Solar Silicon Wafer Market revenue to cross USD 20 Bn by 2027: Global Market Insights Inc.
The North America solar silicon wafer market is estimated to attain a CAGR of 9% till 2027 owing to rising solar power plant establishments in the U.S. region.
Selbyville, Delaware, March 09, 2021 (GLOBE NEWSWIRE) --According to latest report *“Solar Silicon Wafer Market By Type (Monocrystalline Wafer, Polycrystalline wafer), Application (PV Modules, Inverter, Solar Cell, Solar Racking System, Solar Battery), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”*, by Global Market Insights Inc., the market valuation of solar silicon wafer will cross $20 billion by 2027.
The solar silicon wafer market growth is credited to increasing government regulations toward greenhouse gas emissions, which have propelled the adoption of renewable energy resources majorly solar energy for electricity generation and energy conversion. For 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 ambitious goal is expected to increase the penetration of solar power plants and solar farms in the European Union, fueling the market expansion during the forecast period.
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The inverter application segment in the solar silicon wafer market accounted for 3.5% of the market share in 2020 and is anticipated to witness 8.5% growth rate till 2027. The rising consumption of solar power in the residential & commercial sector across the globe will drive the demand for inverter applications in the solar industry. The large solar silicon wafer, such as 210 mm size, aids to achieve high technological and environmental benefits and high-power output of more than 600 W. In January 2021, Tesla, Inc. announced the launch of two solar invertors with 3.8 kW and 7.6 kW capacity, which have applications in residential solar appliances. These solar invertors feature two or four maximum power point trackers (MPPTs) and have energy conversion efficiency of around 97.5%. Similar product launches will boost the growth in the market.
The North America solar silicon wafer market is projected to register 9% CAGR through 2027 driven by rising solar power plant establishments in the U.S. region. According to a December 2020 press release by the Solar Energy Industries Association, the U.S. solar energy producers installed a 3.8 GW of solar PV capacity in the third quarter of 2020. The total installed capacity in the U.S. reached around 88.9 GW in the third quarter of 2020. The exponentially increasing solar power plant installations in the region will add lucrative opportunities to regional solar silicon wafer manufacturers. Adding to this, the regional wafer manufacturers are emphasizing on expansion activities and are engaged in securing investments and funding.
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Some of the key players operating in the solar silicon wafer market include LONGi Green Energy Technology Co., Ltd., JinkoSolar Holding Co., Ltd., GCL-Poly Energy Holdings Limited, Solargiga Energy Holdings Limited, Huantai Group, CETC Solar Energy Holdings Co., Ltd., and Jiangxi LDK Solar High-Tech Co., Ltd. among others. The companies are focusing on inorganic growth strategies to achieve a competitive advantage in the market.
*Some major findings of the solar silicon wafer market report include:*
· Extensive penetration of solar power stations in developing economies, such as India, Malaysia, Thailand, and Turkey, will add new opportunities to the solar cells.
· Superior energy conversion efficiency delivered by the monocrystalline solar silicon wafer will impel the market value. The monocrystalline wafers offer high efficiency ranging from 15-21%, which is higher compared to its polycrystalline wafer counterpart. Sleeker aesthetics provided by these wafers will further augment the market demand.
· The COVID-19 pandemic has severely disturbed the supply chain of polysilicon raw material for solar silicon wafer manufacturers around the world. The market leaders are highly dependent on China for procuring raw materials and components for manufacturing solar energy systems. To fix the supply chain issues, companies are establishing new production facilities in their countries and other regions, adding new opportunities to regional raw material suppliers during the forecast period.
*Table of Contents (ToC) of the report:*
*Chapter 3 Solar Silicon Wafer Market Insights*
3.1 Industry Segmentation
3.2 Global semiconductor landscape
3.3 Impact analysis of coronavirus (COVID-19) pandemic
3.4 Industry ecosystem analysis
3.5 Production capacity of major market players
3.6 Technology and innovations landscape
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.2 Pitfalls & challenges
3.9 Price trend analysis
3.10 Growth potential analysis
3.11 Porter’s Analysis
3.12 PESTEL analysis
*Browse Complete Table of Contents (ToC) @*
https://www.gminsights.com/toc/detail/solar-silicon-wafer-market
*About Global Market Insights Inc.*
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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