Farmington, Feb. 10, 2023 (GLOBE NEWSWIRE) -- The Global Polysilicon Market Size Was Valued At USD 8.87 Billion In 2022 And Is Projected To Reach USD 27.07 Billion By 2030 at a CAGR Of 13.2% From 2023 To 2030. The COVID-19 pandemic is new and shocking on a global scale, and polysilicon demand has been higher than expected in all areas compared to levels before the pandemic. Our research shows that the global market grew by 5.9% from 2019 to 2020.
Metallurgical grade silicon is used to make polysilicon or polycrystalline silicon. It is a very pure form of silicon that is made up of a lot of tiny crystals. This material is a key part of how solar cells and other electronic devices are made. It is used in the electronics business and usually has less than one part per billion worth of impurities. On the other hand, solar power doesn't use pure materials.
Request Sample Copy of Report “Polysilicon Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2023 to 2030”, published by Contrive Datum Insights.
Recent Developments:
- April 2022: OCI signed a memorandum of understanding to supply polysilicon to Korean solar manufacturer Hanwha Solutions. The supply contract size is about 1.2 billion dollars.
- February 2021: GCL Technology Holdings Limited entered into definitive transactions with Tianjin Zhonghuan Semiconductor and LONGi Green Energy Technology. As part of the deal, GCL will supply polysilicon to the two Chinese companies in the long term.
Segment Overview
Application Insights
Based on how they are used, the market is split into solar power generation and electronic products. Solar power has been the most important part of the market because solar panels and semiconductors are made from so many different things. A lot of this sector's growth is due to the fact that more and more people around the world want to install solar PV systems. Solar power is one of the industries that is growing the fastest around the world. The International Energy Agency (IEA) says that almost two-thirds of the world's net energy capacity comes from this industry.
People who don't have access to power lines can also get electricity from solar power plants that power mini-grids. This is especially true in developing countries where there is a lot of good solar energy. The market will grow because there is a lot of demand from certain end-use segments, such as more solar cell installations, more investment and incentives for installing solar power, and more sales of semiconductors.
Regional Outlook:
In 2021, a large portion of the market, 457.4 tonnes, was sold in the Asia Pacific region. China dominated the world market in manufacturing and exports because of its well-established silicon industry, cheap labor and coal. China purchased 48.2 gigawatts of additional solar power capacity in 2020 as part of a plan to use less fossil fuels and emit less carbon dioxide. The photovoltaic industry is making it difficult for companies to make polycrystalline silicon. Most of these companies are located in China. The price went up by 40% because of a shortage of ingredients. Prices are expected to remain high in the coming years, despite new factories being built to meet growing demand. High costs have hit the solar industry and forced manufacturers to reduce the number of solar modules they can make. Other countries in the region are starting to invest money in their own production facilities to shield their growing photovoltaic and electronics industries from possible shortages. Indian public sector companies such as NTPC and BHEL, for example, have said they want to build facilities to make polycrystalline silicon with a capacity of around 10 gigawatts to reduce their dependence on China. The solar industry is expected to grow as many countries in the region are likely to use renewable energy sources such as solar energy to meet their energy needs. Polycrystalline silicon is a key component in solar modules, and demand is expected to increase in the Southeast Asia Pacific region, which will help the market grow.
Its share in the North American polysilicon market is expected to rise thanks to growing demand from the solar power industry. In the United States, the number of homes and businesses using solar panels has increased significantly in recent years. This is because solar panels are getting cheaper, governments are providing incentives and people want to reduce their carbon emissions. According to a study by the Solar Energy Industries Association and Wood Mackenzie, the solar industry installed a record 19.2 gigawatts of new capacity in 2020. This is a 43% increase over the previous year. The study also predicts that the number of solar installations will quadruple by 2030. During the forecast period, the solar power industry in the region is expected to grow, which will help the market grow and drive the growth.
The European Commission has set a legally binding target to reduce net carbon emissions by 55% from 1990 levels by 2030 and eliminate them completely by 2050. One thing the European Union is doing to achieve these goals is the use of renewable energy. The goal is to make 40% of all energy used renewable by 2030. According to a report by SolarPower Europe, the solar industry in the region grew by 11% in 2020. This means that the solar modules can generate an additional 18.7 gigawatts of energy. Recent polycrystalline silicon price fluctuations and allegations that Chinese factories use forced labor and violate human rights may briefly delay solar installation projects in Europe. On the other hand, the European Union needs to take important steps, such as building production facilities in the country, to strengthen the solar power industry in the long term. Market growth is likely to be driven by the growing demand from the solar industry in the region and the EU's strong commitment to transition to renewable energy.
