Research firm Technavio predicts strong growth for the global solar wafers market. The firm expects the solar photovoltaic wafer market to grow by 73.71 gigawatts from 2021 to 2026. The growth momentum of the market will accelerate at a CAGR of 14.80% during the forecast period. This is a period when many markets, especially India, will add to their own capacities on the back of government incentives, a number that has probably not been fully factored in yet.
It should be noted that China dominates the wafer market even more than it does for the final end product, solar modules or panels.
Based on segmentation by end-user, the utility segment will be the leading segment during the forecast period. Advances in power electronics used in solar PV systems is one of the major trends in the market. In 2022, the market is expected to grow at a year-over-year growth rate of 13.04%. 44% of the market’s growth will originate from APAC during the forecast period.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. CETC Solar Energy Holdings Co. Ltd., GCL Poly Energy Holdings Ltd, GlobalWafers Singapore Pte Ltd., JA Solar Technology Co. Ltd., JinkoSolar Holding Co. Ltd., Lanco Infratech Ltd., Longi green energy technology Co. Ltd., Sino-American Silicon Products Inc., SOLARWORLD Africa Pty Ltd., and Targray Technology International Inc. are some of the major market participants.