New York, USA, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global polysilicon market size is projected to grow from USD 37.24 billion in 2023 to USD 141.71 billion by 2032, at a CAGR of 16.0%, according to a new report by Polaris Market Research.
Market Introduction:
Polysilicon is an elevated clarity configuration of silicon and is a critical raw material in the solar photovoltaic (PV) supply chain. To make solar modules, polysilicon is melted at elevated temperatures to configure ingots, which are then segmented into wafers and processed into solar cells and solar modules. As contrasted to pure monocrystalline silicon, polysilicon contains elevated resistivity together with other definite electrical benefits. It permits for simpler fabrication of microscopic electronic circuits, sanctions elevated flexibility and generating complex chip outlines, sanctions simpler doping with other elements to modulate electrical conductivity, and lessens manufacturing prices as contrasted to monocrystalline silicon.
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Key Insights from the Report:
- The market for polysilicon is significantly shaped by the growing usage of solar energy as a clean and reliable power origin.
- The polysilicon market segmentation is mainly based on application and region.
- Based on the application segment, the solar PV segment is expected to experience the highest CAGR during the forecast period.
- By region, the report provides market insights into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
- Polysilicon Market Scope:
| Report Attributes | Details |
| Market size value in 2023 | USD 37.24 billion |
| Market size value in 2024 | USD 43.17 billion |
| Revenue Forecast in 2032 | USD 141.71 billion |
| CAGR | 16.0% from 2024 to 2032 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2032 |
Market’s Growth Drivers:
- Useful in Generation of Solar Cells: Polysilicon, also acknowledged as poly-crystalline silicon, is generated from metallurgical-grade silicon and is an extreme presentation of silicon constituted of several minuscule crystals. This substance is an important constituent in the generation of solar cells and electronic constituents. In the electronics industry, it is utilized with contaminated levels normally underneath one part per billion, which contributes to polysilicon market growth.
- Growing Government Schemes: The market is anticipated to evolve in the near future due to robust thrust from government schemes and flagship initiatives. Digitalization would provide notable possibilities for surfacing economies to improve their economy. It ties up people, maximizes resource utilization, and speeds up advancement and economic development. To grasp the probable advantages of digitalization, governments, and international firms are diligently encouraging and rendering sizeable funding in the area.
- Growing Acquisition of Solar Energy: The growing acquisition of solar energy is a notable growth driver in the market. Nations are evolving towards green energy sources to decrease carbon discharge and encounter sustainability objectives which is pushing the demand for solar photovoltaic (PV) systems. Polysilicon, a critical raw material in the generation of solar cells, plays an important part in this shift. Governments globally are providing stimulus, allotment, and administrative reinforcements to encourage solar fixtures, additionally fueling the requirement for solar-grade polysilicon.
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List of Polysilicon Market Key Players:
- Daqo New Energy Corp.
- GCL Technology Holdings Co., Ltd.
- Hemlock Semiconductor Corporation
- Mitsubishi Materials Corporation
- OCI Company Limited
- Qatar Solar Technologies
- REC Silicon ASA
- Tokuyama Corporation
- Wacker Chemie AG
Geographical Analysis:
Asia Pacific accounted for the largest polysilicon market share. This is due to escalated manufacturing for exports, together with the obtainability of cheap labor and coal. The majority of the polycrystalline silicon manufacturers are situated in China, and they are encountering provocations in being informed of the growing demand from the photovoltaic industry. Thus, costs for polycrystalline silicon have risen by 40% due to supply dearth and are anticipated to stay uplifted in the near future. For instance, as per China’s National Energy Administration, the nation's solar electric power creation potential escalated by 55.2% in 2023, with China appending over 216 GW of solar power all through the year.
North America is also expected to grow at the highest CAGR during the forecast period. This is due to growing demand from the solar photovoltaic industry. In the US, domestic and commercial solar fixtures have risen recently, driven by pronounced popularity, government stimulants, and dedication to decreasing carbon discharge.
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Market Segmentation:
By Application Outlook:
- Solar PV
- Monocrystalline Solar Panel
- Multicrystalline Solar Panel
- Electronics (Semiconductor)
By Regional Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
Browse PMR's Polysilicon Market Report Coverage from Different Publications:
The global polysilicon market size is expected to reach USD 141.71 billion by 2032, exhibiting a CAGR of 16.0% during 2024–2032.
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About Polaris Market Research & Consulting, Inc:
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