Buy this Premium Research Report@
https://www.contrivedatuminsights.com/buy/248512/?Mode=PM
Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 13.2% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 27.07 Billion |
| By Applications | Solar Photovoltaics, Electronics, Others |
| By Companies | Daqo New Energy Corp. (China), GCL Technology Holdings Co., Ltd. (China), Hemlock Semiconductor Corporation (U.S.), Mitsubishi Materials Corporation (Japan), OCI Company Limited (South Korea), Qatar Solar Technologies (Qatar), REC Silicon ASA (Norway), Tokuyama Corporation (Japan), Wacker Chemie AG (Germany), Xinte Energy Co., Ltd. (China) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
Market growth will be driven by more digitization in emerging economies.
Emerging economies can take advantage of the enormous growth opportunities digitization offers to increase their growth rate and join the global economy. Digitization brings people closer, makes better use of resources, and accelerates growth and development. Governments and international organizations are investing a lot of money and effort into digitization so that they can exploit its potential benefits. For example, since 2015, the Government of India has been running a program called Digital India. The program aims to make India a digitally empowered society through a knowledge-based economy. Digitization improves online infrastructure and makes it easier to connect to the Internet, making it easier for people to access online services. It also strengthens the country's digital capabilities in the field of technology. This has made more people responsive to digitization, more people wanting appliances, and more people wanting electricity. Therefore, growing digitization is good for the market because it increases the demand for electronics.
Driving Factors:
Since demand is going up, solar power will help the market grow.
Climate change is one of the biggest problems the world is facing right now, and it affects all parts of the planet. Extreme weather like heat waves, droughts, cyclones, and heavy rains have become more common in recent years. This has hurt businesses and made people's lives harder. According to a report from the Intergovernmental Panel on Climate Change (IPCC) of the United Nations that will be released in 2021, the average global temperature has already risen by 1.1 degrees Celsius since pre-industrial levels in the 1800s. Scientists think that the average global temperature could rise by 1.5 degrees Celsius over the next 20 years. This is much more than the 1.5 degree Celsius limit set by the Paris Agreement. One of the most important things to do right away to stop the worst effects of global warming is to use less fossil fuels and switch to renewable energy sources like solar power. This will cut down on greenhouse gas emissions.
Restraining Factors:
Solar power will help the market grow as demand is increasing.
Climate change is one of the biggest challenges facing the world right now, affecting every part of the planet. In recent years, extreme weather events such as heat waves, droughts, cyclones, and heavy rains have become commonplace, causing problems to businesses and affecting people's lives. According to a report by the United Nations Intergovernmental Panel on Climate Change (IPCC) to be announced in 2021, the global average temperature has already risen 1.1 degrees Celsius from pre-industrial levels in the 1800s. Scientists think global average temperatures could rise by 1.5 degrees Celsius over the next 20 years, well above the Paris Agreement limit of 1.5 degrees Celsius. One of the most important things to do to combat the worst effects of global warming is to reduce greenhouse gas emissions right away by using less fossil fuels and switching to renewable energy sources such as solar power.
Key Segments Covered:
Top Market Players:
Daqo New Energy Corp. (China), GCL Technology Holdings Co., Ltd. (China), Hemlock Semiconductor Corporation (U.S.), Mitsubishi Materials Corporation (Japan), OCI Company Limited (South Korea), Qatar Solar Technologies (Qatar), REC Silicon ASA (Norway), Tokuyama Corporation (Japan), Wacker Chemie AG (Germany), Xinte Energy Co., Ltd. (China), and others.
By Applications
- Solar Photovoltaics
- Electronics
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
Check out more related studies published by Contrive Datum Insights:
- Oilfield Chemicals Market - The Global Oilfield Chemicals Market Size Was Valued At USD 16.95 Billion In 2021. The Market Is Projected To Grow From USD 18 Billion In 2022 To USD 29.27 Billion By 2030, Exhibiting A CAGR Of 7.2% During The Forecast Period.
- Fuel Additives Market - The Global Fuel Additives Market Size Was USD 8.14 Billion In 2021. The Market Is Projected To Grow From USD 8.62 Billion In 2022 To USD 12.87 Billion In 2030 at a CAGR Of 5.9% During The 2022-2029 Period.
- Cryogenic Pump Market - The Global Cryogenic Pump Market Size Was USD 3.41 Billion In 2021. The Market Is Projected To Grow From USD 3.62 Billion In 2022 To USD 6.64 Billion In 2030, at a CAGR of 9.06% During The Forecast Period.
Customization of the Report: The report can be customized as per client needs or requirements.For any queries, you can contact us on anna@contrivedatuminsights.com or +1 215-297-4078. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
About Us:
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
Social: Facebook / LinkedIn / Twitter
Contact Us:
Anna B. | Head Of Sales
Contrive Datum Insights
Phone: +91 9834816757 | +1 2152974078
Email: anna@contrivedatuminsights.com
Website:
https://www.contrivedatuminsights.com
Contrive Datum Insights Press Releases
Latest Contrive Datum Insights Latest Reports
