Solar Photovoltaic Wafer Market - Growth, Trends, and Forecasts (2023-2028)

The solar photovoltaic (PV) wafers market is expected to register a CAGR of more than 4% in the forecast period.

The market was negatively impacted by COVID-19 in 2020. Currently. The market has reached pre-pandemic levels.

Key Highlights

• Over the long term, high durability and the ability to withstand high temperatures make photovoltaic wafers favorable for solar photovoltaic panels.
• On the other hand, photovoltaic wafers are costly compared to alternatives like thin films available in the market, which are expected to restrain growth in the forecast period.
• During the forecast period, however, the market is likely to grow a lot if new ways are found to improve several steps of the process of making silicon solar cells in order to lower costs and increase production capacities.

Solar Photovoltaic Wafer Market Trends

Monocrystalline Solar Photovoltaic Wafer is Expected to Dominate the Market

• A solar wafer is a thin slice of crystalline silicon that works as a substrate for microeconomic devices for fabricating integrated circuits in photovoltaics (PVs) to manufacture solar cells and assist in power generation by absorbing sunlight.
• Due to the higher efficiency and lower space occupancy of monocrystalline solar panels, monocrystalline solar wafers are expected to dominate the market during the forecast period.
• According to Fraunhofer ISE, as of June 2022, monocrystalline solar cells had the highest efficiency (26.7%) of any solar cell. This translates to higher electricity production, especially in large utility-scale projects, further reducing the levelized cost of electricity, which is expected to give the technology an advantage over other technology types, driving the segment during the forecast period.
• In November 2022, JinkoSolar announced that it had achieved a 23.86% conversion efficiency for a new n-type monocrystalline solar PV module. The panel is based on its TOPCon mono-cell technology, which achieved a record efficiency of 26.1% in October 2022, independently verified by Germany's TÜV Rheinland. According to the company, the advanced welding and packaging technology reduces the module's internal resistance loss and improves conversion efficiency by a large amount.
• India is a significant market for solar photovoltaic wafers. As the country's solar photovoltaic sector grows rapidly, it is also expanding its solar cell, wafer, and ingot production capacity to match domestic demand and reduce dependence on imports.
• In December 2022, Adani Solar unveiled India's largest monocrystalline silicon ingot. The new manufacturing line will produce silicon ingots exclusively for producing solar wafers, cells, and modules. The facility will produce large-sized monocrystalline silicon ingots capable of producing M10 and G12 wafers. According to the company, it aims to add 2 GW of ingot and wafer capacity by the end of 2023 and scale it up to 10 GW by 2025.
• Because of these changes, the market is likely to be dominated by the demand for monocrystalline solar photovoltaic wafers over the next few years.

Asia-Pacific to Grow at Fastest Rate

• Asia-Pacific is expected to become the fastest-growing market in the forecast period. Countries like India, Japan, and China are aiming to instal solar power on a large scale in the future.
• Significant projects in China are expected to create a large demand for solar photovoltaic wafers in the upcoming period. Additionally, as China is the global hub for solar PV hardware manufacturing, Chinese manufacturers such as JinkoSolar, JA Solar, Yingli, etc. are at the forefront of research and development in solar cell, wafer, and ingot technology, which is expected to provide a significant impetus to the market.
• Moreover, in May 2022, the Chinese government revealed plans to build 450 gigawatts (GW) of solar and wind power generation capacity on the Gobi and other desert regions to bring the country's total wind and solar capacity to at least 1,200 GW by 2030. The robust domestic demand, coupled with a large indigenous manufacturing industry, is expected to drive the steady growth of the market during the forecast period.
• In 2021, the installed capacity of solar photovoltaic in Asia was estimated at more than 484,933 GW, which is expected to grow steadily during the forecast period. With the future growth of solar energy, the market for solar wafers is also estimated to grow considerably.

With a large number of projects under construction and ambitious solar energy goals for countries in Asia-Pacific, the region is anticipated to grow at the fastest rate in the upcoming period.

Solar Photovoltaic Wafer Market Competitor Analysis

The solar photovoltaic wafer market is fragmented. Some of the major companies (in no particular order) include Jinko Solar Holding Co., GCL-Poly Energy Holdings Limited Ltd, LONGi Green Energy Technology Co Ltd, CETC Solar Energy Holdings Co, and Sino-American Silicon Products Inc.

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• The market estimate (ME) sheet in Excel format
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