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Silicon Wafer Market 2024: The Heart of Semiconductor Advancements
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According to The Business Research Company's, The silicon wafer market size has grown strongly in recent years. It will grow from $17.03 billion in 2023 to $18.25 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to increased proliferation of smartphones, laptops, and other consumer electronics, the growing integration of semiconductor components in vehicles, increased adoption of automation in industrial sectors, expansion of telecommunications networks, shift to 5G technology, and expansion of solar energy installations.
The silicon wafer market size is expected to see strong growth in the next few years. It will grow to $24.20 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to increased adoption of electric vehicles, growth of the Industrial Internet of Things (IoT), rising investment in renewable energy, growing economic development, and rising proliferation of IoT devices. Major trends in the forecast period include adoption of three-dimensional integration techniques for semiconductor devices, integration of artificial intelligence (AI) technologies into various applications, development of edge computing infrastructure for IoT applications, materials innovation, and emphasis on sustainability in semiconductor manufacturing.
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Market Drivers and Trends:
A significant rise in the installation of solar panels is expected to propel the growth of the silicon wafer market going forward. Solar panels, also known as photovoltaic (PV) panels, refer to devices composed of multiple solar cells that convert sunlight directly into electricity. Solar panels produce renewable and sustainable energy sources, making them an attractive alternative to fossil fuels, which are finite and contribute to environmental pollution and climate change. Solar panels harness energy from sunlight using silicon wafers, efficiently converting solar radiation into electricity while contributing to sustainable energy practices and reducing dependence on fossil fuels. For instance, in April 2023, according to a report published by the National Renewable Energy Laboratory (NREL), a US-based research institution dedicated to advancing renewable energy and energy efficiency technologies, global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc), totaling 1.2 terawatts of direct current (TWdc) cumulatively in 2022. China's annual PV installations surged by 57%, accounting for 42% of global demand, primarily driven by distributed PV, while annual installations are forecast to exceed 300 GW by 2023 and surpass 400 GW by 2025. Therefore, a significant rise in the installation of solar panels is driving the silicon wafer market.
Major companies operating in the silicon wafer market focus on developing more high-performance wafer technologies, such as silicon carbide single-crystal wafers, to meet the increasing demand for advanced semiconductor applications. Silicon carbide single-crystal wafers help improve the efficiency and compactness of power modules, contributing to advancements in energy efficiency and the downsizing of electronic devices. For instance, in March 2022, The Showa Denko Group, a Japan-based company that produces chemical products and industrial materials, launched mass production of 6-inch silicon carbide single crystal wafers (SiC wafers). These wafers are crucial for SiC epitaxial wafers and essential for SiC-based power semiconductors. SiC power semiconductors are renowned for their superior heat resistance and voltage endurance compared to their conventional silicon-based counterparts. They meet the escalating demand in diverse sectors such as EVs, railcars, and industrial machinery.
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Major Key Players of the Market:
International Business Machines Corporation (IBM), The Dow Chemical Company , Sumitomo Electric Industries Ltd., Applied Materials Inc., Komatsu Electronic Metals Co. Ltd., Shin-Etsu Chemical Co. Ltd., Texas Instruments Incorporated, Mitsubishi Materials Corporation, United Microelectronics Corporation (UMC), SUMCO Corporation, GlobalWafers Co. Ltd., Siltronic AG, SunEdison Inc., SOITEC SA, SunEdison Semiconductor Limited, Wafer Works Corporation, EV Group (EVG), Shinryo Corporation, Okmetic Oy, Topsil Semiconductor Materials A/S, MTI Corporation, NexWafe GmbH, MEMC Electronic Materials Inc., SK Siltron Co. Ltd., Silicon Materials Inc., Ultrasil Corporation
Silicon Wafer Market 2024 Key Insights:
• The silicon wafer market size is expected to see strong growth in the next few years. It will grow to $24.20 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Solar Panel Installation Surge Fuels Silicon Wafer Market Growth
• Advancements In Silicon Wafer Technologies Drive Efficiency And Downsizing In Power Modules
• 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
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