The thin wafer market is projected to grow at a CAGR of 3.91% during the forecast period to reach US$10.294 billion by 2026, from US$7.870 billion in 2019. Thin wafers are semiconductor wafers that are used in an integrated circuit for fabrication or in the production of solar cells meant to be installed in photovoltaics. These wafers are commonly made from crystalline silicon and are effective in serving as a substrate in microelectronic devices. The booming consumer electronic industry has surged the demand for smart devices such as smart TV, smartphones, smartwatches, homecare security systems, and others, resulting in the increasing adoption of thin wafers in the circuits for effective fabrication. Furthermore, rising environmental concerns have surged the adoption of photovoltaics, increasing the demand for solar cells and hence the thin wafer for solar energy trapping. Moreover, robust growth in the semiconductor industry also favours the market prospects of the thin wafer, driving lucrative opportunities. However, raw material availability may hinder the market since it creates a supply-side gap. Nevertheless, robust growth in the Asia Pacific region is projected to show promising growth potential.
Surging penetration of smart devices, especially smartphones and smartwatches, coupled with technological innovation in the sector is anticipated to drive the market during the forecasted period.
One of the prime reasons driving the market for thin wafers is the rising penetration of smart devices, especially smartphones. Data from BankMyCell shows that the number of smartphone users has surged significantly from 2.5 billion users in 2016 to 3.8 billion users in 2021.
With a rise in mobile phone users, consumers prefer smartphones over other phones owing to their greater convenience. Furthermore, with technological innovation, consumers are demanding smartphones that are thinner but equally, in fact, better in operations. Hence, the rising demand for technologically advanced devices has surged the adoption of thin wafers for thinner devices. Furthermore, technological innovation in the industry through rigorous investment in research and development has surged the adoption of the thin wafer, driving the significant market growth. Xiaomi, Vivo, Samsung, OnePlus, and other smartphone manufacturers have invested significantly in the development of thinner phones having the superior capability. Moreover, increasing demand for other thin devices, such as Smart TV with slim bodies, smartwatches, and others is expected to drive in noteworthy demand for thin wafers during the forecasted period.
Environmental concerns are expected to increase the adoption of photovoltaics which are a sustainable alternative. Increased adoption of photovoltaics surged the adoption of thin wafers in solar cells, further booming the market for thin wafers.
Increasing human carbon footprints have raised serious environmental concerns and created a need for the development of sustainable means of energy production. This includes the adoption of hydro technology and photovoltaics among other means for energy generation. It is anticipated that the rise in penetration of photovoltaics will boost the market demand for thin wafers as an essential raw material for producing solar cells. The installed solar energy capacity has been increasing at a significant pace over the past decade. Citing data from the Statistical Review of World Energy- BP (2021), the installed solar energy capacity in the world increased from 40.13 GW in 2010 to 707.50 GW in 2020, with a share in electricity generation increasing from 0.15% in 2010 to 3.27% in 2020.
Furthermore, several upcoming solar projects are further increasing the market prospects. In Gujrat, India, for instance, the state government laid out plans for the next 5 years in December 2020 to develop the state into a solar park by 2026. The policies include several relaxations and other support for this development. It also includes permission for residential buildings to set up solar panels on the roof for better electricity. Robust growth potential in the photovoltaics sector is projected to support the market growth of thin wafers.
The Asia Pacific region is anticipated to hold the largest share of the market during the forecasted period and grow at an exponential rate.
Based on geography, the global thin wafer market is divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific region. The Asia Pacific region is projected to hold a large share of the market and grow at the fastest rate during the forecasted period. Industrialization in countries such as India, China, South Korea, Vietnam, Thailand, and others, has led to mushrooming of consumer electronic manufacturing units in these countries that will support the market. Furthermore, increased disposable income has surged penetration of smart devices, particularly smartphones which also supports market prospects. Moreover, favourable climatic conditions have surged the construction of solar projects, expanding the market for photovoltaics, and hence thin wafers.
| Report Metric | Details |
| Market size value in 2019 | US$7.870 billion |
| Market size value in 2026 | US$10.294 billion |
| Growth Rate | CAGR of 3.91% from 2019 to 2026 |
| Base year | 2019 |
| Forecast period | 2021–2026 |
| Forecast Unit (Value) | USD Billion |
| Segments covered | Size, Application, And Geography |
| Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered | SK siltron Co. Ltd., Siltronic, Sumco Corporation, Virginia Semiconductor Inc., Global Wafer Co. Ltd., PV Crystalox Solar plc, Wafer Works Corporation |
| Customization scope | Free report customization with purchase |
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What is the size of the thin wafer market?
A1. Thin Wafer market was valued at US$7.870 billion in the year 2019.
Q2. What will be the thin wafer market size by 2026?
A2. The thin wafer market is projected to reach a market size of US$10.294 billion by 2026.
Q3. What are the growth prospects for the thin wafer market?
A3. The global thin wafer market is projected to grow at a CAGR of 3.91% over the forecast period.
Q4. Which region holds the maximum market share of the thin wafer market?
A4. The Asia Pacific region is projected to hold a large share of the thin wafer market and grow at the fastest rate during the forecasted period.
Q5. What factors are anticipated to drive the thin wafer market growth?
A5. One of the prime reasons driving the thin wafer market is the rising penetration of smart devices, especially smartphones.
SK siltron Co. Ltd.
Siltronic
Virginia Semiconductor Inc.
Global Wafer Co. Ltd.
PV Crystalox Solar plc
Wafer Works Corporation
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