Global Solar Photovoltaic Wafer Market Size study & Forecast, by Type (Monocrystalline Wafer and Polycrystalline Wafer) and Regional Analysis, 2023-2030

Global Solar Photovoltaic Wafer Market Size study & Forecast, by Type (Monocrystalline Wafer and Polycrystalline Wafer) and Regional Analysis, 2023-2030

Global Solar Photovoltaic Wafer Market is valued at approximately USD xxx billion in 2022 and is anticipated to grow with a healthy growth rate of more than xxx over the forecast period 2023-2030. Solar Photovoltaic Wafer is used to build photovoltaic cells, which are made of crystalline silicon cells. These solar wafers are very effective and can resist high temperatures. Both industrial and household purposes use the power produced by these wafers. Due to the fact that this industry uses photovoltaics to power car charging, electric vehicles are in high demand. These wafers also aid in lessening reliance on conventional sources including fossil fuels. This technique generates clean electricity, making it a green and environmentally favorable procedure. the rise in energy consumption, electrification of rural areas, and a shift in consumer preference towards clean energy and the single crystal silicon wafer's greater efficiency is the main reason that contribute to its increased market share. The rising need for renewable energy globally, which has led to an increase in solar installations, is the main market driver for the worldwide solar silicon wafer market. Another factor propelling the expansion of the worldwide solar silicon wafer market is the use of solar wafers in the car industry's rising electric vehicle sector.

Monocrystalline solar wafers are anticipated to rule the market over the projected period due to the increased efficiency and smaller footprint of monocrystalline solar panels. According to Fraunhofer ISE, monocrystalline solar cells have the greatest efficiency (26.7%) of any solar cell as of June 2022. In November 2022, A new n-type monocrystalline solar PV module with a 23.86% conversion efficiency was achieved, according to JinkoSolar. The panel is built using TOPCon mono-cell technology, which was independently tested by Germany's TÜV Rheinland in October 2022 and achieved a record efficiency of 26.1%. The company claims that the use of cutting-edge welding and packing processes significantly increases conversion efficiency while reducing internal resistance loss in the module. Additionally, rise in awareness among people for using renewable processes also advancements in R&D and technology are projected to provide numerous opportunities for market growth. However, the high cost of Solar Photovoltaic Wafer stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Solar Photovoltaic Wafer Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to increased demand for renewable energy sources in the region is expected to drive up demand for Solar Photovoltaics Wafer. Leading firms in the region are focused on producing energy-efficient gadgets. According to the Energy lnformation Association in 2021, Renewable energy provide approximately 12.16 quadrillion British thermal units (Btu) in 2021—1 quadrillion is the number 1 followed by 15 zeros—equivalent to 12% of total US energy consumption. In 2021, the electric power sector accounted for around 59% of total US renewable energy consumption, while renewable energy sources accounted for approximately 20% of total US electricity output. Asia Pacific is expected to grow significantly during the forecast period, owing TO accelerated industrialisation, increased usage of renewable energy, and increased competitiveness in the manufacture of solar ingot wafer goods. Governments are taking steps to increase public knowledge of solar energy and solar ingot wafer products. The Chinese government announced plans in May 2022 to construct 450 gigatonnes (GW) of solar and wind power production capacity on the Gobi and other desert regions, bringing the country's total wind and solar capacity to at least 1,200 GW by 2030. The market is likely to increase steadily throughout the forecast period due to strong local demand and a big indigenous manufacturing industry.

Major market player included in this report are:
Targray Technology International Inc.
Lanco Solar Energy Pvt Ltd.
LDK Solar Co. Ltd.
Renewable Energy Corporation (REC)
Solarworld
MEMC Electronic Materials, Inc.
Nexolon Co., Ltd.
Tianjin Zhonghuan Semiconductor Corporation Ltd.
Green Energy Technology
Sino-American Silicon Products Inc. (SAS)

Recent Developments in the Market:
In December 2022, CubicPV, a solar producer, revealed intentions to build a 10 GW mono wafer production plant in the United States. The location for the new facility is scheduled to be finalized in Q1 2023, with construction beginning soon after and finishing in 2024. It impact completely operational by 2025.

In August 2022, SPI Energy announced the signing of a letter of intent to purchase solar wafer manufacturing equipment. The firm intends to produce and manufacture solar wafers in the United States by 2023; it is initially projected to have 1.5 GW of annual wafer manufacturing capacity, which is expected to increase to 3 GW by 2024.

Global Solar Photovoltaic Wafer Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Type, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Type:
Monocrystalline wafer
Polycrystalline Wafer
By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Targray Technology International Inc.
Lanco Solar Energy Pvt Ltd.
LDK Solar Co. Ltd.
Renewable Energy Corporation (REC)
Solarworld
MEMC Electronic Materials, Inc.
Nexolon Co., Ltd.
Tianjin Zhonghuan Semiconductor Corporation Ltd.
Green Energy Technology
Sino-American Silicon Products Inc. (SAS)

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