Fairfield Market Research, a leading market research firm, has recently conducted preliminary research indicating a promising growth outlook for the global silicon wafer market in the coming years. The silicon wafer market is set to experience significant expansion, driven by key factors such as the growing digitization of industries and the increasing demand for consumer electronics.
Growing Digitization Fuels Silicon Wafer Market Growth
Semiconductors have become a cornerstone of technological innovation, impacting various industries. Silicon wafers, often referred to as the engine behind new technologies, play a crucial role in the development of consumer electronics and microelectronic devices. The proliferation of 5G technology and the adoption of smart consumer electronic devices are contributing to the expanding market for silicon wafers. This surge in electronic mobility, coupled with growing digitization, is opening up new opportunities for the silicon wafer market.
Diverse Applications Drive Investment in Silicon Wafers
Companies are increasingly investing in research and development to expand the applications of silicon wafers, particularly in the energy, defense, automotive, and telecommunications sectors. To meet the growing demand, silicon wafer manufacturers are adopting competitive pricing strategies while maintaining high-quality standards. Additionally, these companies are expanding their manufacturing capacities to cater to the rising demand from aerospace and consumer electronics industries. For instance, SK Siltron Co. recently announced plans to invest US$1.05 trillion to expand its 300 mm silicon wafer manufacturing facilities by 2024, a move expected to boost market growth.
Post-COVID-19 Recovery Sets New Records
The COVID-19 pandemic had a significant impact on the silicon wafer market, with shipments declining in the first quarter of 2020. However, as regulatory restrictions eased and business conditions improved, the market rebounded in 2021 with a 14% increase in shipments and a 13% rise in revenue, reaching US$12 billion. In 2021, total shipments of silicon wafers (excluding solar applications) increased to 14,165 million square inches, contributing to a revenue of over US$12.6 billion. The market continued its upward trajectory in the first two quarters of 2022, with shipments reaching 7,383 million square inches, a 512 MSI increase compared to the same period in the previous year.
Nanotechnology Innovations Boost Solar Cell Applications
Silicon wafers are also benefiting from advancements in nanotechnology, particularly in the development of thin wafers for solar cells. Thin silicon wafers, with their ability to efficiently trap light in solar cells, are gaining prominence. Companies are investing in research and development activities in nanotechnology to enhance light management in solar cells, offering new potential avenues for the use of silicon wafers in solar energy applications.
North America Emerges as a Key Market
The North American region, home to prominent fabless semiconductor companies, is expected to play a significant role in the growth of the silicon wafer market. The electronics sector in North America is witnessing steady growth, driven by increasing sales of smartphones and the rise of electric vehicles and self-driven cars. This growth is bolstering the demand for high-performance integrated circuits, further driving the silicon wafer market in the region.
Key players in the silicon wafer market include Shin-Etsu Handotai, Globalwafers Co. Ltd., Siltronic AG, SK Siltron Co. Ltd., SUMCO Corporation, NanoSilicon Inc., Advantec Co. Ltd., West European Silicon Technologies B.V., and Mimasu Semiconductor Industry Co. Ltd.
With promising growth prospects and ongoing technological advancements, the global silicon wafer market is poised for substantial expansion in the years ahead.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/silicon-wafer-market
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.