Silicon EPI Wafer Market Key Findings, Size, and Share by 2031
The silicon EPI wafer market size is projected to reach US$ 6.43 billion by 2031 from US$ 3.27 billion in 2023. The market is expected to register a CAGR of 8.8% during 2023–2031. Technological advancements in semiconductor manufacturing processes are likely to remain a key trend in the market.
Silicon EPI Wafer Market Analysis
The market for Silicon EPI wafers is growing at a significant CAGR. Major factors fueling the growth are increasing demand for high-end semiconductor devices in the electronic and communication industry and increased usage of silicon epitaxial wafers in the manufacture of solar cells and applications in renewable energy. In addition, there are growing IoT applications in wafers and an increase across the board in the adoption of smart lighting in countries such as Korea and China that offer tremendous opportunities to the market. In addition, Silicon EPI wafers are developers of technologies such as Artificial Intelligence and Machine Learning that expand their uses, therefore demanding more.
Silicon EPI Wafer Market Overview
Silicon EPI (Epitaxial) wafers are thin slices of silicon subjected to epitaxial growth, where a crystalline layer gets deposited on a substrate of silicon. Such wafers present a base used in the production of semiconductor devices, solar cells, and a number of other electronic components. Additional epitaxial layers are applied to tightly control semiconductor properties so that electronic devices highly efficiently functioning can be created. The EPI silicon wafer has contributed immensely to technologies in sleek devices like IoT devices, smart lighting, and renewable energy applications.
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Silicon EPI Wafer Market: Strategic Insights
Market Size Value in US$ 3,008.57 Million in 2022 Market Size Value by US$ 4,997.32 Million by 2028 Growth rate CAGR of 8.8% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Silicon EPI Wafer Market: Strategic Insights
| Market Size Value in | US$ 3,008.57 Million in 2022 |
| Market Size Value by | US$ 4,997.32 Million by 2028 |
| Growth rate | CAGR of 8.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Silicon EPI Wafer Market Drivers and Opportunities
Increasing Demand for Advanced Semiconductor Devices
Factors expected to boost the market include rising demand for advanced semiconductor devices from the electronics and communication industry, increasing acceptance of Silicon Epitaxial Wafers in the production of solar cells as a part of renewable energy production, and growing demand for advanced electronic components in industries such as the electronics, automotive, and telecommunications industry. Apart from that, the continuous development in technology and the rise in the adoption rate of smart devices are also fueling rising demand for epitaxial silicon wafers. Moreover, with growing interest in renewable sources of energy, such as solar power, it is forecasted that demand for the epitaxial silicon wafers used in photovoltaic cells will also contribute to the growth in demand. Innovative sectors, such as 5G technology, artificial intelligence, and IoT applications, are also helping the Silicon EPI wafer market grow. Great opportunities hence exist for companies that would want to make a point of difference through technology advancement and process optimization.
IoT and Smart Lighting Adoption
Another huge opportunity for the Silicon EPI wafer market is the growing popularity of IoT in wafers and the rising adoption of smart lighting, mainly in Korea and China. This growth can be pointed out to be driven by the increasing integration of IoT technology in a wide range of applications, from smart home devices to industrial automation and connected infrastructure. With heavy investments in smart city projects and developing advanced lighting systems, Korea and China open up vast opportunities for Silicon EPI wafer manufacturers to cater to the increasing demand for high-performance semiconductor materials. The expanding IoT applications in the industrial and consumer sectors increase the demand for silicon epitaxial wafers exponentially.
Silicon EPI Wafer Market Report Segmentation Analysis
Key segments that contributed to the derivation of the silicon EPI wafer market analysis are wafer size, application, end-user, and type.
- Based on wafer size, the market is segmented into 6 Inch, 8 Inch, 12 Inch, and others. The 6 Inch segment held a significant market share in 2023.
- In terms of application, the market is segmented into LED, power semiconductor, and MEMS-based devices. The LED segment held a significant market share in 2023.
- Based on end user, the market is segmented into consumer electronics, automotive, healthcare, aerospace and defense, and others. The consumer electronics segment held a significant market share in 2023.
- In terms of type, the market is segmented into heteroepitaxy and homoepitaxy. The heteroepitaxy segment held a significant market share in 2023.
Silicon EPI Wafer Market Share Analysis by Geography
The geographic scope of the Silicon EPI Wafer Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The Asia Pacific Silicon EPI wafer market is experiencing significant growth in the forecasted period. This growth is attributed to the increasing integration of solar renewable energy into the mainstream energy sector, driven by technological advancements, falling capital costs, new capacity additions, and escalating energy demand. The manufacturers of various electronics and semiconductor products that use silicon EPI wafers as a core component have experienced delays in lead time, impacting the market. Additionally, Asia Pacific benefits from cost-effective manufacturing, a highly skilled workforce, and strong government support for the semiconductor industry, positioning it as a major consumer of electronic products and driving the demand for advanced semiconductor devices, including LEDs, power semiconductors, and MEMS-based devices.
Silicon EPI Wafer Market Report Scope
Silicon EPI Wafer Market News and Recent Developments
The silicon EPI wafer market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the silicon EPI wafer market are listed below:
- DENSO CORPORATION has decided to adopt a silicon carbide epitaxial wafer for power semiconductor (SiC epi-wafer) manufactured by Resonac Corporation (Tokyo: 4004) (President: Hidehito Takahashi) with the aim of using it as material for driver element of DENSO’s new inverter. This inverter will be installed in Toyota Motor Corporation’s new model, “LEXUS RZ,” which is the first battery electric vehicle (BEV) of the LEXUS brand. This is also the first case for LEXUS to adopt SiC epi-wafer as material for the inverter’s driver element.
(Source: Resonac Holdings Corporation, Company Website, March 2023)
Silicon EPI Wafer Market Report Coverage and Deliverables
The “Silicon EPI Wafer Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Silicon EPI wafer market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Silicon EPI wafer market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Silicon EPI wafer market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the silicon EPI wafer market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Wafer Size, Application, End User, and Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, Taiwan, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The market is projected to record a CAGR of 8.8% during 2023–2031.
The market is expected to reach a value of US$ 6.43 billion by 2031.
Applied Materials, Inc., II-VI Incorporated, Shin-Etsu Chemical Co., Ltd., SUMCO Corporation, Wafer World Inc., Siltronic AG, Nichia Corporation, GlobalWafers Japan Co., Ltd., EpiGaN nv (Soitec Belgium N.V.), SK Siltron Co., Ltd. are key players in the market.
Technological advancements in semiconductor manufacturing processes a key trends in the market.
The increasing demand for advanced semiconductor devices is driving the market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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