Global Solar Ingot Wafer Market is valued approximately USD 33.22 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 13.1% over the forecast period 2023-2030. A solar ingot wafer, also known as a photovoltaic (PV) wafer, is a key component used in the manufacturing of solar cells and solar panels. It is a thin, flat piece of crystalline silicon material that serves as the substrate for the construction of solar cells. A solar ingot wafer is a key component in the production of solar cells and photovoltaic modules. It is a thin, disc-shaped slice of silicon that serves as the building block for solar cells. The Solar Ingot Wafer market is expanding because of factors such as rising demand for clean energy worldwide, rising installation of solar panels across the world.
Global energy demand is growing worldwide owing to increasing population and economic growth. As per IEA, global electricity demand reached 24,700 TWh in 2021, a 6% year-on-year increase, according to the International Energy Agency (IEA) Renewable 2021 Market Report, it is anticipated that renewables would contribute nearly 95% of the growth in global power capacity by 2026, with solar PV accounting for more than half of capacity. Furthermore, according to International Energy Agency, Power generation from solar PV increased by a record 270 TWh in 2022, up by 26% on 2021. Solar PV accounted for 4.5% of total global electricity generation, thus rising demand and adoption of clean energy is driving the market growth. In addition, Rise in Focus on developing kerfless wafers and government incentives and policies is creating new opportunities to the market growth. However, the high cost of solar ingot wafer and complex manufacturing process stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Solar Ingot Wafer Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to factors such as such is increasing investment and acceptance of renewable energy sources for the generation of power in the area, as well as rising government support for solar renewable energy projects. Asia Pacific is anticipated to have considerable growth over the course of the forecast period due to factors like expanding residential and industrial sectors, growing demand for green energy sources, regional expansion of major players, and active participation of nonprofit and governmental organizations in the market.
Major market player included in this report are:
Shin-Etsu Chemical Co., Ltd
CETC Solar Energy Holdings Co., Ltd.
KONKA SOLAR Cell Co., Ltd
JA SOLAR Technology Co., Ltd
LDK Solar Technology Co., Ltd
Recent Developments in the Market:
Ø In December 2022, Adani Solar released the nation’s first sizable monocrystalline silicon ingot. The monocrystalline ingots will boost indigenization by increasing the efficiency of silicon-based PV modules from 21% to 24%. Although early manufacturing has already begun, the company intends to boost its ingot and wafer capacity by 2 GW by the end of 2023.
Ø In December 2022, CubicPV announced the building of 10-GW wafer facility, which it claims would be the biggest of its kind in the United States. According to CubicPV, the design is in progress, and a construction manager is on board. A firm representative declined to provide the team members’ names or the price.
Global Solar Ingot Wafer Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Application, Manufacturing Process, Wafer Size, End-User, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
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:
Mono Solar Cell
Multi Solar Cell
By Manufacturing Process:
By Wafer Size:
125mm x 125mm
156mm x 156mm
210mm x 210mm
Middle East & Africa
Rest of Middle East & Africa