for solar silicon wafer manufacturers
The PV module segment dominated more than 75% of the market share in 2020. The increasing demand for large size wafer to simulate the conversion rate and module power is propelling the market value. Large wafers in PV modules aid to achieve improved output from single module and high cost effectiveness. The market participants are integrating several new technological innovations, such as back printing and Ga doped silicon wafer, to drive power generation capacity of PV modules.
Rising funding activities to enhance solar installation in the Europe region
The Europe solar silicon wafer market is projected to grow at a CAGR of 14.5% through from 2021 to 2027 on account of rising government initiatives toward the usage of renewable sources for power generation and to achieve clean energy in the region. Also, the rapidly declining cost of solar energy generation is positively boosting the governments in the region to accelerate their tenders and funding activities for solar installation. This will augment the market opportunities for solar silicon manufacturers in the region.
Increasing government initiatives toward the establishment of domestic manufacturing capabilities for solar components and materials will foster the regional growth. Cumulative concession in high tariff rates for domestic solar equipment providers has simulated the market potential for solar silicon wafer manufacturing in the region. Also, it has encouraged foreign and regional players in the market to establish new manufacturing facilities in the region.
Key companies operating in the market include COMTEC SOLAR SYSTEMS GROUP LIMITED, GCL-Poly Energy Holdings Limited, Jiangxi LDK Solar High-Tech Co., Ltd, JinkoSolar Holding Co., Ltd, Targray, among others. The market leaders are extensively focusing on new product innovation to deliver high competitiveness among other participants.
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