Our in-depth analysis segmented the global solar photovoltaic wafer market in the following segments:
Global solar photovoltaic wafer market is further classified on the basis of region as follows:
Get more information on this report: Download Sample PDF
The global solar photovoltaic wafer market is anticipated to expand at a significant CAGR during 2018-2027. It is projected to reach significant market size by 2027. The increasing demand for the electricity coupled with the rising demand for the renewable energy sources worldwide is anticipated to increase the market growth of the solar photovoltaic wafer market globally throughout the forecast period. The global solar photovoltaic wafer market can be segmented on the basis of material type and region. On the basis of material type, it is sub-segmented into monocrystalline wafer and multicrystalline wafer. Multicrystalline wafer is anticipated to be the fastest growing sub-segment on the account of increasing usage in producing high quantity of electricity. Additionally, the increasing demand for the electricity across the globe is another factor for the rising demand for the multicrystalline solar wafer during the forecast period.
By region, global solar photovoltaic wafer market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is expected to lead the global solar photovoltaic wafer market on the account of availability of highly developed technology to produce electricity and energy. Europe is anticipated to follow North America in terms of energy generation. The rapid industrialization in the region is increasing the demand for the clean energy methods for energy generation. Asia-Pacific is anticipated to be the fastest developing region for the global solar photovoltaic wafer market over the forecast period. This is attributed to the fact of high presence of companies offering the solar photovoltaic wafer in the region.
The rising demand for the renewable energy across the globe is anticipated to be the major growth driver for the global solar photovoltaic wafer market over the forecast period. The increasing demand for the energy on the account of rising population and increasing industrialization is anticipated to boost the global solar photovoltaic wafer market. The rising demand for the solar photovoltaic wafer to recharge the electric vehicle is also driving the solar photovoltaic wafer market globally. The various government regulations regarding the use of the fossil fuel are anticipated to support the market growth of the solar photovoltaic wafer. The government is taking initiative such as increasing the capacity of solar power plants across the globe. This indirectly upsurge the demand for the solar photovoltaic wafer. Additionally, increasing demand for solar based energy on the account of technological development in the electronic sector is also driving the solar photovoltaic wafer market across the globe.
However, the high cost associated with the solar photovoltaic wafer in comparison to other photovoltaic wafer is anticipated to be a major restraint for the global solar photovoltaic wafer market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Payel Roy, Dhruv Bhatia