by The polysilicon market comprises polysilicon products that are primarily used in the photovoltaic and semiconductor industries. Polysilicon, or polycrystalline silicon, is a high purity silicon material that is produced through refining metallurgical grade silicon in a multi-step process that involves purification and crystallization of granular silicone. It is used in the production of silicon ingots and wafers which further act as precursors for various microelectronic and semiconductor devices. Polysilicon is the essential raw material required for manufacturing monocrystalline silicon and multi-crystalline solar cell technology. The global demand for renewable energy is growing rapidly which is driving the expansion of the solar energy sector. This in turn is fueling the consumption of polysilicon, as it is a key component used in manufacturing photovoltaic solar panels.
The global Polysilicon Market is estimated to be valued at US$ 12.8 Bn in 2023 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 Dynamics
The global polysilicon market is driven by growing demand for renewable energy sources such as solar energy. As highlighted in the heading, the demand for renewable energy is increasing rapidly globally. solar energy generation is one of the most widely used and affordable renewable energy sources, and the production of solar panels is highly dependent on polysilicon. According to the International Energy Agency, global solar PV capacity installation increased by over 50% in 2021 compared to the previous year. This is expected to significantly propel the consumption of polysilicon material in the coming years. Additionally, the solar energy sector is growing at an accelerated pace in major markets such as China, the U.S, India, and countries across Europe and Asia Pacific. China alone has set an ambitious target of adding 450 GW of solar PV capacity by 2025 which will require massive polysilicon materials. Overall exponential growth of the global solar energy industry presents huge growth opportunities for players in the polysilicon market over the forecast period.
Segment Analysis
The polysilicon market can be segmented into electronic grade polysilicon and solar grade polysilicon. The solar grade polysilicon segment accounts for more than 80% of the total polysilicon market and is expected to remain the dominating sub-segment during the forecast period. This is because polysilicon is the primary raw material used in the manufacturing of solar photovoltaic cells.
PEST Analysis
Political: Governments across countries are supporting the growth of solar power generation by offering various subsidies and tax incentives. This is positively impacting the demand for solar grade polysilicon.
Economic: The decreasing prices of solar photovoltaic modules in recent years have increased their adoption significantly. This has boosted the polysilicon market growth.
Social: The need for clean and sustainable energy is increasing globally due to rising environmental concerns. This is driving the growth of solar power plants and consequently the polysilicon market.
Technological: Advancements in solar cell manufacturing technologies have improved the conversion efficiency and reduced costs. Researchers are also working on developing methods to make the polysilicon production process more cost-effective.
Key Takeaways
The global Polysilicon Market Demand is expected to witness high growth over the forecast period.
The Asia Pacific region currently dominates the market and is expected to continue its dominance in the upcoming years. This can be attributed to the large manufacturing base of solar photovoltaic products and continuous support from governments in countries like China and India.
Key players operating in the polysilicon market are Eurofins Scientific, Agilent Technologies Inc., SCS Global Services, Bureau Veritas SA, ALS Limited, Element Materials Technology (EXOVA), TUV Nord Group, Apal Agricultural Laboratory, Intertek Group PLC, EMD Millipore Corporation (Millipore Sigma), BioMerieux SA, Aurea AgroSciences, 3M Company, Charm Sciences Inc., Neogen Corporation, and Biolumix. The prominent players are focusing on expanding their manufacturing facilities and investments in research & development to strengthen their position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
