Silicon wafers Market growing due higher demand of Electric vehicles & solar farms

SAN JOSE, Calif. - Sept. 30, 2020 - PRLog -- The latest market report published by Credence Research, Inc. "Global Silicon Wafers Market: Growth, Future Prospects, and Competitive Analysis, 2019 - 2027" the global market is worth US$ 6.77 Bn in 2018 and expected to reach at US$ 12.67 Bn by 2027, growing at a CAGR of 7.3% during the forecast period from 2019 to 2027.

Market Insights

"Electric vehicles & solar farms driving the silicon wafers demand"

The exponential growth of consumer electronics products has a major impact on the demand for silicon wafers that are used as ICs in electronics products. Products such as smartphones, tablets, laptops and wearable electronics products are in high demand across the globe. Besides, growing technological advancement such as IoT & IIoT where the whole area will be connected with sensors. Further, technological development such as 5G technology where special chip requires has expected to increase the silicon wafers demand in the coming years.

Moreover, with the successful launch of an electric car by Tesla, Inc. other automobile companies such as BMW, Audi, Nissan, and Hyundai, etc. are also shifting towards electric car manufacturing. Secondly, many automobile companies are investing in a new concept of driverless cars which is assembled with many chips and ICs like sensors and cameras. It is anticipated that with the growing automobile market, there will be an increase in demand for silicon wafers in the coming years.

Furthermore, the whole world is switching towards sustainable energy source and solar energy is the most widely utilized source across the globe. China, India, UAE, the U.S. are some of the leading countries that are installing solar farms across the country. In 2017, China installed about 50 GW solar capacity panels. Also, in 2018, China established a 1,547 MW solar farm in Tengger. Another Asian giant, India had also installed over 7.5 GW in 2019. The growing trend of solar farms across the world expected to drive the demand for silicon wafers which is used in its panels. This, in turn, will drive the global silicon wafers market.

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The overall silicon wafers market is competitive in nature and it is growing at moderate rate. The market players are adopting strategies such as launching new production facilities, agreements, partnership & collaboration, and investment in R&D to stay competitive in the market.