Covina, July 09, 2024 (GLOBE NEWSWIRE) -- Global solar ingot wafer market size and share is expected to grow at a CAGR of 14.4% between 2024 and 2034. The market revenue of USD 41.6 Billion in 2024 is expected to grow up to USD 141.1 Billion by 2034.
Report Definition: Question
Ingots and wafers are the two most important parts of solar cells, in which solar converts to electrical energy. Renewable source energy is the fundamental need of the hour, with rising demand for the source and added advantages in today's scenario. A high-purity silicon wafer is basically a round disc used in solar applications. It may also be referred to as a solar wafer. It is a material of great importance in the production of photovoltaic power since it requires advanced technology. The photovoltaic power generation system converts solar energy directly into electrical energy.
A solar ingot wafer is a photovoltaic (PV) wafer used in the process of manufacturing solar cells and panels. Markets for solar ingot wafers are emerging from increased demand for renewable energy and from government initiatives, technological advances, and pressures to improve the efficiency of solar panels. On the other hand, constraints derive from the crystalline silicon complex manufacturing process, which would consequently affect costs. Moreover, other sources of renewable energy and fluctuations in the polysilicon price also make potential buyers shy away. Nevertheless, exciting and sustainable technological innovation is the main factor that propels the market related to solar ingot wafer, and more developments are required to come out of such challenges successfully.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Solar Ingot Wafer Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Konca Solar Cell Co., Ltd.
- DCH Group
- CETC Solar Energy Holdings Co., Ltd.
- Targray
- REC Silicon
- Solar High-Tech Co, Ltd
- EPC Group
- LONGi Solar Technology Co., Ltd.
- JA SOLAR Technology Co., Ltd.
- Kalyon PV
- Green Rhino Energy Ltd.
- Maharishi Solar Technology Pvt. Ltd.
- Saiwei LDK
- NorSun AS
- SUOZ DEVELOPMENT
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Analyst View:
The solar ingot wafer market is rising and offers great potential for growth with increasing demand for renewable energy, government initiatives, and technological advancement. The expansion in the vehicle sector, green energy worldwide demand, and government subsidies are some of the key factors that contribute highly to the growth of the solar ingot wafer market. North America leads the investments in solar energy production. On the other hand, the solar inverter market across the globe is commanded by Asia Pacific, particularly China, Japan, and India. Renewable energy demand powers the solar ingot wafer market with effective pricing for manufacturers and efficient production scaling, driving more solar panel installations up.
Solar Ingot Wafer Market Report Scope
| Report Attributes | Details |
| Market value in 2024 | USD 41.6 Billion |
| Market value in 2034 | USD 141.1 Billion |
| CAGR | 14.4% from 2024 – 2034 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2034 |
Market Dynamics:
Drivers:
Expansion of the vehicle sector
- The solar ingot wafers market is poised to expand on the back of the spiraling consumption of solar bar wafers by an emerging demand of electric vehicles from the automobile industry which both the solar modules allow electric vehicles for optimum performance and produce less emission of greenhouse gases. Solar ingot wafers are going to be important in increasing the potential of EVs in the future while making them more efficient and user-friendly. EVs using solar power are also contributing to global warming, but the increasing flexibility in the reduction of carbon emissions in the transport industry is further fueling market growth.
Rising demand for green energy worldwide
- The solar ingot wafer market is growing, and its growth is due to the growing worldwide demand for green energy combined with the rapidly falling prices of solar energy. It directly fuels up demand for solar ingot wafers, which are inescapable material parts in solar modules. With the rapidly growing cost-effectiveness and efficiency of solar energy, supplemented with various government incentives around the world, demand for solar ingot wafers used in the construction of solar modules can only be expected to rise. This growth is likely to persist into the foreseeable future as the world slowly transitions to greener energy sources.
