September 11, 2024 /SemiMedia/ — According to the latest report from Allied Market Research, the global monocrystalline silicon market was valued at $10.9 billion in 2022 and is projected to reach $20.1 billion by 2032, with a compound annual growth rate (CAGR) of 6.4% from 2023 to 2032. Known for its high purity and uniform crystal structure, monocrystalline silicon wafers are widely used in the production of semiconductors and solar cells, making them a key material in these industries.

Market Growth Drivers

The rising demand for solar energy, driven by the growing focus on sustainable energy solutions by businesses and individuals, is a major factor propelling the expansion of the monocrystalline silicon market. Additionally, the increasing need for electronic products is further boosting market growth, as monocrystalline silicon is extensively used in the manufacture of microchips, LEDs, and sensors. The proliferation of the Internet of Things (IoT), the expanding use of artificial intelligence (AI) across various sectors, and the growing adoption of electric vehicles also contribute to the rising demand for high-purity silicon wafers.

Segment Insights

By type, 6-inch monocrystalline silicon wafers held the largest market share in 2022, primarily due to their application in integrated circuits (ICs) and solar panels. However, 12-inch wafers are expected to be the fastest-growing segment during the forecast period. In terms of sales channels, the direct sales segment dominated the market in 2022, driven by cost-saving measures and the need for enhanced supply chain control.

Regional Market Overview

The Asia-Pacific region led the market in 2022 and is anticipated to experience the highest growth rate over the next decade. The region's advantage lies in its rapidly expanding economies and swift adoption of advanced technologies, providing significant opportunities for the monocrystalline silicon market.

Key Market Players

The report highlights major market players, including LONGi Green Energy Technology, Comtec Solar Systems, MCL Wafer, Siltronic AG, Shin-Etsu Chemical, GRINM Semiconductor Materials, Pure Wafer, among others. These companies are expanding their market presence through partnerships, product launches, and acquisitions.

Overall, the monocrystalline silicon market is poised for steady growth over the next decade, driven by ongoing technological advancements and the increasing global demand for renewable energy solutions.