Solar Polysilicon Ingot Wafer Cell Module Market Outlook
The Solar Polysilicon Ingot Wafer Cell Module market was valued at USD 5,643.1 Million in 2020 and is projected to reach USD 10,057.4 Million by 2028, expanding at a CAGR of 7.6% during the forecast period. The solar polysilicon ingot wafer cell module market is projected to expand at a rapid pace globally, due to rising demand for solar polysilicon ingot wafer cell modules in various industries such as solar power station, civilian solar small equipment, and others.
Solar polysilicon ingot wafer cell modules are expected to be popular among end-users during the forecast period. Rising demand for solar polysilicon ingot wafer cell modules is attributed to technological improvements and growing use of modern equipment in several industries across the globe. Growing demand for electricity and environmental concerns are projected to drive the market in the coming years.
Solar Polysilicon Ingot Wafer Cell Module Market Dynamics
Crystalline silicon is a semiconductor material generally used for the fabrication of solar cells. Crystalline silicon is highly used in the solar polysilicon ingot wafer cell module market and accounts for 90% of usage in this market. Silicon is the second most abundant element in the earth’s crust and has physical and chemical properties.
Silicon is used as a photoactive substrate for photovoltaic (PV) applications, due to technological development in its solidification and purification and advanced solar cell concepts. Polysilicon or polycrystalline silicon is a feedstock, which is used for making the multi-crystalline or mono-crystalline silicon ingot. These ingots are sliced into wafers, fabricated into cells, and manufactured into completed modules.
For the formation of ingots, initially polysilicon is processed in crystallization furnaces, which are developed for this purpose. Silicon rods are mashed and melted in a quartz crucible. This melt is allowed to cool slowly, resulting into formation of silicon blocks. Diamond wire saws cut the ingots in multiple equal-sized cuboids, known as bricks. These bricks are sliced into wafer-thin silicon plates.
The wafers are tested and cleaned for saw damage. After this process, chemical cleaning is performed and texturing process is undertaken for roughening the surface. This rough surface helps to increase light coupling in the solar cell. Wafers are exposed into diffusion furnace gas containing phosphor. This doping increases the absorption of sunlight by wafers.
Solar Polysilicon Ingot Wafer Cell Module Market Segmental Outlook
By Product Types Segment
On the basis of product types, the Solar Polysilicon Ingot Wafer Cell Module market is segmented into series connection and parallel connection. The parallel connection segment is projected to hold the largest market share during the forecast period, as it is largely used in applications where high current is needed.
The parallel connection segment is expected to expand at a significant CAGR, as it is widely used in applications where high current is required. Parallel connection of solar modules offers high current by keeping the same voltage. The series connection segment is projected to increase at a rapid CAGR, as series connection provides high efficiency for photovoltaic systems and also provide the required operating window for the inverter to work properly.
By Applications Segment
On the basis of applications, the solar polysilicon ingot wafer cell module market is segmented into solar power station, civilian solar small equipment, and others. The solar power station segment is expected to dominate the market during the forecast period, due to its several advantages such as use of solar cells, which do not make noise, cause zero pollution, and are a renewable source of energy.
Solar power stations require low maintenance and offers high return on investment, as huge amount of free energy is generated. These factors are projected to propel the segment in the coming years. Over the forecast period, the demand for civilian solar small equipment is expected to increase, due to various benefits offered by the equipment. Civilian solar small equipment includes solar air conditioning, solar charger, solar cooker, solar heater, solar chimney, solar lamp, and others.
By End-users Segment
Based on end-users, the solar polysilicon ingot wafer cell module market is divided into residential, commercial, and utility. The utility segment is estimated to hold a significant market share in the coming years, owing to the enhanced efficiency of solar PV modules and less capital costs. The segment is anticipated to grow over the forecast period, due to the employment of solar polysilicon ingot wafer cell modules in electricity generation.
Rising adoption of photovoltaic systems for heating applications in residential buildings at low cost is projected to propel the solar polysilicon ingot wafer cell module market during the forecast period. Increasing development of innovative systems, which offer energy storage solutions for fulfilling the requirement of power generation, by market players is expected to propel the commercial segment.
On the basis of regions, the Solar Polysilicon Ingot Wafer Cell Module market is segmented into North America, Europe, Latin America, and Middle East & Africa. Asia Pacific accounted for a significant share of the market in 2020, also the market in Asia Pacific is anticipated to expand at a substantial CAGR during the forecast period. The Solar Polysilicon Ingot Wafer Cell Module market is growing in North America, owing to increasing R&D investments in innovations for Solar Polysilicon Ingot Wafer Cell Module.
China accounts for significant a market share, due to increasing demand from industrial equipment and Solar Power Station applications, which in turn, drives the market in Asia Pacific. The market growth in China is attributed to the strong presence of polysilicon manufacturers, a significant number of active patents owned by numerous companies, and leading position of China in solar PV manufacturing.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Solar Polysilicon Ingot Wafer Cell Module.
- Historical, Current and Projected Market Size in terms of Value.
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Solar Polysilicon Ingot Wafer Cell Module market performance
By Product Types
- Serial Connection
- Parallel Connection
- Solar Power Station
- Civilian Solar Small Equipment
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
- Canadian Solar
- Shanghai Just Solar Co.,Ltd.
- JA SOLAR Technology Co.,Ltd.
- Q CELLS (Hanwha Group)
- Jakson Group
- LDK Solar Technology Group
- Ningbo Polycrown Solar Tech Co, Ltd.
- Novergy Energy Solutions Pvt. Ltd.
- Yuhuan Sunpro Power Co.,Ltd.
- Key players in the market include Amerisolar, Canadian Solar, FuturaSun, Jakson Group, JA SOLAR Technology Co.,Ltd., JinkoSolar, Novergy Energy Solutions Pvt. Ltd., Ningbo Polycrown Solar Tech Co, Ltd., Q CELLS (Hanwha Group), Shanghai Just Solar Co.,Ltd., and others. These players are considered as key manufacturers of the market based on their different varieties of product availability, regional presence, better supply chain management system, and the increasing demand for the products.
- The players are adopting key strategies such as product development, geographical expansion, mergers and acquisition and many other strategies to increase their demand for industrial electric heating element.