PUBLISHER: IMARC | PRODUCT CODE: 1225241
PUBLISHER: IMARC | PRODUCT CODE: 1225241
The global silicon wafer market size reached US$ 11.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 15.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.
Silicon (Si) wafer refers to a semiconductor material primarily installed with electronic integrated circuits (ICs) and microelectronic circuits. It is widely used in smartphones, tablets, smart wearables, microchips, solar cells, military weapons, gaming devices, rectifiers, etc. In these devices, silicon wafers offer a wide range of current and voltage handling capacity along with high durability, reliability, and heat resistance. As a result, silicon wafers are extensively adopted across diverse industries, such as consumer electronics, telecommunication, energy generation, defense, automotive, etc.
The expanding consumer electronics sector along with the increasing prevalence of device miniaturization trends is augmenting the market for silicon wafers. Several electronics manufacturers are getting inclined towards silicon wafers for producing compact integrated circuits in smartphones, laptops, smartwatches, tablets, etc. Apart from this, the rising environmental concerns towards high carbon emissions from fuel-based power plants are driving the demand for renewable energy sources. The growing number of solar power plants is catalyzing the use of silicon wafers in photovoltaic cells. In line with this, the rising awareness towards high band efficiency, stable operations, and non-toxicity of silicon wafers is propelling the adoption of silicon solar panels. Additionally, significant growth in the automotive industry has led to the emergence of connected and hybrid vehicles. The increasing utilization of silicon wafers in Advanced Driver-Assistance Systems (ADAS), touch-free human-machine interfaces, adaptive cruise control, and automatic braking systems in automobiles, is further driving the market growth. In the coming years, the growing penetration of Industry 4.0 technologies, including IoT, AI, machine learning, etc., will continue to drive the global market for silicon wafers.