The global silicon wafer market size is estimated to reach USD 12.22 billion by 2024. The market is anticipated to witness significant growth during the forecast period due to the high demand for semiconductors in end products such as smartphones, tablets, and others. Increasing preference for compact, more powerful, and yet affordable devices results in escalating demand for silicon wafers during the forecast period. The increase in demand for consumer electronics such as TVs, refrigerators, and home theatres further supports the growth of the market over the coming years.

Global silicon wafer market is expected to grow at a value CAGR of around 7.0% from 2017 to 2024. Asia Pacific accounted for the substantial market share in 2016. The growth of the market in the region is attributable to rising preference for technologically sophisticated electronic devices and gadgets. Asia Pacific is followed by North America in terms of growth rate, which is majorly due to enhanced use of silicon wafers for manufacturing solar cells. The accelerating need for reliable, clean and safe energy source in countries such as the U.S. and Canada are likely to increase the demand for solar cell, resulting in growth of the market for silicon wafers as well.

Semiconductors find applications in various medical devices such as ultrasound scanners and ECG devices and this drives the market growth during the forecast period. Furthermore, increasing use of homecare devices such as glucose meters and blood pressure monitors is expected to positively impact the market growth. Requirement of lower power coupled with more in-built functions of semiconductors have made medical devices more portable and efficient.

Increasing installations of automated silicon wafer fabrication and transport systems by the manufacturers support their market sustainability. For instance, Siltronic AG employs automated ceiling-mounted transport systems (OHT systems) to transport the wafers from one operation point to next by the shortest route. It increases the productivity and freeze up space in clean room. Research efforts by the market players coupled with increasing investments will intensify the demand for silicon wafers thereby supporting the market growth. For instance, Intel started 450MM manufacturing facility at Arizona, U.S.

Global silicon wafer market is marked by the mergers and acquisitions strategies. For instance, in December 2016, Taiwanese GlobalWafers acquired the US-based SunEdison SEMI in order to expand production capabilities and to get greater access to the Korea and European countries. Additionally, GlobalWafers will get access to SOI product technologies of SunEdison SEMI.