India, Pune, July 12, 2023 (GLOBE NEWSWIRE) -- The solar ingot wafer market size to hit USD 94.14 billion by 2030, growing at CAGR of 13.1% during 2023 to 2030. The global market size was valued USD 33.22 billion in 2022. The rising integration of Solar Ingot Wafers with IoT technologies is the growing trend for making products advanced and affordable. The high demand for automatic temperature control devices due to increasing construction activities is expected to increase the Solar Ingot Wafer Market share. Fortune Business Insights presents this information in their report titled "Global Solar Ingot Wafer Market, 2023–2030."
Competitive Landscape:
Key Players Focus on Partnerships to Gain a Competitive Advantage
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
Key Industry Developments:
December 2022: Longi reduced the price of its wafers by more than 27% of its wafers. The company stated that its M6 wafers are now priced at USD 0.65, a reduction of 27.24% from November 2022.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 13.1% |
| 2030 Value Projection | USD 94.14 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 39.75 Billion |
| Historical Data for | 20219-2021 |
| No. of Pages | 110 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Rise in Demand for Energy Globally has promoted the Adoption of Solar Energy |
| The increasing demand is anticipated to witness a rise in the solar ingot wafer market share. |
Drivers & Restraints:
Rise in Demand for Energy Globally has promoted the Adoption of Solar Energy
The energy demand is growing globally due to population and economic growth. Renewable energy demand has increased by 3% in 2020 and is further estimated to grow significantly across all major factors like heat, power, transport, and industry. Solar bar wafers are used as raw materials for developing solar panels. The increasing demand is anticipated to witness a rise in the solar ingot wafer market share.
Complex Manufacturing Process to Restrict the Market Growth
The expensive and precise process used to manufacture solar ingot wafers, which have a minimal thickness and require special techniques to ensure proper manufacturing. This factor increases the initial cost, thus hampering market growth.
The lack of necessary infrastructure is the other factor holding back investments in the market.
COVID-19 Impact:
Shutdown of all Services due to the COVID-19 Pandemic Hindered Market Growth
Due to the uncertain spread of coronavirus shortage of labor force, and raw materials, the market witnessed a decline in demand for the product. Additionally, due to the unavailability of vaccines against coronavirus, many key industry players adopted various measures to mitigate the effects. Hence, solar ingot wafer market growth witnessed a hindrance during the projected period.
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Segments:
Polycrystalline Segment to Hold Largest Share Due to It Being Highly Heat Resistant
The polycrystalline segment accounted for the largest market share in 2022 due to its long service life and high efficiency. Monocrystalline, being excellent heat resistant, is gaining popularity as it works better in low sun exposure, making it the ideal choice for cloudy areas. Moreover, research & development activities are being carried out at various levels to improve the efficiency of different types, including thin-film solar modules and monocrystalline.
The market geographically covers North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
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Regional Insights:
Asia Pacific to Dominate the Market Owing to Manufacturing Potential During the Forecast Period
Asia Pacific witnessed a solar ingot wafer market in 2022 due to increasing potential of the manufacturing in the region. For instance, Adani Solar plans to build 2 GW of ingot and wafer capacity by December 2023 to expand to 10 GW by 2025. It will open the lines in phases across India, starting with a 2GW factory in Rajasthan.
Followed by North America, Asia Pacific accounts for a substantial share of the global market. The rising focus of energy production harnessed from the solar systems is anticipated to drive market growth during the forecast period.
List of the Key Players Profiled in the Report:
- Shin-Etsu Chemical Co., Ltd (Japan)
- CETC Solar Energy Holdings Co., Ltd. (India)
- DCH Group (Hong Kong)
- KONKA SOLAR Cell Co., Ltd (China)
- Sumco Corporation (Japan)
- Siltronic AG (Germany)
- GlobalWafers (Taiwan)
- JA SOLAR Technology Co., Ltd. (China)
- SK Siltron (Korea)
- Okmetic (China)
- LDK Solar Technology Co., Ltd. (China)
- SN Materials (South Korea)
- Targray (Canada)
- EPC Group (German)
- GCL-Poly Energy Holdings (Hong Kong)
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Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Solar Ingot Wafer Market
- Global Solar Ingot Wafer Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Monocrystalline
- Polycrystalline
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Solar Ingot Wafer Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Monocrystalline
- Polycrystalline
- Market Analysis, Insights and Forecast – By Country
- US
- Canada
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