Solar Photovoltaic Wafer Market Size
| Study Period | 2019-2027 |
| Base Year For Estimation | 2021 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solar Photovoltaic Wafer Market Analysis
The solar photovoltaic (PV) wafers market is expected to register a CAGR of more than 4% in the forecast period (2022–2027).
The market was negatively impacted by COVID-19 in 2020. Currently. The market has reached pre-pandemic levels.
- Over the long term, high durability and the ability to withstand high temperatures make photovoltaic wafers favorable for solar photovoltaic panels.
- On the other hand, photovoltaic wafers are costly compared to alternatives like thin films available in the market, which are expected to restrain growth in the forecast period.
- During the forecast period, however, the market is likely to grow a lot if new ways are found to improve several steps of the process of making silicon solar cells in order to lower costs and increase production capacities.
Solar Photovoltaic Wafer Market Trends
This section covers the major market trends shaping the Solar Photovoltaic Wafer Market according to our research experts:
Monocrystalline Solar Photovoltaic Wafer is Expected to Dominate the Market
- A solar wafer is a thin slice of crystalline silicon that works as a substrate for microeconomic devices for fabricating integrated circuits in photovoltaics (PVs) to manufacture solar cells and assist in power generation by absorbing sunlight.
- Due to the higher efficiency and lower space occupancy of monocrystalline solar panels, monocrystalline solar wafers are expected to dominate the market during the forecast period.
- According to Fraunhofer ISE, as of June 2022, monocrystalline solar cells had the highest efficiency (26.7%) of any solar cell. This translates to higher electricity production, especially in large utility-scale projects, further reducing the levelized cost of electricity, which is expected to give the technology an advantage over other technology types, driving the segment during the forecast period.
- In November 2022, JinkoSolar announced that it had achieved a 23.86% conversion efficiency for a new n-type monocrystalline solar PV module. The panel is based on its TOPCon mono-cell technology, which achieved a record efficiency of 26.1% in October 2022, independently verified by Germany's TÜV Rheinland. According to the company, the advanced welding and packaging technology reduces the module's internal resistance loss and improves conversion efficiency by a large amount.
- India is a significant market for solar photovoltaic wafers. As the country's solar photovoltaic sector grows rapidly, it is also expanding its solar cell, wafer, and ingot production capacity to match domestic demand and reduce dependence on imports.
- In December 2022, Adani Solar unveiled India's largest monocrystalline silicon ingot. The new manufacturing line will produce silicon ingots exclusively for producing solar wafers, cells, and modules. The facility will produce large-sized monocrystalline silicon ingots capable of producing M10 and G12 wafers. According to the company, it aims to add 2 GW of ingot and wafer capacity by the end of 2023 and scale it up to 10 GW by 2025.
- Because of these changes, the market is likely to be dominated by the demand for monocrystalline solar photovoltaic wafers over the next few years.
Asia-Pacific to Grow at Fastest Rate
- Asia-Pacific is expected to become the fastest-growing market in the forecast period. Countries like India, Japan, and China are aiming to instal solar power on a large scale in the future.
- Significant projects in China are expected to create a large demand for solar photovoltaic wafers in the upcoming period. Additionally, as China is the global hub for solar PV hardware manufacturing, Chinese manufacturers such as JinkoSolar, JA Solar, Yingli, etc. are at the forefront of research and development in solar cell, wafer, and ingot technology, which is expected to provide a significant impetus to the market.
- Moreover, in May 2022, the Chinese government revealed plans to build 450 gigawatts (GW) of solar and wind power generation capacity on the Gobi and other desert regions to bring the country's total wind and solar capacity to at least 1,200 GW by 2030. The robust domestic demand, coupled with a large indigenous manufacturing industry, is expected to drive the steady growth of the market during the forecast period.
- In 2021, the installed capacity of solar photovoltaic in Asia was estimated at more than 484,933 GW, which is expected to grow steadily during the forecast period. With the future growth of solar energy, the market for solar wafers is also estimated to grow considerably.
With a large number of projects under construction and ambitious solar energy goals for countries in Asia-Pacific, the region is anticipated to grow at the fastest rate in the upcoming period.
Solar Photovoltaic Wafer Industry Overview
The solar photovoltaic wafer market is fragmented. Some of the major companies (in no particular order) include Jinko Solar Holding Co., GCL-Poly Energy Holdings Limited Ltd, LONGi Green Energy Technology Co Ltd, CETC Solar Energy Holdings Co, and Sino-American Silicon Products Inc.
Solar Photovoltaic Wafer Market Leaders
Jinko Solar Holding Co., Ltd
GCL-Poly Energy Holdings Limited
LONGi Green Energy Technology Co Ltd
CETC Solar Energy Holdings Co
Sino-American Silicon Products Inc.
*Disclaimer: Major Players sorted in no particular order
Solar Photovoltaic Wafer Market News
- December 2022: Solar manufacturer CubicPV announced plans to establish a 10 GW mono wafer manufacturing facility in the United States. The location to build the new facility is expected to be finalized during Q1 2023, with construction starting soon after and work to be completed in 2024. It will be fully ramped up in 2025.
- August 2022: SPI Energy announced it had signed a letter of intent to secure solar wafer manufacturing equipment. The company is targeting the delivery and production of solar wafers in the United States by 2023; it originally planned to have 1.5 GW of annual wafer production capacity, which is expected to rise to 3 GW by 2024.
Solar Photovoltaic Wafer Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of Study
1.2 Market Definiton
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Monocrystalline Wafer
5.1.2 Polycrystalline Wafer
5.2 Geogrpahy
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 South America
5.2.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Jinko Solar Holding Co., Ltd.
6.3.2 GCL-Poly Energy Holdings Limited
6.3.3 LONGi Green Energy Technology Co Ltd
6.3.4 CETC Solar Energy Holdings Co
6.3.5 Sino-American Silicon Products Inc
6.3.6 Targray Technology International Inc
6.3.7 Renewable Energy Corporation
6.3.8 JA Solar Holdings, Co., Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Solar Photovoltaic Wafer Industry Segmentation
A solar wafer is a thin slice of crystalline silicon (semiconductor) that works as a substrate for microeconomic devices for fabricating integrated circuits in photovoltaics (PVs) to manufacture solar cells.
The solar photovoltaic wafer market is segmented by type and geography. By type, the market is segmented into monocrystalline wafers and polycrystalline wafers. The report also covers market size and forecasts for the solar photovoltaic wafer market across major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).
| Type | |
| Monocrystalline Wafer | |
| Polycrystalline Wafer |
| Geogrpahy | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Solar Photovoltaic Wafer Market Research FAQs
What is the current Solar Photovoltaic Wafer Market size?
The Solar Photovoltaic Wafer Market is projected to register a CAGR of greater than 5% during the forecast period (2023-2027).
Who are the key players in Solar Photovoltaic Wafer Market?
Jinko Solar Holding Co., Ltd, GCL-Poly Energy Holdings Limited, LONGi Green Energy Technology Co Ltd, CETC Solar Energy Holdings Co and Sino-American Silicon Products Inc. are the major companies operating in the Solar Photovoltaic Wafer Market.
Which is the fastest growing region in Solar Photovoltaic Wafer Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2027).
Which region has the biggest share in Solar Photovoltaic Wafer Market?
In 2023, the Asia-Pacific accounts for the largest market share in the Solar Photovoltaic Wafer Market.
Solar Photovoltaic Wafer Industry Report
Statistics for the 2023 Solar Photovoltaic Wafer market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Solar Photovoltaic Wafer analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
