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The solar photovoltaic wafer market share is expected to increase by 73.71 gigawatts from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 14.80%.
This solar photovoltaic wafer market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers solar photovoltaic wafer market segmentation by:
The solar photovoltaic wafer market report also offers information on several market vendors, including 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. among others.
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The increasing investments in renewable energy in APAC are notably driving the solar photovoltaic wafer market growth, although factors such as intermittency in solar power generation may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the solar photovoltaic wafer industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Solar Photovoltaic Wafer Market Driver
One of the key factors driving growth in the solar photovoltaic wafer market is the increasing investments in renewable energy in APAC. The global energy mix has changed significantly over the past two decades. Improvement in energy efficiency played a vital role in balancing the energy supply and demand. The total cost of producing electricity using renewables is relatively higher than that of conventional sources. However, renewable technology is evolving and giving competition to fossil fuel-based power plants. In India, installed renewable power generation capacity has gained pace over the past few years, posting a CAGR of 17.33% between FY16-20. With the increased support of government and improved economics, the sector has become attractive from the investors? perspectives. The increased focus on renewable energy sources is increasing investments in the country's solar energy sector, which, in turn, will drive the growth of the solar PV wafer market.
Key Solar Photovoltaic Wafer Market Trend
The advances in power electronics used in solar PV systems is another factor supporting the solar photovoltaic wafer market share growth. Power electronics is the process of controlling and converting electrical power flow from one form to another using semiconductor switching devices. The power electronics conversion technique has revolutionized electricity generation by increasing product efficiencies, streamlining manufacturing processes, and deploying modern technology such as computers to improve the delivery of power from utilities. The developments around power electronics could improve power flow control and coordinated voltage in solar PV systems, operations in microgrids, system operations during grid disturbances, and synthetic inertia for grid support. Several new power electronics offerings are being launched in the market, which reduces the O&M cost as well. Thus, these developments will significantly enhance the efficiency of solar PV systems and will further drive the adoption of solar energy among utilities. This, in turn, will drive the need for installation as well as O&M services, thus driving the growth of the market.
Key Solar Photovoltaic Wafer Market Challenge
The intermittency in solar power generation will be a major challenge for the solar photovoltaic wafer market during the forecast period. The adoption of solar power has been increasing due to the declining prices of solar power systems. This has increased the number of solar power installations over the years. However, the intermittent nature of solar power is a significant challenge that affects the adoption of solar power systems. The solar PV output is not continuous and depends on several factors such as the degree of shade, panel efficiency, and solar irradiation that changes over the duration of the day. Hence, it is not viable to have a power system that is completely reliant on solar power. The intermittent nature of solar power remains a major challenge for the growth of the solar power market, which, in turn, hinders the solar PV wafer market.
This solar photovoltaic wafer market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the solar photovoltaic wafer market encompasses successful business strategies deployed by the key vendors. The solar photovoltaic wafer market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Lanco Infratech Ltd. - The company offers manufacture and sale of high purity polysilicon, silicon ingots/ wafers, and modules
CETC Solar Energy Holdings Co. Ltd. - The company offers manufacture and sale of solar products such as solar wafer, solar ingot and solar cells.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The solar photovoltaic wafer market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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44% of the market's growth will originate from APAC during the forecast period. China, Japan, and Vietnam are the key markets for solar photovoltaic wafers in APAC. Market growth in this region will be slower than the growth of the market in other regions.
The presence of financial incentive programs, such as FiTs in China and Japan, has resulted in a large installed capacity base of solar PV systems in these countries, thus resulting in a strong need for operations and maintenance (O&M) services. This will facilitate the solar photovoltaic wafer market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 led to various nations imposing lockdowns to hinder the spread of the disease. With the lockdown restrictions, commercial spaces and offices were closed, which led to lower electricity demand in the region. This hindered the growth of the market. However, as of early 2021, with the number of COVID-19 cases decreasing because of large-scale vaccination drives, there was a removal of lockdown restrictions. With the restrictions being removed, commercial spaces and offices reopened, which led to the increase in demand for electricity, which, in turn, will drive the growth of the regional solar power market and will fuel the need for solar PV wafers during the forecast period.
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The solar photovoltaic wafer market share growth by the utility segment will be significant during the forecast period. Generally, utility-scale solar power plants have power purchase agreements (PPAs) with utilities to ensure that there is a market for their energy for a fixed period of time. A utility-scale solar power plant has been producing clean and dependable energy over the past few decades. It gives the benefit of fixed electricity prices when the prices of electricity generated from fossil fuels are high during peak demand periods. It can also be stored in energy storage systems for using it when there is no sunlight. These factors drive the adoption of utility-scale solar power, which, in turn, is driving the global solar photovoltaic wafer market.
