The solar silicon wafer market is estimated to rise at a steady pace by 2027 owing to government regulations regarding greenhouse gas emissions. These regulations are fueling the adoption of renewable energy resources, mainly solar energy for energy conversion and electricity generation. Wide penetration of solar power plants in developing countries such as Malaysia, Turkey, India, and Thailand is expected to present new opportunities for solar cells.

Given to increasing adoption of solar plants, firms operating in the solar silicon wafer market are investing in R&D activities and working on innovative products. For instance, in 2019, manufacturer of high-efficiency monocrystalline solar cells and modules, LONGi Solar announced the launch of its new 5GW monocrystalline module factory in China, as an effort to meet growing product demand. Based on such developments, Global Market Insights, Inc., suggests that the solar silicon wafer industry may exceed USD 20 billion by 2027.

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Elaborated below are some of the key trends driving solar silicon wafer market expansion:

Beneficial features of monocrystalline wafers

Monocrystalline wafers with superior electronic properties are proven to be a good fit for optoelectronic and electronic applications. These wafers provide superior energy conversion efficiency, ranging from 15% to 21%. This is higher than that of polycrystalline wafers. Monocrystalline wafers also offer sleeker aesthetics. Increase in demand for these material could incite manufacturers to increase their production capacity. In 2021, Tianjin Zhonghuan Semiconductor (TZS) hinted plans on increasing its 210mm monocrystalline wafer capacity by 150% by the end of the year.

Robust demand for inverters

Use in inverters held a 3.5% market share in 2020 and is anticipated to register a CAGR of 8.5% over the forecast timeframe. Growing consumption of solar power in the commercial and residential sectors around the world is likely to propel the requirement of inverters in the solar industry. Large solar silicon wafer, like the 210mm size wafer, provides high environmental and technological benefits as well as a high power output of over 600 watts.

North America emerging as a lucrative business avenue

The solar silicon wafer market of North America is projected to record a 9% CAGR over the forecast period owing to increasing number of solar power plant establishments in the region. Exponential rise in the number of solar power plant installations could offer promising options for solar silicon wafer manufacturers, who are focused on expansion activities as well as on securing funding and investments. In 2020, Sunova Solar introduced its new series of solar PV module that is based on a big wafer size of 182 mm and has a total module power output of 590W.

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Table of Contents (ToC) of the report:

Chapter 1    Methodology & Scope

1.1    Scope & definition

1.1.1    Definition

1.2    Methodology and forecast parameters

1.3    Region-wise COVID-19 impact

1.3.1    North America

1.3.2    Europe

1.3.3    Asia Pacific

1.3.4    LAMEA

1.4    Data Sources

1.4.1    Secondary

1.4.2    Primary

Chapter 2    Executive Summary

2.1    Solar silicon wafer market 360⁰ synopsis, 2016 – 2027

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Type trends

2.1.4    Application trends

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