December 8, 2024
Polysilicon Market

The Adoption Of Renewable Energy Sources Is Anticipated To Openup The New Avenue For Polysilicon Market

Polysilicon is widely used as an essential raw material in the production of photovoltaic solar panels. It has high purity and is produced through the manufacturing process that involves purification of trichlorosilane. This silicon material possesses semiconducting properties and is used to produce mono- or multi-crystalline silicon wafers which form solar cells when exposed to sunlight. The increasing demand for renewable and clean energy sources is one of the key factors driving growth of the global polysilicon market.

The Polysilicon Market is estimated to be valued at US$ 12.80 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising investments in renewable energy projects especially solar power plants across both developed and developing regions is one of the major drivers of polysilicon market growth. According to International Renewable Energy Agency (IRENA), estimated global energy investment needed for transitioning to a sustainable energy future is around USD 130 trillion from 2015 to 2050. In addition, favorable government policies and initiatives to promote the adoption of solar PV installations are also fueling demand for polysilicon raw material. For instance, China’s 14th Five-Year Plan aims to increase its total solar power capacity to 210 GW by 2025.

Segment Analysis
The polysilicon market is dominated by the solar grade segment, accounting for over 80% share. Solar grade polysilicon is used in manufacturing of solar PV modules. It is the dominating segment as solar PV deployment is growing rapidly across regions to meet increasing demand for renewable energy, with global solar PV installations expected to grow at a CAGR of over 15% during the forecast period.

PEST Analysis
Political: Supportive government policies and regulatory frameworks promoting renewable energy adoption across regions is driving polysilicon demand.

Economic: Growing investments to optimize production costs and achieve economies of scale. Lower solar module prices are supporting solar PV installations growth.

Social: Increasing public-private partnership to reduce carbon footprint and meet sustainability goals.

Technological: Advancements in manufacturing technologies to improve polysilicon purity levels and reduce wafer thickness is boosting solar cell efficiency.

Key Takeaways

Global Polysilicon Market Demand is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing solar PV installations driven by supportive policies and declining solar costs. The market size is projected to reach US$ 35.52 Bn by 2030 from US$ 12.80 Bn in 2023.

Regional analysis: China dominates the global polysilicon market accounting for over 50% share aided by large solar end-use industry and presence of leading polysilicon producers. Europe is another major market supported by favorable green energy policies of countries.

Key players operating in the polysilicon market are Sichuan Yongxiang Co. Ltd (Tongwei Co. Ltd), GCL-TECH, DaqoNew Energy Co. Ltd, Wacker Chemie AG, and XinteEnergy Co. Ltd. The players are focusing on expanding production capacities and improving technology to cater to the growing polysilicon demand.

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

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.

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