The market for solar photovoltaic (PV) wafer is expected to grow at a CAGR of more than 4% in the forecast period of 2020-2025. The growing installation capacity of solar power in both residential and commercial sectors is creating a favorable market for the photovoltaic wafers. The high durability and ability to withstand high temperature makes photovoltaic wafers favorable for the solar photovoltaic panels. On the other hand, photovoltaic wafers are costly in comparison to alternatives like thin films available in the market, which are expected to restrain the growth in the forecast period.

  • Due to the high efficiency of monocrystalline solar panels and additional technological advancements, monocrystalline solar photovoltaic wafers are expected to dominate the market in the coming years.
  • According to the International Renewable Agency, solar energy is expected to have a 13% share in global power generation by 2030, which can create significant opportunities for the solar photovoltaic wafer market.
  • Asia-Pacific region is expected to grow at the fastest rate in the forecast period for the solar photovoltaic wafer market. The large-scale solar power installations in countries like India and China are expected to drive the market in the region.



Key Market Trends

Monocrystalline Solar Photovoltaic Wafer is Expected to Dominate the Market

  • A solar wafer is a thin slice of crystalline silicon, which 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.
  • In 2019, the Noor Abu Dhabi solar power project was developed on a 780 hectares land with a capacity of 1177 MW generated by highly efficient monocrystalline solar panels. Such projects are creating a significant demand for solar photovoltaic wafers.
  • India is a significant market for solar photovoltaic wafers. In 2019, Bharat Electronics Limited (BEL) issued a request for a quotation for the procurement of 798,430 monocrystalline silicon solar cells, which is likely to drive the market during the forecast period.
  • The share of monocrystalline cell production is rising continuously, with almost 50% share in 2018. With continuous growth, monocrystalline solar panels are expected to dominate the market in the future.
  • Due to the higher efficiency and less space occupancy of monocrystalline solar panels, monocrystalline solar wafers are expected to dominate the market during the forecast period.



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 install solar power at a large scale in the future.
  • Significant projects in China, like the Yinchuan Xinqing with a capacity of 500 MW, which became operational in 2018, are expected to create a large demand for solar photovoltaic wafers in the upcoming period.
  • In 2019, the installed capacity of solar photovoltaic in Asia was estimated at more than 330 GW, which is expected to grow in the forecast period also. With the future growth of solar energy, the market for solar wafers is also estimated to grow considerably.
  • According to IRENA, in 2019, Japan is estimated to have a share of 26% of electricity generation from solar energy, which is expected to be the highest globally. Because of this ambitious goal, Japan is expected to drive the Asia-Pacific solar photovoltaic wafer market significantly.
  • With a large number of projects under construction and ambitious solar energy goals of countries in Asia-Pacific, the region is anticipated to grow at the fastest rate in the upcoming period.



Competitive Landscape

The solar photovoltaic wafer market is fragmented. Some of the major companies 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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