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The polysilicon market size is valued to increase USD 14.25 billion, at a CAGR of 16.83% from 2023 to 2028. Rise in solar PV installations will drive the polysilicon market.
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The polysilicon industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The photovoltaics segment is estimated to witness significant growth during the forecast period.
The market holds substantial growth potential, particularly in the photovoltaic (PV) segment. Solar PV cells and panels are manufactured using molten silicon, which is poured into a cast and solidified into multi-polysilicon wafers. This approach, an alternative to using single silicon crystals, offers several advantages. The abundance, stability, and low toxicity of silicon, coupled with the cost-effectiveness of polysilicon, make it a preferred choice for photovoltaic applications. Grain size is a critical factor influencing the efficiency of polysilicon solar PV cells. Generally, larger grain sizes lead to increased efficiency. Process optimization techniques, such as crystal growth rate control, silicon purification, and crystal orientation control, are essential for producing high-quality polysilicon.
These techniques contribute to the production of solar-grade silicon, which is used extensively in solar cell manufacturing. Power electronics and material characterization are other significant applications of polysilicon. Metallurgical-grade silicon, a lower-purity form of polysilicon, is used in these applications. The semiconductor industry also relies heavily on polysilicon due to its excellent material properties. Cost reduction strategies, such as fluidized bed reactors, silicon tetrachloride usage, defect density control, and waste reduction methods, are essential for maintaining the competitiveness of polysilicon manufacturers. Quality control processes, including chemical vapor deposition and impurity reduction, ensure the production of high-purity polysilicon. The market is expected to grow by approximately 15% in the next year, driven by increasing demand for solar energy and advancements in polysilicon production technology.
Additionally, the market is projected to expand by around 12% annually over the next five years. These growth figures underscore the market's dynamic and evolving nature.
The Photovoltaics segment was valued at USD 6.09 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 56% 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.
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The APAC the market is experiencing substantial expansion, with China, Japan, India, Australia, and South Korea being the major contributors. China holds a significant market share due to government financial incentive programs like feed-in tariffs (FiTs) in China, Japan, Thailand, and Vietnam. These initiatives aim to encourage the shift towards renewable energy, particularly solar power, in response to increasing greenhouse gas emissions in China and India. The region's rapid execution of solar energy projects underscores the growing focus on replacing fossil fuels.
In 2023, China, Japan, India, Australia, and South Korea accounted for approximately 85% of the APAC the market share. The region's commitment to renewable energy and the ongoing execution of solar projects indicate a promising future for the market in APAC.
Our researchers analyzed the data with 2023 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 market is a critical sector in the semiconductor and solar industries, driven by the continuous quest for silicon ingot production yield enhancement and reducing silicon wafer defect density. The global market is focused on improving polysilicon purity levels through advanced silicon purification techniques, such as controlled crystal growth rate in the Czochralski process and minimizing energy consumption in polysilicon production. Optimizing fluidized bed reactor performance and employing innovative advanced chemical vapor deposition methods are other key strategies to enhance silicon wafer surface quality and improve polysilicon production efficiency. Advanced methods for silicon purification, including effective impurity reduction strategies, precise control of crystallographic orientation, and robust wafer polishing techniques, are essential to meet the stringent requirements of high-purity polysilicon production processes.
The market is witnessing significant investments in research and development to introduce new technologies for solar-grade silicon production. Compared to traditional production methods, the latest innovations in silicon wafer manufacturing are expected to reduce the cost of polysilicon production by more than 20%. This cost reduction is a result of the improved efficiency of advanced purification techniques and the optimization of silicon ingot slicing techniques. The industrial application segment is projected to account for a significantly larger share of the market compared to the academic segment, driven by the growing demand for semiconductors in various industries. In conclusion, the market is a dynamic and evolving sector, with a strong focus on enhancing production efficiency, reducing costs, and improving purity levels.
The market is expected to witness robust growth, driven by the continuous advancements in silicon purification techniques and the increasing demand for high-purity polysilicon in various industries.
The polysilicon market forecasting 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 polysilicon market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape of Polysilicon Industry
Companies are implementing various strategies, such as strategic alliances, polysilicon market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Asia Silicon (Qinghai) Co. Ltd. - The company specializes in producing medium to extra large polysilicon chunks for solar industries, ensuring high-quality standards and consistent supply. With a strong focus on research and development, this entity remains a significant player in The market.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 industry 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.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Polysilicon Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
153 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 16.83% |
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Market growth 2024-2028 |
USD 14252 million |
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Market structure |
Concentrated |
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YoY growth 2023-2024(%) |
14.01 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, and Rest of World (ROW) |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What is the expected growth of the Polysilicon Market between 2024 and 2028?
USD 14.25 billion, at a CAGR of 16.83%
What segmentation does the market report cover?
The report segmented by Application (Photovoltaics and Electronics), Type (Wafers or chips, Chunks, and Rods), Geography (APAC, North America, Europe, South America, and Middle East and Africa), Production Process (Siemens Process, Fluidized Bed Reactor, and Upgraded Metallurgical Grade), and End-use Industry (Renewable Energy, Electronics, and Industrial)
Which regions are analyzed in the report?
APAC, North America, Europe, South America, and Middle East and Africa
What are the key growth drivers and market challenges?
Rise in solar PV installations, Intermittent nature of solar power generation
Who are the major players in the Polysilicon Market?
Key Companies Asia Silicon (Qinghai) Co. Ltd., Daqo New Energy Corp., East Hope Group, GCL-Poly Energy Holdings, Hankook Silicon Co. Ltd., Hemlock Semiconductor, LDK Solar, Mitsubishi Materials Corporation, OCI Company Ltd., Osaka Titanium Technologies, Qatar Solar Technologies, REC Silicon ASA, Shin-Etsu Chemical Co. Ltd., SunEdison, TBEA Co. Ltd., Tokuyama Corporation, Tongwei Group, Wacker Chemie AG, Xinte Energy Co. Ltd., and Yongxiang Polysilicon
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Market Segmentation by Production Process
9 Market Segmentation by End-use Industry
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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