December 4, 2024
Polycrystalline Silicon Market

The Polycrystalline Silicon Market is Trending by Growing Demand for Renewable Energy

The Polycrystalline silicon market involves the production of high purity silicon material that is used as a raw material for semiconductor and photovoltaic applications. Polycrystalline silicon is manufactured by extracting metallurgical-grade silicon from quartzite and purifying it through processes like magnesium reduction and hydro chlorination. It has high conductivity, stability and is used to manufacture solar panels, integrated circuits, and Photovoltaic cells. Polycrystalline silicon is advantageous over monocrystalline silicon as it is less expensive to produce and more efficient in converting sunlight into electricity, reducing energy costs dramatically. The growing need for renewable energy sources and silicon materials in electronics is propelling the demand for polycrystalline silicon significantly.

The Global Polycrystalline Silicon Market is estimated to be valued at US$ 5198.17 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Polycrystalline Silicon Market are Nike, Adidas, Beyond Skin UK, Monk Story, Hexa Vegan Shoes, Ethletic, Matt & Nat, MooShoes, Susi Studio, Veerah, and AVESU GmbH. The rising global demand for solar panels and semiconductors has contributed to significant growth of the polycrystalline silicon market. Major players are investing heavily in R&D to develop advanced and more efficient production technologies. With the growth of the renewable energy sector worldwide, the demand for polycrystalline silicon market from the photovoltaic industry is also growing steadily. To tap the vast opportunity, players are expanding their production facilities globally.

Market key trends

Renewable energy continues to gain prominence with governments and industries committing to net-zero emissions targets. Solar energy, in particular, is witnessing rising deployment worldwide to meet these climate goals. This is positively impacting the demand for Polycrystalline silicon market Size And Trends  from the Photovoltaic industry. Manufacturers are developing new technologies to lower the production costs and energy requirements of polycrystalline silicon manufacture. This will make solar power more competitive against traditional power sources and further accelerate the adoption of solar energy applications.

Porter’s Analysis

Threat of new entrants: High capital requirement and economies of scale pose threats to new entrants in the polycrystalline silicon market.

Bargaining power of buyers: Large buyers have significant bargaining power due to the availability of polysilicon from multiple suppliers.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitutes and sensitivity of product prices to polysilicon costs.

Threat of new substitutes: Technological innovations can lead to the development of sustainable substitutes like thin-film solar technology.

Competitive rivalry: The market is moderately competitive due to the presence of numerous global players differentiating products.

Geographical Regions

The Asia Pacific region dominates the global polycrystalline silicon market in terms of value, owing to significant polysilicon-based photovoltaic deployment in China and Taiwan. Countries like China, Japan, and South Korea are major manufacturing hubs and contribute significantly to regional market growth.
The polycrystalline silicon market in Europe is the fastest growing region. This is attributed to supportive government policies and initiatives favoring renewable energy adoption across countries like Germany, Italy, France and the UK. Rising sustainable energy goals will further drive the demand for polysilicon in solar photovoltaic installations over the forecast period.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.

About Author - Ravina Pandya
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

About Author - Ravina Pandya

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

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