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The polysilicon market size is estimated to grow at a CAGR of 13.2% between 2022 and 2027. The market size is forecast to increase by USD 9,201.44 million. The growth of the market depends on several factors such as the rise in solar PV installations, the increasing investments in renewable energy, and the increasing demand for polysilicon from the electronics industry.
This polysilicon market report extensively covers market segmentation by application (photovoltaics and electronics), type (wafers or chips, chunks, and rods), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in solar PV installations is driving growth in the polysilicon market. Globally, due to the declining costs of solar PV components and systems, there has been significant growth in installations of solar PV. Solar energy has become less costly than most fossil fuel-powered generators and has become one of the least expensive options for electricity generation.
However, the traditional solar PV markets such as CHINA, EUROPE, and the US will continue to grow due to the growing demand for energy and the focus on clean and sustainable energy. The demand for polysilicon is going to increase considerably due to the rise of solar PV installations, thereby driving the growth of the global polysilicon market during the forecast period.
The increased adoption of microgrids is a key trend in the polysilicon market. Microgrid is a small-scale power grid with its own sources of energy production and storage. Microgrids can operate independently or collaboratively with other small power grids. If the microgrid is integrated into the main power grid, it is referred to as a hybrid microgrid. Microgrids that do not have access to grid-connected power or limited suitable availability are implemented in isolated villages and rural areas.
Moreover, many natural disasters have proved the fragility of the centralized grid architecture. In view of their ability to endure in the event of a natural disaster, governments across the world are promoting microgrids. The increased adoption of microgrids is one of the major trends that are expected to drive the growth of the global polysilicon market during the forecast period.
The intermittent nature of solar power generation is a major challenge in the polysilicon market. Solar PV systems have increased significantly due to the decline in prices and related technology. This has increased the number of solar power installations worldwide over the years. However, the intermittent nature of solar power is a significant challenge that affects the adoption of solar power.
Moreover, the intermittent nature of solar energy adversely affects the output of solar PV systems. Though solar PV technology is evolving continuously, its conversion rate cannot match fossil fuels. Solar power is still a challenge for the renewable industry due to its fragility in terms of being able to be used as a standalone power system. This is expected to be a major challenge for the growth of the global polysilicon market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Polysilicon Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Daqo New Energy Corp. - The company offers polysilicon such as medium to extra large solar-grade polysilicon chunks.
The research report also includes detailed analyses of the competitive landscape of the market and information about 11 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The photovoltaics segment is estimated to witness significant growth during the forecast period. Once molten silicon is poured into the cast, solar PV cells and panels are produced. Instead of using a single silicon crystal, fragments of silicon are melted together to form wafers. These modules are also called multi-polysilicon.
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The photovoltaics segment was the largest segment and was valued at USD 5,397.34 million in 2017. The abundant availability, stability, and low toxicity of silicon, combined with the low cost of polysilicon when compared to single crystals, makes this material attractive for the production of photovoltaic cells. The grain size plays a major role in polysilicon solar PV cells' efficiency, which tends to increase with the volume of grains used. Thus, these advantages are anticipated to drive the photovoltaics segment of the global polysilicon market to grow during the forecast period.
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APAC is estimated to contribute 57% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The global polysilicon market in APAC will grow significantly during the forecast period. In 2022, the major leading countries in the region were China, Japan, India, Australia, and South Korea. China accounted for a significant market share in the regional polysilicon market.
Moreover, the adoption and execution of microgrids in APAC are mainly driven by rural electrification programs in developing countries, such as India, Indonasia, and the Philippines. In order to improve access to electricity, governments of the various countries in the region have taken proactive steps toward implementing microgrid solutions. The tremendous growth in the solar power industry in APAC is improving the growth of the regional market. Moreover, the targets set by governments in the region for the construction of solar power plants will boost the market growth in both the residential and commercial sectors in APAC during the forecast period.
Owing to the outbreak of the COVID-19 pandemic in early 2020, most operations at solar power plants were halted, and construction of new plants in APAC was suspended during the first half of 2020. However, the initiation of large-scale COVID-19 vaccination programs in 2021 and the subsequent decline in the number of the increase in COVID-19 cases has resulted in the continuation of solar power projects and PV installations. Furthermore, the increasing focus on shifting from fossil fuels to renewable energy sources, such as solar power, will drive the growth of the regional polysilicon market during the forecast period.
The polysilicon market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Polysilicon Market Scope |
|
Report Coverage |
Details |
Page number |
147 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.2% |
Market growth 2023-2027 |
USD 9,201.44 million |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
13.1 |
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 57% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Daqo New Energy Corp., Elkem ASA, Hemlock Semiconductor Operations LLC, Mersen Corporate Services SAS, Mitsubishi Materials Corp., OCI Co. Ltd., Qatar Solar Technologies, REC Silicon ASA, TBEA Co. Ltd., Tokuyama Corp., and Wacker Chemie AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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