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Market Trends:
Government subsidies and tax breaks
- Most of the government subsidies and tax incentives are directed toward the renewable energy sector, strongly fueling the growth of the solar ingot wafer industry. Subsidies and tax benefits help manufacturers set up needed infrastructure for solar power plants, making them more affordable and accessible for end-users, thereby creating demand for solar ingot wafers used in solar modules. Relatedly, government subsidies, tax credits, and such other incentives are the key drivers behind the solar ingot wafer market, thereby driving solar energy adoption, and subsequently reduce costs on account of generation of solar power.
Segmentation:
Solar Ingot Wafer Market is segmented based on Type, Wafer Size, Application, and Region.
Type Insights
- Monocrystalline silicon solar cells are single-crystal structured, hence offer relatively high conversion and efficiency, but they have high manufacturing costs. Due to the use of melting to form and shape many crystals, thus the efficiency of polycrystalline silicon has averaged between 13 to 16 percent in most solar panels.
Wafer Size Insights
- The industry standard wafers are 125 mm, 156 mm, and 210 mm. Manufacturers with antiquated equipment or in niche sectors would use 125 mm wafers, but they need more wafers for a similar sort of power output as the bigger ones. 156 mm wafers represent the meat of the solar industry, where raw material consumption, efficiency of manufacturing, and power generation are balanced. They're widely used in solar panels with either 60 or 72 cells and are generally considered fit for deployment in residential and commercial rooftops. The 210mm wafers boast advanced power output and cheaper prices per watt but call for impactful process modifications. They are highly effective in large utility projects at a time when power generation per panel is of the essence. The other sizes are 166mm and 182mm in wafers; these two act as middle-way solutions and get wider applications. Even though the 166mm wafer is more efficient and requires less retooling compared with the 210mm wafer, the 182mm wafer is doing better in several aspects: compatibility with equipment and efficiency.
Application Insights
- A photovoltaic cell, alternatively known as a solar cell, is a technology that converts sunlight into electrical power via semiconductor materials. These cells are designed to work under very bright sunlight that is, in most conditions, several hundreds of times more intense as opposed to that which normally exists in the outside world. They often exploit multi-junction cells, which have efficiencies as high as 40% compared with silicon cells. Such cells are fabricated using gallium arsenide, which provides them with better functionality than the cells made of silicon.
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Recent Development:
- In June 2024, NorSun to make silicon ingots and wafers at the new 5-GW factory in Oklahoma. Norwegian silicon wafer manufacturer NorSun announced it will build a new 5-GW silicon ingot and wafer manufacturing facility in Tulsa, Oklahoma. The company will invest $620 million into the site on Tulsa International Airport property. The factory should support 320 direct jobs.
- In April 2024, The Adani Group intends to become India's first comprehensive renewable energy operator by producing polysilicon in 2027–2028. At its Gujarati plant, the company has begun commercial production of wafers and ingots for solar power cells and modules. The billionaire Gautam Adani's Adani Group wants to generate 45 gigawatts (GW) of renewable energy by 2030; two-thirds of that amount would come from the $18.01 billion Khavda renewable energy project in Gujarat, which borders Pakistan.
Regional Insights
- North America: North America is leading the way in the solar ingot wafer market due to rising investments in the production and panel installation of solar energy. Growing government support for renewable sources of energy, where the consumption of solar power stands out as a rising example, is rapidly catalyzing the growing infrastructure development in tandem with the increasing usage of renewable sources of energy in this region.
- Asia Pacific: With China, Japan, and India in particular, are ruling the global solar ingot wafers market. China holds a position as the largest manufacturer and consumer of solar wafers all around the world, and it has a strong environment for their production. The industry experiences the fastest growth in India because of the initiatives being carried out by the government and increased demand in energy, but Japan's market is also considered as important due to the shift away from nuclear power.
Browse Detail Report on "Solar Ingot Wafer Market Size, Share, By Type (Monocrystalline Silicon and Polycrystalline Silicon), By Wafer Size (125mm, 156mm, 210mm, and Others), By Application (Photovoltaic Cells, and Concentrator Photovoltaic (CPV) Cells), By End-User (Residential, Commercial, and Industrial), and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/solar-ingot-wafer-market-5408
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