Dublin, Dec. 08, 2023 (GLOBE NEWSWIRE) -- The "Polysilicon Market Size, Share & Trends Analysis Report By Application (Solar PV, Electronics), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa) And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global polysilicon market is anticipated to reach USD 104.69 billion by 2030 along with a growth rate of 15.9%. The market is witnessing significant growth due to the expansion of the solar industry. Polysilicon is a critical raw material in solar panel manufacturing, and the increasing demand for solar energy worldwide is driving the market growth.
Additionally, many governments are recognizing the importance of transitioning to cleaner energy sources, which led to the introduction of a range of incentives and support mechanisms to promote solar energy adoption. These incentives are often financial in nature and include tax credits, subsidies, and grants. This financial attractiveness encourages businesses to expand their use of solar energy, further driving the demand for polysilicon-based solar panels.
The semiconductor industry is persistently expanding to meet the increasing demand for electronic devices, including smartphones, computers, automotive electronics, and IoT devices. As polysilicon is a fundamental material used in semiconductor manufacturing, which led to an increase in demand for polysilicon, in turn, creating lucrative growth opportunities for the market.
The emergence and subsequent adoption of green energy technologies and electric vehicles (EVs) have played a vital role in driving the growth of the market. These technologies require advanced power management and control systems, which require semiconductor components. Polysilicon is integral to these semiconductor manufacturing processes, boosting the demand for polysilicon in the semiconductor industry.
Polysilicon Market Report Highlights
- The Asia Pacific market was valued at about USD 21.25 billion in 2022 and is expected to grow at a CAGR of 15.9% from 2023 to 2033
- The solar PV segment led the market for polysilicon and accounted for a revenue share of over 76.0% in 2022. The solar PV segment has witnessed significant growth in recent years due to customers' and companies' inclination toward adopting cleaner and renewable energy sources. This adoption led to an increase in the use of solar energy, which in turn surged solar panel installations, and benefited the market
- The electronic segment is anticipated to experience rapid growth over the forecast period due to the proliferation of consumer electronics and automotive electronics. In addition, the emergence of new technologies such as 5G, artificial intelligence (AI), and the Internet of Things (IoT) has driven the manufacturing of semiconductor devices, consequently increasing the demand for polysilicon
Companies Mentioned
- High-Purity Silicon America Corporation
- OCI COMPANY Ltd.
- Qatar Solar Technologies
- REC Silicon ASA
- Tongwei Co., Ltd
- Tokuyama Corporation
- Wacker Chemie AG
- Xinte Energy Co., Ltd
- DAQO NEW ENERGY CO,.LTD.
- GCL-TECH
- Hemlock Semiconductor Operations LLC and Hemlock Semiconductor, L.L.C.
For more information about this report visit https://www.researchandmarkets.com/r/f146rg
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