Pune, India, March 09, 2023 (GLOBE NEWSWIRE) -- The global Solar Ingot Wafer Market size is anticipated to gain impetus from the increasing demand for energy worldwide for serving various industrial and commercial purposes. A report by Fortune Business Insights™ titled, “Solar Ingot Wafer Market Size, Share & Industry Analysis, By Type (Monocrystalline, Polycrystalline) and Regional Forecast, 2019-2026,” presents an elaborative analysis of the market.
Industry Developments
August 2019 – A three-year contract was signed between Longi Green Energy Technology and Polyingot producer Daqo for supplying 112,800 tonnes of ultra-high-purity polyingot. This three-year supply will be bifurcated into 38,400 tonnes in 2020 and 2021 and 36,000 tonnes in 2020.
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As per the current solar ingot wafer market trends, the monocrystalline wafer segment based on type is prognosticated to witness high solar ingot wafer market share. This is owing to the rising adoption of monocrystalline, further attributed to their high efficiency.
Increasing Demand from Automobile Sector to Promote Market Growth
An important factor boosting the solar ingot wafer market growth is the increasing demand for green energy on a worldwide basis. The rise in the level of pollution and steps taken by various governments to control greenhouse gases have promoted the use of clean and green energy for consumption. This has further boosted the demand for solar power. The rise in the adoption of solar power is further anticipated to help increase the overall solar ingot wafer market size in the forecast period.
On the contrary, since solar ingot wafers have minimal thickness, therefore, it required special techniques to safeguard quality manufacturing. Thus, the installation and precise process used for manufacturing solar ingot wafers become rather expensive. This may negatively impact the overall solar ingot wafer market revenue in the coming years.
Nevertheless, the demand for solar ingot wafers is increasing from the automobile sector. This is because solar ingot wafers are used in solar-powered cars these days. Thus, the demand for solar ingot wafers from the automobile sector is also anticipated to create lucrative solar ingot wafer market growth opportunities in the near future.
Asia Pacific to Emerge Dominant on Account of Rapidly Developing Automobile Industry
Geographically, the global solar ingot wafer market is categorized into five major regions namely North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Among these, the highest solar ingot wafer market share is bagged by Asia Pacific on account of the surging demand for energy and the rapid development of solar-powered automobile industries in the developing nations.
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China emerges as the dominant country in this region along with other nations. On the other hand, the Europe market is likely to witness significant growth owing to the rapid switching of energy sources towards solar power. Spain, Italy and Germany are major contributors to this region. Besides this, the North America solar ingot wafer market share will mostly be contributed from its dominating nation namely the U.S.
Collaborative Efforts and Contracts Will Help Players Gain Competitive Edge
Major solar ingot wafer market manufacturers are emphasizing on producing more solar ingots for constructing solar panels. Besides this, players are also focusing on getting into company collaborations, contracts, and mergers and acquisitions. This will help the vendors multiply the solar ingot wafer market revenues on the one hand and compete with other players for the top position on the other.
Some of the key industry developments in the solar ingot wafer market include:
August 2019 – A deal with Pocatello Development Authority for the former Hoku site was closed by Solargise in August this year. The Hoku site is likely to create an opportunity for Solargise to produce ingots and wafers in Pocatello. This will help to complete the construction of solar panels in Canada.
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Highlights of the Report:
- A 360-degree overview of the solar ingot wafer market
- Important factors propelling, obstructing, and challenging the market.
- Key insights and future opportunities of the future market
- Major industrial developments till date and their impacts
- List of significant market players and the strategies adopted by them
- Other solar ingot wafer market trends
Some of the key solar ingot wafer market manufacturers include:
- UniversityWafer
- Green Energy Technology
- Lanco Solar International Ltd
- NorSun
- CETC Solar Energy Holdings Co. Ltd.
- Comtec Solar Systems Group Ltd
- JA Solar
- Yingli Solar
- ENF Solar
- Jinko Solar Co., Ltd.
- ReneSola Ltd.
- Wuxi Suntech Power Co., Ltd.
- LDK Solar Energy Europe
- Targray
- LONGi Solar
- Trina Solar
- GCL Solar Energy, Inc.
Solar Ingot Wafer Market Segmentation:
By Type
- Monocrystalline
- Polycrystalline
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