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The solar ingot is a raw material used for manufacturing solar cells. The ingots form the first step in the manufacturing of the solar wafers which are used as a base for the manufacturing of solar panels. The absorptivity and reflectivity of the sun rays falling on the solar panels which decide the efficiency of the solar system depend on the characteristics of the ingot wafer used.
The growth of the automobile industry will drive the demand growth for the solar ingot wafers as these are deployed in the upcoming electric vehicles to store more amount of energy and increase the performance of the vehicle. The growth of the solar photovoltaic market goes hand in hand with the growth of the solar ingot wafers market as wafers form the basic component of the solar panels.
The increasing demand for energy, demand shift towards clean energy, rural electrification are the other factors which will augment the growth of the global solar ingot wafer market over the given forecast period.
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Based on its type, the solar ingot wafer market can be segmented into the monocrystalline wafer and polycrystalline wafer. The increased adoption of the monocrystalline wafer owing to its higher efficiency will see this segment hold a larger market share in the given forecast period.
The major market driver for the global solar ingot wafer market is the increasing demand for green energy around the world, which has influenced the increased adoption of solar. Another factor which drives the solar ingot wafers market is the application of the solar wafers in the automobiles sector which is growing at a healthy rate and will drive the market for solar ingot wafers in coming years.
The Key Market restraint for global solar ingot wafer market is the expensive and precise process used for the manufacturing of the wafers, which have a minimal thickness and therefore require special techniques to ensure proper manufacturing. This increases the initial cost and thus can hinder the growth of the solar ingot wafers market.
Some of the major companies that are present in the global solar ingot wafer market are GCL Solar Energy, Inc., NorSun, Lanco Solar International Ltd, LDK Solar Energy Europe, Yingli Solar, ReneSola Ltd., LONGi Solar, Green Energy Technology, Trina Solar, Comtec Solar Systems Group Ltd, Targray, UniversityWafer, CETC Solar Energy Holdings Co., Ltd., ENF Solar, Wuxi Suntech Power Co., Ltd., Jinko Solar Co., Ltd., and JA Solar.
The drift towards the use of renewable sources of energy in recent years has seen a rise in adoption of solar energy which has seen an increase in the deployment of the solar panels, and therefore the solar ingot wafer market has also gained pace. The global solar ingot wafer market has now been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europe stands as a major region for the solar ingot wafers market with many countries across the region shifting towards the renewable sources of energy and specifically solar. Germany, Italy, Spain are the major contributors to the market across the region. The Asia Pacific region holds the largest market share for the solar ingot wafers market mainly due to increasing energy demand and growing automotive sector. China is the major player in the region, and many of the leading players in the solar ingot wafers market are from this region. The USA dominates the market in the North America region with an increased focus to reduce greenhouse gases and increase solar power usage.
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