Silicon Wafer Market Growth Drivers, Key Players Analysis and Forecast Report to 2024: Global Market Insights, Inc. The growing adoption of automation in the automotive sector will contribute to the silicon wafer market growth. The demand for vehicle electrification and increased connectivity will encourage the R&D in the industry. The introduction of technologies, such as Advanced Driver-Assistance Systems (ADAS), will further aid in the industry growth. There is a growing significance of connected cars with the ongoing trends revolutionizing the automotive sector. The advent of technologies, such as adaptive cruise control and automatic braking systems, will further contribute to the silicon wafer market growth. Key trends, such as IoT, touch-free human-machine interfaces, and connectivity features in cars, will encourage the industry growth. Silicon Wafer Market size is projected to grow at a rapid rate owing to the demand for high-performance electronic gadgets. The rise in the number of businesses and the improving standards of living have led to an increased demand for smartphones, laptops, and gadgets. Silicon wafers are used for manufacturing semiconductors that form the base of modern electronic devices. These wafers being extremely clean and devoid of impurities form the perfect substrate material for modern semiconductors. They are used for producing microchips & chips and building ICs that are used in a wide range of electronic devices.
The growing importance of renewable energy sources has led to a rise in the demand for solar energy. There is high growth in the number of solar panel installations owing to the rising awareness about the advantages of using solar energy. Solar panels and cells are created using silicon wafers due to their semiconducting properties. The solar band efficiency of 1.1 eV of silicon makes it a practical option to be used for these panels. The abundance of silicon, stable cell efficiencies, and non-toxicity make it a suitable material choice for photovoltaics, boosting the silicon wafer market growth. The high-performance efficiency offered by silicon solar panels is further contributing to the silicon wafer market growth. Memory demand is rising across various applications from mobile devices to servers. The rising wafer costs and tight supply constraints are compelling memory manufacturers to transition to higher NAND and DRAM densities. The increasing need for high-memory applications will drive the silicon wafer market growth. Memory and logic devices that include SDRAM, DRAM, GPU, CPU, and flash memory are used in mobile internet devices, gaming devices, digital music players, and computers. Moreover, increasing use of networking devices demanding high logic and memory capabilities will aid the silicon wafer market growth.
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