Monocrystalline Silicon Wafer Market Expected to Reach $20.1 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Monocrystalline Silicon Wafer Market," The monocrystalline silicon wafer market was valued at $10.9 billion in 2022, and is estimated to reach $20.1 billion by 2032, growing at a CAGR of 6.4% from 2023 to 2032.

A monocrystalline silicon wafer is a thin, flat slice of silicon that is made of a single silicon crystal and has a consistent crystal structure. It is frequently used in the production of semiconductors and solar cells due to its high purity and uniform crystal structure, which make it an outstanding material for conducting electricity and capturing sunlight.

One of the important drivers of the monocrystalline silicon wafer industry is the increased demand for solar energy. The demand for solar energy is rising quickly as people and businesses look to cut their carbon footprint and switch to more sustainable energy sources. Monocrystalline silicon wafers are widely used in solar panels. These wafers are highly efficient in converting sunlight into electricity that is why they are the most preferred choice of material for solar cells. The demand for solar energy is being driven by several factors, including concerns about climate change, energy security, and the rising cost of traditional sources of energy. The increasing demand for electronics is also driving the growth of the monocrystalline silicon wafers market as monocrystalline silicon wafers are widely used in the production of electronic devices such as microchips, LEDs, and sensors. Monocrystalline silicon wafers are widely used in the production of electronic devices because of their high purity, high uniformity, and excellent electrical properties. Moreover, the growing demand for electronics continues to drive the growth of the market, through certain factors such as the advancement of the Internet of Things (IoT), increasing use of artificial intelligence (AI) in various industries, and the growing popularity of electric vehicles.

On the other hand, monocrystalline silicon wafers involve several steps, including cell fabrication, polysilicon production, and ingot and wafer production. The production of high-quality monocrystalline silicon wafers requires specialized equipment and expertise, which can be costly and difficult to obtain. This technology requires skilled technicians and engineers who are familiar with the process and can adjust as needed and also ensure that the crystal grows properly. Separately, the increase in the adoption of industrial automation creates opportunities for the monocrystalline silicon wafer market. A monocrystalline wafer offers a high level of purity and consistency, which makes them ideal for use in the production of highly reliable and precise components.

In terms of market segmentation by type, the market was dominated by the 6-inch segment in 2022, which has the highest market share. However, the 12-inch segment is expected to be the fastest-growing segment during the forecast period. The popularity of 6-inch monocrystalline silicon wafers is primarily driven by its use in the fabrication of integrated circuits and other micro devices, as well as in solar panels in the renewable energy industry, which is one of the new monocrystalline silicon wafer market trends. In terms of market segmentation by sales channel, the market was dominated by the direct channel segment in 2022. The direct channel segment of the monocrystalline silicon wafer market is an important part of the market, driven by the need for cost savings and greater supply chain control. In terms of application, the market was dominated by semiconductor, which has a high market share. However, the solar energy segment will likely be the fastest-growing segment. The increasing demand for renewable energy sources and the adoption of solar power as a sustainable energy solution is expected to drive the use of monocrystalline silicon wafer in making solar panel.

In terms of region, the market was dominated by Asia-Pacific in 2022. Alos, monocrystalline silicon wafer market growth is expected to be the highest in Asia-Pacific region during the forecast period. A major advantage that can be attributed to the Asia-Pacific region is that there are many developing countries in the region, and hence, many fast-growing companies that are picking up advanced technology. In combination, this provides significant opportunities for the purchase and use of monocrystaline silicon wafers.

Key Findings of the Study

• By type, the monocrystalline silicon wafer market size was dominated by the 6-inch segment in 2022, which has the highest market share. However, the 12-inch segment is expected to be the fastest-growing segment during the forecast period.
• By sales channel, in the monocrystalline silicon wafer market share, the direct channel segment accounted for the higher share of the market in 2022, whereas indirect channel is anticipated to increase faster during the forecast period.
• By application, in the monocrystalline silicon wafer market share, the semiconductor segment accounted-for the most prominent share in 2022. However, the solar energy segment is expected to expand at a higher rate during the forecast period.
• Regionwise, Asia-Pacific accounted for the largest share of the global monocrystalline silicon wafer market analysis in 2022 and is also estimated to increase faster than other regions during the forecast period.

The monocrystalline silicon wafer market players profiled in the report include. LONGi New Energy, Comtec Solar, Siltronic, MCL Electronic Materials Co. Ltd., Shin-Etsu Chemical, GRINM Semiconductor Materials Co. Ltd., Pure Wafer, Addison Engineering, SUMCO Corporation, and Ming Hwei Energy. Various strategies such as collaborations & partnerships, product launches, and acquisitions have been adopted by market players to expand their foothold in the monocrystalline silicon wafer market.