Covina, May 17, 2023 (GLOBE NEWSWIRE) -- Polysilicon is also known as polycrystalline silicon and is commonly used in electronics industries. A large number of polysilicon is used in the manufacturing of solar cells, which is consumed by the solar photovoltaics sector.
Government initiatives and rapid growth in industrialization have contributed to Polysilicon market growth. The presence of major companies, growing strategic partnerships and concern towards renewable energy sources is further anticipated to increase the demand for Polysilicon market growth. Growing demand for the solar power sector has become a significant contribution to target market growth. Government initiatives to lower the cost of solar products have further facilitated market growth. Furthermore, growing consumption of electronics products is expected to fruitful the demand for Polysilicon market growth.
What were the major breakthroughs in market research in the past year?
- In December 2021, Xinyi Solar and Xinyi Glass agreed to develop new production base “Xinyi Siliocn” in Yunnan, China to develop production facilities of polysilicon with capacity of 60,000 MT (metric tons) in China.
Analyst View:
Government initiatives in lowering the cost of solar products have become a major factor in market growth. Rising demand from the solar power sector has further fueled the demand for market growth. Growing expansion of polysilicon industries is expected to propel the Polysilicon market growth in the coming years.
The polysilicon market is a key component of the global solar energy industry and plays a crucial role in the production of photovoltaic (PV) cells and modules. Analysts view the polysilicon market positively due to the growing demand for solar energy and the increasing installation of solar power systems worldwide. The market is driven by factors such as government incentives, renewable energy targets, and the declining costs of solar power.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on
“Polysilicon Market, By End-User Industry (Electronics, Solar PV (Multi-crystalline Solar Panel and Mono-crystalline Solar Panel), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”
Key Market Insights from the report:
Polysilicon Market accounted for US$ 8.5 billion in 2022 and is estimated to be US$ 15.4 billion by 2032 and is anticipated to register a CAGR of 5.8%. The Polysilicon Market is segmented based on End-User Industry and Region.
- Based on End-User Industry, Polysilicon Market is segmented into Electronics, Solar PV (Multi-crystalline Solar Panel and Mono-crystalline Solar Panel).
- By Region, the Polysilicon Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
Competitive Landscape & their strategies of Polysilicon Market:
The prominent players operating in the Polysilicon Market includes,
- OCI Company Ltd.
- REC Silicon ASA
- Wacker Chemie AG
- Mitsubishi Materials Corporation
- CSG Holdings Co. Ltd.
- TBEA Co. Ltd.
- Qatar Solar Technologies
- Hanwha Chemicals Co. Ltd.
- Hemlock Semiconductor Corporation
- Asia Silicon and others.
Report Scope:
| Attribute | Details |
| Base year for estimation | 2022 |
| Forecast period | 2022 – 2032 |
| Market representation | Revenue in USD Billion & CAGR from 2022 to 2032 |
| Market Segmentation | By End-User Industry - Electronics, Solar PV (Multi-crystalline Solar Panel and Mono-crystalline Solar Panel) |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
What are the Recent Drivers in the Polysilicon Market?
- Increasing Solar Energy Installations: The global push towards renewable energy, particularly solar power, has led to a significant increase in solar energy installations. This surge in demand for solar panels and modules, which heavily rely on polysilicon, is a key driver for the polysilicon market. Government incentives, favorable policies, and declining costs of solar energy have further accelerated the adoption of solar power, driving the demand for polysilicon.
- Technological Advancements: Continuous advancements in polysilicon production technologies have led to increased efficiency and cost-effectiveness. Improved manufacturing processes, such as fluidized bed reactors and upgraded metallurgical-grade silicon (UMG-Si) production, have helped lower production costs and increase polysilicon purity. These technological advancements enhance the competitiveness of polysilicon in the solar energy market.
- Growing Environmental Consciousness: Increasing awareness about climate change and the need for sustainable energy sources have driven the demand for clean energy solutions like solar power. Polysilicon, as a crucial component of solar cells, is considered environmentally friendly compared to conventional energy sources. The growing emphasis on reducing carbon emissions and achieving renewable energy targets has boosted the demand for polysilicon.
- Government Policies and Incentives: Governments worldwide have implemented supportive policies and incentives to promote the adoption of solar energy. Feed-in tariffs, tax credits, and renewable energy targets encourage investment in solar power generation, leading to increased demand for polysilicon. Governments are also focusing on domestic production of polysilicon to reduce reliance on imports and promote local manufacturing.
- Emerging Markets: Emerging economies, particularly in Asia, are witnessing rapid growth in solar energy installations. Countries like China, India, and Southeast Asian nations are investing heavily in solar power infrastructure, contributing to the rising demand for polysilicon. The expansion of the middle class, urbanization, and increasing energy consumption in these regions further drive the growth of the polysilicon market.
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