Polysilicon is an essential material used in the
manufacturing of photovoltaic cells and modules, which convert sunlight into
electricity. These solar cells are highly efficient and can provide clean,
renewable energy for various applications like solar power plants, rooftop
panels, and other off-grid systems. With growing concerns about rising
pollution levels and depletion of non-renewable energy sources, many countries
are encouraging wider adoption of solar energy by providing subsidies and tax
exemptions.
The global Polysilicon Market is estimated to be valued at US$ 12.8 Bn in 2024
and is expected to exhibit a CAGR of
6.3% over the forecast period 2023 to 2030, as highlighted in a new report
published by Coherent Market Insights.
Market key trends:
The increasing demand for solar energy from both utility-scale projects and
residential rooftop installations has been a key growth driver for the
polysilicon market. Many governments around the world have set ambitious
targets to increase the share of solar power in their overall energy mix to
reduce dependence on fossil fuels. This has led to rapid capacity additions in
the global solar PV industry which requires a sizable and stable supply of
polysilicon. Leading solar panel manufacturers are also expanding their
production lines to cater to this growing offtake from the solar energy sector.
The strong market outlook for photovoltaics is thus expected to boost demand and
drive the volume growth of polysilicon over the forecast period.
Segment Analysis
The global polysilicon market is dominated by the solar photovoltaic (PV)
segment. This segment utilizes polysilicon as the core material for
manufacturing solar PV modules. It accounts for more than 90% of the total
polysilicon demand. This is because polysilicon offers high efficiency and
stability for energy generation from solar PV modules. Further, rapid capacity
addition of solar PV projects across the world has boosted the demand for
polysilicon from this segment.
Key Takeaways
The
global
polysilicon market analysis is expected to witness high growth over the
forecast period of 2023 to 2030. With increasing energy needs and focus on
renewable energy, the demand for solar power is growing significantly
worldwide. The global Polysilicon Market is estimated to be valued at US$ 12.8
Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period
2023 to 2030.
Regional analysis comprises- The Asia Pacific region currently dominates the
global polysilicon market with a share of over 60% in 2024. China is the major
market in the region with the highest solar PV capacity addition plans over the
coming years. This makes China the fastest growing and largest consuming country
for polysilicon. Other Asian countries like India, Japan and Southeast Asian
nations are also expected to contribute significantly to the growth of the APAC
polysilicon market.
Key players
related content
comprises- Key players operating in the polysilicon market are Eurofins
Scientific, Hemlock Semiconductor Operations LLC, GCL-Poly, OCI, Wacker Chemie,
Daqo New Energy, Sunedison, Tokuyama Corporation, REC Silicon, Mitsubishi
Materials.Eurofins Scientific leads the market with its wide polysilicon manufacturing
and distribution network across major markets. REC Silicon and Hemlock
Semiconductor also have a considerable market share in the global polysilicon
supply.
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