How Is The Global Silicon Wafer Market Defined?
A silicon wafer is a thin slice of semiconductor material, typically silicon, used in the fabrication of integrated circuits and other microdevices. These wafers serve as the substrate for microelectronic devices and are essential in the manufacturing of electronics, from computers to solar cells. The production process involves slicing silicon ingots into wafers, followed by polishing and doping to achieve the desired electrical properties.
Silicon Wafer Global Market Report 2024 provides data on the global silicon wafer market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Silicon Wafer market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Silicon Wafer Market Size Expected To Change, And What Are The Growth Rate Projections?
The silicon wafer market has shown strong growth recently, increasing from $17.03 billion in 2023 to $18.25 billion in 2024, with a compound annual growth rate (CAGR) of 7.2%. This historical growth is attributed to the proliferation of smartphones, laptops, and other consumer electronics, the growing integration of semiconductor components in vehicles, the adoption of automation in industrial sectors, expansion of telecommunications networks, the shift to 5G technology, and the increase in solar energy installations. Looking ahead, the market is expected to grow to $24.20 billion by 2028 at a CAGR of 7.3%. This forecasted growth is driven by increased adoption of electric vehicles, the growth of the Industrial Internet of Things (IoT), rising investments in renewable energy, economic development, and the growing proliferation of IoT devices. Major trends for the forecast period include the adoption of three-dimensional integration techniques for semiconductor devices, integration of artificial intelligence (AI) technologies, development of edge computing infrastructure for IoT applications, materials innovation, and a focus on sustainability in semiconductor manufacturing.
Which Drivers Are Accelerating Growth In The Silicon Wafer Market?
A significant rise in the installation of solar panels is expected to drive the growth of the silicon wafer market. Solar panels, also known as photovoltaic (PV) panels, are devices that convert sunlight directly into electricity using multiple solar cells. They are an attractive alternative to fossil fuels, which are finite and contribute to environmental pollution and climate change. Solar panels harness energy from sunlight through silicon wafers, efficiently converting solar radiation into electricity and supporting sustainable energy practices. According to the National Renewable Energy Laboratory (NREL) report published in April 2023, global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc) in 2022, totaling 1.2 terawatts of direct current (TWdc) cumulatively. China's annual PV installations surged by 57%, accounting for 42% of global demand, with annual installations expected to exceed 300 GW by 2023 and surpass 400 GW by 2025. Thus, the significant rise in solar panel installations is propelling the silicon wafer market.
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What Are The Core Segments Of The Global Silicon Wafer Market?
The silicon wafer market covered in this report is segmented –
1) By Type: N-Type, P-Type
2) By Wafer Size: 0-100 mm, 100-200 mm, 200- 300 mm, More Than 300 mm
3) By End User: Consumer Electronics, Automotive, Industrial, Telecommunications, Other End Users
Which Emerging Trends Are Reshaping The Silicon Wafer Market Size?
Major players in the silicon wafer industry are concentrating on developing high-performance technologies such as silicon carbide single-crystal wafers to meet the growing need for advanced semiconductor applications. Silicon carbide single-crystal wafers enhance the efficiency and compactness of power modules, driving progress in energy efficiency and reducing the size of electronic devices. For instance, in March 2022, The Showa Denko Group, a Japanese company specializing in chemical products and industrial materials, began mass production of 6-inch silicon carbide single-crystal wafers. These wafers are critical for SiC epitaxial layers and SiC-based power semiconductors, which are valued for their superior heat resistance and voltage endurance compared to traditional silicon-based semiconductors. They are increasingly used in sectors like electric vehicles, railcars, and industrial machinery.
What Is The Largest Region In The Silicon Wafer Market?
Asia-Pacific was the largest region in the silicon wafer market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the silicon wafer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
