Global Wafer Solar Cell Market – Industry Trends and Forecast to 2029

Wafer Solar Cell Market Analysis and Size

The wafer solar cell market is driven by the high demand of renewable energy and upsurge in the electricity demand. Strict government regulations on carbon emission and limited availability of fossil fuels create the strong need for cost-effective and efficient sources such as solar energy. Wafer solar cell are highly efficient compared to other alternative technologies, such as non-silicon solar cells and amorphous silicon. Furthermore, introduction of advanced technology and increasing research and development activities are expected to boost the demand for the wafer solar cell that will lead to the growth of the wafer solar cell market during the forecast period of 2022-2029.

Data Bridge Market Research analyses that the wafer solar cell market was valued at USD 9592.30 million in 2021 and is expected to reach USD 22,105.82 million by 2029, registering a CAGR of 11.00% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Wafer Solar Cell Market Scope and Segmentation

Market Definition

The solar photovoltaic cells are devices used to convert electrical energy into light energy. The wafer solar cell has mainly made up of /Crystalline_silicon" target="_blank">crystalline silicon cells. The wafer at the top of the solar cells is coated with anti-reflective coatings made up of silicon nitride and used to upsurge the light absorption capacity by decreasing the reflection. The wafer solar cell provides more durability in comparison to other substitutes accessible.

Global Wafer Solar Cell Market Dynamics

Drivers

• Increase in awareness regarding adverse impact on environmental

The rise in awareness among the major market players regarding the adverse effect of other solar cell on environment has increased the demand for the wafer solar cell because it is a renewable source of energy. Moreover, the upsurge in the dependence on the unconventional source has a positive impact on the global market, which is expected to drive the growth rate of the wafer solar cell market.

• Rising demand of float zone silicon in automotive sector

The major factors which are expected to drive the global wafer solar cell market is growing vehicle demand and manufacturing. The growing demands of the vehicle leads to the manufacturing of electric and hybrid vehicles which also increase the demand of wafer solar cell in the market. wafer solar cell providers and automotive manufacturing companies are collaborating to provide advanced and unique automotive application solutions. The rising demand for wafer solar cell in the automotive sector is anticipated to drive the market's growth rate.

• Increase in the installation of solar system

The rise in the number of solar system installation further influence the wafer solar cell market growth. The rise in demand for wafer solar cell due to rising need to decline the prices of solar cell modules are expected to drive the market growth.

Opportunities

• Increasing demand for the renewable energy sources

The major market players are focusing on developing those devices which are eco-friendly and have least impact on the environment. Therefore, the introduction of solar cells has reduced the level of pollution in the environment. Moreover, the gradual change in the climate are forcing the government to take some initiatives towards the reduction of the level of pollution in the environment which are promoting the use of environment friendly products such as wafer solar cell and  expected to upsurge the beneficial opportunities for the market's growth rate.

• Technological advancement

Recent technical advancements have reduced the production cost of the wafer solar cell which extends the profitable opportunities to the major market players in the upcoming period. Moreover, improvement in infrastructure activities will further create immense opportunities for the growth of the wafer solar cell market.

Moreover, growing number of new strategic collaborations and increasing number of emerging new markets will also act as major market drivers and upsurge the beneficial opportunities for the market's growth rate.

Restraints/ Challenges

• Lower productivity of wafer solar cell

The lower productivity of the wafer solar cell compared to other alternatives might be hinder the growth of the wafer solar cell market globally during the forecast period of 2022-2029.

• Environmental concern Associated with raw material

However, due to the negative impact of silicon or other element on the environment, the government has imposed some stringent regulations which are expected obstruct the demand of the wafer solar cell in the market.

This  wafer solar cell market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the wafer solar cell market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Wafer Solar Cell Market

The COVID-19 had a negative impact on the wafer solar cell market due to the strict rules of social distancing and lockdowns to contain the widespread of the corona virus. The partial shutdown of the business, economic uncertainty and low consumer confidence has impacted the demand of the wafer solar cell technology. The supply chain got hindered during this pandemic along with the delay logistics activities. However, the wafer solar cell market is anticipated to recover its pace during the post pandemic scenario.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Wafer Solar Cell Market Scope

The wafer solar cell market is segmented on the basis of Size, type and product and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Size

• 150 mm
• 200mm
• 300mm
• 450mm

 Type

• N-type
• P-type

Product

• Monocrystalline
• Multicrystalline

 Application

• Residential
• Commercial
• Industrial
• Power Utilities

Wafer Solar Cell Market Regional Analysis/Insights

The wafer solar cell market is analysed and market size insights and trends are provided by country, Size, type and product and application as referenced above.

The countries covered in the  wafer solar cell market report  U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Europe dominates the wafer solar cell market in terms of revenue and share of market. This is due to the adoption of favorable initiatives by government for the installation of solar panel in this region.

North America is projected to be the fastest developing region during forecast period of 2022-2029 due to the growing level of investment for the adoption of sustainable energy in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Wafer Solar Cell Market Share Analysis

The wafer solar cell market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to wafer solar cell market.

Some of the major players operating in the wafer solar cell market are:

• SunPower Corporation (U.S.)
• Suniva Inc (U.S.)
• Tata Power Solar Systems Ltd. (India)
• SHARP CORPORATION (Japan)
• ALPS Technology Inc. (U.S.)
• Solaris Technology Industry, Inc. (India)
• GREEN BRILLIANCE RENEWABLE ENERGY LLP (India)
• Trina Solar (China)
• Canadian Solar. (Canada)
• Exeger Operations AB (Sweden)
• Fujikura Europe Ltd. (U.K.)
• G24 Power Ltd. (U.K.)
• Konica Minolta Sensing Europe B.V. (Netherlands)
• Merck KGaA (Germany)
• Oxford PV (U.K.)
• Peccell Technologies, Inc. (Japan)
• Sharp Corporation (Japan)
• Solaronix SA (Switzerland)
• Sony Corporation (Japan)
• Ricoh (Japan)
• First Solar (U.S.)

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