Solar Silicon Wafer Market: Outlook, Opportunity and Demand Analysis, Forecast 2027

Solar Silicon Wafer Market: Outlook, Opportunity and Demand Analysis, Forecast 2027

The solar silicon wafer market analysis document represents a detailed collection of prioritized market definitions, industry scope and reach, and pivotal industry insights. Information about the many pitfalls of the market as well as the frequent challenges encountered by core industry players have been summarized in the report. That apart, the document also endorses details about the numerous driving parameters impacting the revenue landscape of this vertical.

The solar silicon wafer market is anticipated to record expansive growth as to intensifying government concerns on tackling the negative impacts of greenhouse gas emissions. Regulations imposed by various governments organizations worldwide to lower global carbon footprint have instigated the adoption of renewable energy infrastructure, majorly solar energy, for electricity generation and energy conversion.

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Highlighting an instance, in November 2019, the German federal government passed the new Climate Protection Law, which aims to reduce greenhouse gas emissions by 38% by 2030, compared to 2005 levels. This determined goal is projected to rise the penetration of solar power plants and solar farms in the European Union, driving the solar silicon wafers market growth over the forecast period.

Although, the COVID-19 pandemic has severely affected the growth of the solar silicon wafer market. The pandemic has disturbed supply chains of polysilicon raw material for solar silicon wafer manufacturers globally. Businesses operating in this arena are highly dependent on China for procuring raw materials and components for manufacturing solar energy systems.

Strict lockdowns imposed all over the world have impacted the import and export of such raw materials. As a solution, companies are establishing new production facilities in their countries and other regions for fixing the supply chain issues, creating new prospects for regional raw material suppliers over the forecast period.

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The North America solar silicon wafer market is anticipated to clock a CAGR of 9% by 2027 owing to rising solar power plants being established in the U.S. According to Solar Energy Industries Association, U.S. solar energy producers installed 3.8 GW of solar capacity in the third quarter of 2020. With this, the total installed capacity in the U.S. reached around 88.9 GW in the third quarter of 2020. In line with this, regional manufacturers are focusing on securing funding, investment, as well as are commencing expansion activities. For instance, Leading Edge Equipment Technologies, a single-crystal silicon wafer manufacturer, announced securing USD 7.6 million funding in a Series-A financing round.               

Some other key players functioning in the global solar silicon wafer market include JinkoSolar Holding Co., Ltd., Huantai Group, LONGi Green Energy Technology Co., Ltd., Jiangxi LDK Solar High-Tech Co., Ltd. GCL-Poly Energy Holdings Limited, Solargiga Energy Holdings Limited, and CETC Solar Energy Holdings Co., Ltd., among others. These companies are focusing on investing in R&D activities and developing innovative products for maintaining a competitive edge in the market.

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