Selbyville, Delaware, March 9, 2021 (GLOBE NEWSWIRE) –
According to the latest report “Solar Silicon Wafers Market By Type (Monocrystalline Wafer, Polycrystalline Wafer), Application (PV Modules, Inverters, Solar Cell, Solar Shelf System, Solar Battery), Regional Outlook, Price Trends, Competitive Market Share, and Forecast 2027”By Global Market Insights Inc., the market valuation of solar silicon wafers will exceed $ 20 billion by 2027.
The growth of the solar silicon wafer market is due to increasing government regulations on greenhouse gas emissions, which have spurred the adoption of renewable energy sources, primarily solar, for power generation and energy conversion. In November 2019, for example, the federal government passed the new Climate Protection Act, which aims to reduce greenhouse gas emissions by 38% by 2030 compared to 2005. This ambitious goal is expected to increase the penetration of solar power plants and solar parks in the European Union and drive the market expansion in the forecast period.
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The inverter application segment in the solar silicon wafer market had a market share of 3.5% in 2020 and is expected to have a growth rate of 8.5% through 2027 in demand for inverter applications in the solar industry. The large solar silicon wafer with a size of 210 mm helps to achieve high technological and ecological advantages and a high output of more than 600 W. In January 2021, Tesla, Inc. announced the introduction of two 3.8 kW and 3.8 kW solar inverters with 7.6 kW output, which are used in residential solar systems. These solar inverters have two or four MPPTs (Maximum Power Point Tracker) and an energy conversion efficiency of around 97.5%. Similar product launches will fuel the growth of the market.
The North American solar silicon wafer market is projected to have a CAGR of 9% through 2027, driven by increasing solar power plant operations in the US region. According to a December 2020 press release by the Solar Energy Industries Association, US solar energy producers installed 3.8 GW of solar PV capacity in the third quarter of 2020. The total installed capacity in the USA reached around 88.9 GW in 2020 in the third quarter of 2020. The exponentially growing installations of solar power plants in the region offer regional manufacturers of solar silicon wafers lucrative opportunities. In addition, the regional wafer manufacturers are focusing on expansion activities and trying to secure investments and financing.
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Major players in the solar silicon wafer market include LONGi Green Energy Technology Co., Ltd., JinkoSolar Holding Co., Ltd., GCL-Poly Energy Holdings Limited, Solargiga Energy Holdings Limited, Huantai Group, and CETC Solar Energy Holdings Co., Ltd. and Jiangxi LDK Solar High-Tech Co., Ltd. amongst other things. The companies focus on inorganic growth strategies in order to gain a competitive advantage in the market.
Some Key Findings of Solar Silicon Wafers Market Report Are:
- The extensive penetration of solar power plants in developing countries such as India, Malaysia, Thailand and Turkey will open up new possibilities for solar cells.
- The superior energy conversion efficiency of the monocrystalline solar silicon wafer will affect the market value. The monocrystalline wafers offer a high efficiency in the range of 15 to 21%, which is higher compared to their polycrystalline wafer counterpart. The slimmer aesthetics of these wafers will further increase market demand.
- The COVID-19 pandemic has severely disrupted the polysilicon raw material supply chain for solar silicon wafer manufacturers around the world. The market leaders are highly dependent on China for the procurement of raw materials and components for the manufacture of solar systems. To solve the problems in the supply chain, companies are setting up new production facilities in their countries and other regions and offering regional raw material suppliers new opportunities in the forecast period.
Table of contents (ToC) of the report:
Chapter 3 Insights into the Solar Silicon Wafer Market
3.1 Industry segmentation
3.2 Global semiconductor landscape
3.3 Impact analysis of the coronavirus (COVID-19) pandemic
3.4 Analysis of the industrial ecosystem
3.5 Production capacity of the main market players
3.6 Technology and innovation landscape
3.7 Regulatory landscape
3.8 Influential forces in industry
3.8.1 Growth drivers
3.8.2 Pitfalls and challenges
3.9 Price development
3.10 Analysis of the growth potential
3.11 Porter analysis
3.12 PESTEL analysis
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