Solar Photovoltaics Wafer Market – Industry Analysis and Forecast (2023-2029)

Global Solar Photovoltaics Wafer Market was valued at USD 11.70 Billion in 2022 and is predicted to grow at a CAGR of 11 % to USD 24.30 Billion by 2029.
Solar Photovoltaics Wafer Market Overview:
Solar Photovoltaics Wafer Market was valued at USD 11.70 Billion in 2022 and is predicted to grow at a CAGR of 11 % to USD 24.30 Billion by 2029. The market is studied by segments like Product (Monocrystalline wafer, Multicrystalline wafer) and Region (North America, Europe, Asia-Pacific, South America, and Middle East & Africa). The report consists of the Trend, forecasts, Competitive Analysis, and Growth Opportunities of the market.

Solar photovoltaic cells are devices that employ the photovoltaic effect to convert electrical energy into light energy. Photovoltaic cells are made mainly from Solar Photovoltaics Wafers.

Phosphorous oxychloride is present on the wafer, subjected to high temperatures. Anti-reflective coatings consisting of silicon nitride are applied to the wafer at the top of the solar cells to boost light absorption capacity by reducing reflection. Compared to other alternativese available in the market, the Solar Photovoltaics Wafer is more durable.

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2022 is considered as a base year to forecast the market from 2023 to 2029. 2022's market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2029.2022 is a year of exception and analysis, especially with the impact of lockdown by region.
Solar Photovoltaics Wafer Market Dynamics:
The global market demand is rising across various industries. The rise in demand for automated rigging systems has fueled the market's growth in the last five years.

Over the forecasted period 2023-2029, the growing global demand for renewable energy is expected to be the primary growth driver for the global market. The worldwide market is expected to grow due to rising energy demand caused by expanding population and increasing industrialization.

Global market is also being driven by increased demand for Solar Photovoltaics Wafers to recharge electric vehicles. Government all over the world is taking steps to expand the capacity of solar power facilities, and the market is expected to develop in response to different government laws governing the usage of fossil fuels. This increases the demand for solar photovoltaics indirectly.

The need for highly efficient Solar Photovoltaics Wafers to recharge electric car batteries might be a significant element driving the worldwide market. Furthermore, technical advancements in the electrical and electronics industries have increased the demand for solar-based energy.

The multiple advantages provided by Solar Photovoltaics Wafers are another major element driving the global market. Solar Photovoltaics Wafers are more durable and long-lasting.

The high cost of solar photovoltaic wafers in comparison to other photovoltaic wafers is expected to be a key limitation on the worldwide market for solar photovoltaic wafers market in the forecast period 2023-2029.

Solar Photovoltaics Wafer Market: Effect of COVID-19

The COVID-19 pandemic has ceased production of various products in the market, primarily due to an ongoing blockade in major countries worldwide. The COVID-19 epidemic has wreaked havoc on the global supply chain for polysilicon raw materials used in solar wafer manufacture, reducing income from the solar silicon wafer business.

Therefore, there has been a decrease in the growth and demand of the market in the past two years. However, it is expected to rise in the forecast period, considering the decrease in COVID-19 cases and the worldwide scenario getting back to normal.
Market Segment Analysis:
On the basis of Product, the market is segmented into the monocrystalline wafer and multi-crystalline wafer. The monocrystalline wafer sector of the solar silicon wafer market was valued at USD 8 billion in 2022 and is expected to expand at a pace of roughly 13% per year through 2029 because of various intuitive qualities such as sleeker aesthetics, greater performance, and improved energy conversion efficiency. Furthermore, monocrystalline solar silicon wafer producers are aggressively growing their manufacturing capabilities and entering into long-term strategic contracts in order to gain a competitive advantage in the market.

Due to its use in creating large amounts of power, Multicrystalline wafer is expected to be the fastest expanding sub-segment. Moreover, the rising need for power throughout the world is another reason driving up demand for multicrystalline solar wafers over the predicted period.

The monocrystalline wafer sector holds a more significant market share in the Solar Photovoltaics Wafer market.
Market Regional Insights:
North America dominates the market. The rising demand for renewable energy sources in the region is a major factor anticipated to upsurge the demand for the Solar Photovoltaics Wafer. The presence of leading manufacturers in the region focuses on developing energy-efficient devices.

Asia-Pacific is anticipated to be the fastest developing region for the global market during the forecast period. The increasing population coupled with rapid industrialization is expected to increase the demand for the Solar Photovoltaics Wafer. The key players in the region are focusing on developing eco-friendly devices, which have the most negligible impact on nature. The greatest producer of Solar Photovoltaics Wafers in China. Across the entire chain of the global solar wafer market, several significant manufacturers are situated in China. The Middle East and Africa are expected to show steady growth over the forecast period.

The objective of the report is to present a comprehensive analysis of the Solar Photovoltaics Wafer market to the stakeholders in the industry. The past and current status and trends related to the industry with the forecasted market size and trends are presented in the report with the analysis of complex data in simple and easy language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External and internal factors that are supposed to affect the business positively or negatively have been analyzed, which is anticipated to give a clear, futuristic view of the industry to the decision-makers.

The report also helps understand the Solar Photovoltaics Wafer market dynamics and structure by analyzing the market segments and projecting the Solar Photovoltaics Wafer market size. Explicit representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Solar Photovoltaics Wafer market make the report investor’s guide.
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Global Solar Photovoltaics Wafer Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 11.70 Bn.


Forecast Period 2023 to 2029 CAGR:
11 %
Market Size in 2029:
US $ 24.30 Bn.


 Segments Covered:
by Product
Monocrystalline wafer
Multicrystalline wafer



Solar Photovoltaics Wafer Market, by region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Solar Photovoltaics Wafer Market Key Players
1. Targray Technology International Inc (Canada)
2. Lanco Solar (India)
3. LDK Solar (China)
4. MEMC Electronic Materials, Inc. (United States)
5. Solarworld (Germany)
6. Nexolon Co., Ltd. (South Korea)
7. Green Energy Technology (China)
8. Sino-American Silicon Products Inc. (SAS) (United States)
9. GCL-Poly Energy Holdings Limited (Hong Kong)
10. Zhonghuan Semiconductor Corporation (China)
11. Renesola (United States)
12. Comtec Solar (China)
13. Renewable energy corporation (Singapore)

Frequently Asked Questions:

1. What forecast period is considered for the Solar Photovoltaics Wafer market report?
Ans. The forecast period for the Solar Photovoltaics Wafer market is 2023-2029.

2. What are the market restraints for the Solar Photovoltaics Wafer market?
Ans. Solar Photovoltaics Wafer-based photovoltaic panels are costlier than thin-film photovoltaic panels. This factor, in particular, might restrain the market's growth in the near future.

3. What is the Solar Photovoltaics Wafer market's compound annual growth rate (CAGR) for the forecast period?
Ans. The CAGR of the Solar Photovoltaics Wafer market for the forecast period 2023-2029 is 11 %.

4. What are the key factors driving the growth of the Solar Photovoltaics Wafer market?
Ans. The worldwide Solar Photovoltaics Wafer market is expected to grow in response to rising energy demand caused by expanding population, industrialization, and increased demand for Solar Photovoltaics Wafers to recharge electric vehicles.

5. What major key players are covered in the Solar Photovoltaics Wafer market report?
Ans. The major worldwide critical players in the Solar Photovoltaics Wafer market are Lanco Solar, Renewable Energy Corporation, and Sino-American Silicon Products Inc. (SAS).