This report provides an accurate prediction of the contribution of all the segments to the growth of the solar photovoltaic wafer market size and actionable market insights on post COVID-19 impact on each segment.
Technavio categorizes the global solar photovoltaic wafer market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the solar photovoltaic wafer market during the forecast period.
Our report provides extensive information on the value chain analysis for the solar photovoltaic wafer market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Solar Photovoltaic Wafer Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.80% |
Market growth 2022-2026 |
73.71 GW |
Market structure |
Fragmented |
YoY growth (%) |
13.04 |
Regional analysis |
APAC, Europe, North America, South America, and MEA |
Performing market contribution |
APAC at 44% |
Key consumer countries |
China, US, Japan, Germany, and Vietnam |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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***1. Executive Summary
**1.1 Market Overview
*Exhibit 01: Key Finding 1
*Exhibit 02: Key Finding 2
*Exhibit 03: Key Finding 3
*Exhibit 04: Key Finding 5
*Exhibit 05: Key Finding 6
*Exhibit 06: Key Finding 7
*Exhibit 07: Key Finding 8
***2. Market Landscape
**2.1 Market ecosystem
*Exhibit 08: Parent market
*Exhibit 09: Market characteristics
**2.2 Value chain analysis
*Exhibit 10: Value chain analysis: Application software
*2.2.1 Inputs
*2.2.2 Operations
*2.2.3 Distribution and logistics
*2.2.4 Marketing and sales
*2.2.5 Aftermarket and service
***3. Market Sizing
**3.1 Market definition
*Exhibit 11: Offerings of vendors included in the market definition
**3.2 Market size 2021
**3.3 Market segment analysis
*Exhibit 12: Market segments
**3.4 Market outlook: Forecast for 2021 - 2026
*3.4.1 Estimating growth rates for emerging and high-growth markets
*3.4.2 Estimating growth rates for mature markets
*Exhibit 13: Global - Market size and forecast 2021 - 2026 (GW)
*Exhibit 14: Global market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 15: Five forces analysis 2021 & 2026
**4.2 Bargaining power of buyers
*Exhibit 16: Bargaining power of buyers
**4.3 Bargaining power of suppliers
*Exhibit 17: Bargaining power of suppliers
**4.4 Threat of new entrants
*Exhibit 18: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 19: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 20: Threat of rivalry
**4.7 Market condition
*Exhibit 21: Market condition - Five forces 2021
***5 Market Segmentation by End-user
**5.1 Market segments
*Exhibit 22: End-user - Market share 2021-2026 (%)
**5.2 Comparison by End-user
*Exhibit 23: Comparison by End-user
**5.3 Utility - Market size and forecast 2021-2026
*Exhibit 24: Utility - Market size and forecast 2021-2026 (GW)
*Exhibit 25: Utility - Year-over-year growth 2021-2026 (%)
**5.4 Commercial - Market size and forecast 2021-2026
*Exhibit 26: Commercial - Market size and forecast 2021-2026 (GW)
*Exhibit 27: Commercial - Year-over-year growth 2021-2026 (%)
**5.5 Residential - Market size and forecast 2021-2026
*Exhibit 28: Residential - Market size and forecast 2021-2026 (GW)
*Exhibit 29: Residential - Year-over-year growth 2021-2026 (%)
**5.8 Market opportunity by End-user
*Exhibit 30: Market opportunity by End-user
***6. Customer landscape
**6.1 Overview
*Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
*Exhibit 31: ?Customer landscape?
***7. Geographic Landscape
**7.1 Geographic segmentation
*Exhibit 32: Market share by geography 2021-2026 (%)
**7.2 Geographic comparison
*Exhibit 33: Geographic comparison
**7.3 APAC - Market size and forecast 2021-2026
*Exhibit 34: APAC - Market size and forecast 2021-2026 (GW)
*Exhibit 35: APAC - Year-over-year growth 2021-2026 (%)
**7.4 Europe - Market size and forecast 2021-2026
*Exhibit 36: Europe - Market size and forecast 2021-2026 (GW)
*Exhibit 37: Europe - Year-over-year growth 2021-2026 (%)
**7.5 North America - Market size and forecast 2021-2026
*Exhibit 38: North America - Market size and forecast 2021-2026 (GW)
*Exhibit 39: North America - Year-over-year growth 2021-2026 (%)
**7.6 South America - Market size and forecast 2021-2026
*Exhibit 40: South America - Market size and forecast 2021-2026 (GW)
*Exhibit 41: South America - Year-over-year growth 2021-2026 (%)
**7.7 MEA - Market size and forecast 2021-2026
*Exhibit 42: MEA - Market size and forecast 2021-2026 (GW)
*Exhibit 43: MEA - Year-over-year growth 2021-2026 (%)
**7.8 Key leading countries
*Exhibit 44: Key leading countries
**7.9 Market opportunity by geography
*Exhibit 45: Market opportunity by geography
***8. Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Increasing investments in renewable energy in APAC
*8.1.2 Declining cost of solar power generation
*8.1.3 Supportive government policies and regulations
**8.2 Market challenges
*8.2.1 Intermittency in solar power generation
*8.2.2 Presence of other energy sources
*8.2.3 Low conversion efficiency of solar PVs
*Exhibit 46: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Advances in power electronics used in solar PV systems
*8.3.2 Increased adoption of microgrids
*8.3.3 Development of smart cities
***9. Vendor Landscape
**9.1 Overview
*Exhibit 47: Vendor landscape
*The potential for the disruption of the market landscape was moderate in 2020, and its threat is expected to remain unchanged by 2025.
