Global Polysilicon Market Price 2024, Forecast To 2033
8 Oct, 2024
The polysilicon market size has grown rapidly in recent years, increasing from $8.57 billion in 2023 to $10.05 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. This growth during the historic period can be attributed to decreasing costs of solar panels, the economic benefits of solar energy, increasing awareness of climate change, a global shift towards renewable energy sources, and the growth in electric vehicles. The polysilicon market is expected to continue its rapid growth, projected to reach $19.18 billion in 2028 at a CAGR of 17.5%. The forecast period's growth can be attributed to the increasing demand for photovoltaic cells, government incentives and subsidies, rising energy consumption, rapid industrialization and urbanization, and the expansion of solar power plants. Key trends in the forecast period include technological advancements in production, advancements in electronics, investments in renewable energy infrastructure, integration of polysilicon in advanced technologies like smart grids and IoT devices, and the establishment of strategic alliances and partnerships.
Global Polysilicon Market Key Driver
The increasing adoption of solar energy is expected to propel the growth of the polysilicon market going forward. Solar energy refers to the renewable energy derived from the sun's radiation, converted into electricity or heat through technologies such as photovoltaics (PV) or solar thermal systems. The demand for solar energy is experiencing growth due to increasing environmental awareness and regulatory incentives promoting renewable energy adoption worldwide. Polysilicon is crucial for solar energy as it serves as the primary material used in the production of photovoltaic cells, enabling the conversion of sunlight into electricity in solar panels. For instance, in September 2022, according to the International Energy Agency (IEA), a France-based intergovernmental organization, the number of households relying on solar PV will grow from 25 million today to more than 100 million by 2030 in the net zero emissions by 2050 Scenario (NZE Scenario). At least 190 GW will be installed in 2022 each year, and this number will continue to rise due to the increased competitiveness of PV and the growing appetite for clean energy sources. The polysilicon market was valued at approximately $8 billion in 2023 and is projected to reach around $9 billion in 2024, further increasing to an estimated $13 billion by 2028. Therefore, the increasing adoption of solar energy is driving the growth of the polysilicon market.
Get A Free Sample Of The Polysilicon Market ReportGlobal Polysilicon Market Segments
The polysilicon market covered in this report is segmented –
1) By Manufacturing Technology: Siemens Process, Fluidized Bed Reactor (FBR) Process, Upgraded Metallurgical-Grade Silicon Process
2) By Form: Chips, Chunks, Rods
3) By Application: Solar Photovoltaic, Electronics
By Geography:The regions covered in the polysilicon market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the polysilicon market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Polysilicon Industry Players
ABB Ltd., Tongwei Co. Ltd., OCI Company Ltd., Canadian Solar Inc., Wacker Chemie AG, Asia Silicon (Qinghai) Co. Ltd., Daqo New Energy Corp., Risen Energy Co. Ltd., Xinte Energy Co. Ltd., Sino-American Silicon Products Inc., Tokuyama Corporation, Hemlock Semiconductor Operations LLC, GCL New Energy Holdings Ltd., LDK Solar Co. Ltd., Lanco Solar, ReneSola Ltd., REC Silicon ASA, Mitsubishi Polycrystalline Silicon America Corporation, TBEA Energy Private Ltd., Qatar Solar Technologies, Sichuan Yongxiang Co. Ltd., Huanghe Hydropower Development Co. Ltd., Hanwha Q Cells
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Polysilicon Market Overview
Polysilicon is a highly purified form of silicon used as a fundamental material in the production of photovoltaic (PV) solar cells. Polysilicon is the primary material used in photovoltaic (PV) cells, which convert sunlight into electricity. It forms the base material for manufacturing solar panels, making it indispensable to the solar energy sector.
Polysilicon Global Market Report 2023 provides data on the global polysilicon market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The polysilicon market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.