**9.2 Landscape disruption
*Exhibit 48: ?Landscape disruption?
*Exhibit 49: Industry risks
***10. Vendor Analysis
**10.1 Vendors covered
*Exhibit 50: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 51: ?Market positioning of vendors?
**10.3 CETC Solar Energy Holdings Co. Ltd.
*Exhibit 52: CETC Solar Energy Holdings Co. Ltd. - Overview
*Exhibit 53: CETC Solar Energy Holdings Co. Ltd. - Product and service
*Exhibit 54: CETC Solar Energy Holdings Co. Ltd. - Key offerings
**10.4 GCL Poly Energy Holdings Ltd
*Exhibit 55: GCL Poly Energy Holdings Ltd - Overview
*Exhibit 56: GCL Poly Energy Holdings Ltd - Business segments
*Exhibit 57: GCL Poly Energy Holdings Ltd - Key offerings
*Exhibit 58: GCL Poly Energy Holdings Ltd - Segment focus
**10.5 GlobalWafers Singapore Pte Ltd.
*Exhibit 59: GlobalWafers Singapore Pte Ltd. - Overview
*Exhibit 60: GlobalWafers Singapore Pte Ltd. - Product and service
*Exhibit 61: GlobalWafers Singapore Pte Ltd. - Key offerings
**10.6 JA Solar Technology Co. Ltd.
*Exhibit 62: JA Solar Technology Co. Ltd. - Overview
*Exhibit 63: JA Solar Technology Co. Ltd. - Business segments
*Exhibit 64: JA Solar Technology Co. Ltd. - Key offerings
*Exhibit 65: JA Solar Technology Co. Ltd. - Segment focus
**10.7 JinkoSolar Holding Co. Ltd.
*Exhibit 66: JinkoSolar Holding Co. Ltd. - Overview
*Exhibit 67: JinkoSolar Holding Co. Ltd. - Business segments
*Exhibit 68: JinkoSolar Holding Co. Ltd. - Key offerings
*Exhibit 69: JinkoSolar Holding Co. Ltd. - Segment focus
*Exhibit 76: International Business Machines Corp. - Segment focus
**10.8 Lanco Infratech Ltd.
*Exhibit 70: Lanco Infratech Ltd. - Overview
*Exhibit 71: Lanco Infratech Ltd. - Product and service
*Exhibit 72: Lanco Infratech Ltd. - Key offerings
**10.9 Longi green energy technology Co. Ltd.
*Exhibit 73: Longi green energy technology Co. Ltd. - Overview
*Exhibit 74: Longi green energy technology Co. Ltd. - Product and service
*Exhibit 75: Longi green energy technology Co. Ltd. - Key offerings
**10.10 Sino-American Silicon Products Inc.
*Exhibit 76: Sino-American Silicon Products Inc. - Overview
*Exhibit 77: Sino-American Silicon Products Inc. - Business segments
*Exhibit 78: Sino-American Silicon Products Inc. - Key offerings
*Exhibit 79: Sino-American Silicon Products Inc. - Segment focus
**10.11 SOLARWORLD Africa Pty Ltd.
*Exhibit 80: SOLARWORLD Africa Pty Ltd. - Overview
*Exhibit 81: SOLARWORLD Africa Pty Ltd. - Product and service
*Exhibit 82: SOLARWORLD Africa Pty Ltd. - Key offerings
**10.12 Targray Technology International Inc.
*Exhibit 83: Targray Technology International Inc. - Overview
*Exhibit 84: Targray Technology International Inc. - Product and service
*Exhibit 85: Targray Technology International Inc. - Key offerings
***11. Appendix
**11.1 Scope of the report
*11.1.1 ????Market definition
*11.1.2 ????Objectives
*11.1.3 Notes and Caveats
**11.2 Currency conversion rates for US$
*Exhibit 86: ?Currency conversion rates for US$?
**11.3 Research Methodology
*Exhibit 87: ?Research Methodology
*Exhibit 88: ??Validation techniques employed for market sizing?
*Exhibit 89: ??Information sources
**11.4 List of abbreviations
*Exhibit 90: List of abbreviations
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