Polysilicon is used in the production of photovoltaic (solar) cells and semiconductor devices. It provides high conversion efficiency and is resistant to environmental degradation. Growing solar energy adoption is driving the demand for polysilicon.
The global Polysilicon market is estimated to be valued at US$12.80 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the polysilicon market is increase in production of polysilicon through the Siemens process. The Siemens process allows for mass production of polysilicon at low costs. Adoption of the Siemens process has led to a significant drop in polysilicon prices over the past decade, making solar power more affordable. This has boosted the demand and production of solar panels, driving the polysilicon market growth.
Segment Analysis
The polysilicon market is segmented into solargrade polysilicon and electronic-grade polysilicon. The solargrade polysilicon segment currently dominates the market due to rapidly growing solar PV installations globally. Solar PV systems require polysilicon to convert sunlight into electricity, thus, increasing demand for solar energy to meet climate change goals has significantly boosted the solargrade polysilicon segment.
Key Takeaways
Global Polysilicon Market Demand is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing demand for solar PV installations across the world.
Regional analysis:
China and India are the fastest growing regions in the polysilicon market due to strong focus on developing domestic solar PV manufacturing capacity and presence of cheaper solar panels. China currently dominates the market with over 50% share due to large polysilicon production facilities and leading position as global solar panel manufacturer.
Key players:
Key players operating in the polysilicon market are Sichuan Yongxiang Co. Ltd (Tongwei Co. Ltd), GCL-TECH, DaqoNew Energy Co. Ltd, Wacker Chemie AG, and XinteEnergy Co. Ltd. Tongwei Co. Ltd is the largest producer with capacity of over 100,000 MT per year. GCL-TECH is another major player focusing on expanding capacity.
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The global photovoltaic materials market is expected to reach USD 36.23 billion by 2025, according to a new report by Grand View Research, Inc.
The growing PV installations coupled with rise in module manufacturing facilities in Asia Pacific is driving market demand.The demand for photovoltaic materials is the highest in the construction of solar cell.
The growing number of PV projects commissioned by the government is boosting the consumption.
The government incentive offered on building integrated photovoltaics is expected to further augment market demand.Asia Pacific accounted for the maximum market share owing to the presence of a large number of module manufacturers in China and India.
The slowdown in the Chinese manufacturing sector due to sanctions imposed by the government is expected to force module manufacturers to turn towards other developing countries.
The growing exports of solar cells from Asia Pacific to North America and Europe are expected to have a positive impact on market demand.Further key findings from the report suggest:Polycrystalline silicon dominated the material segmentation with a market share of 62% in 2016.Copper Indium Gallium Selenide material segment is projected to grow at a CAGR of 13.3% from 2017 to 2025 owing to research on new materials to be used in the construction of solar cell.Encapsulant products are anticipated to grow at a CAGR of 11.8% from 2017 to 2025 due to high demand for these products in thin film and silicon wafer modulesEurope market share is expected to decrease to around 14% in 2025 owing to growing exports of PV modules from Asia Pacific.Middle East & Africa is anticipated to grow at a CAGR of 8% from 2017 to 2025 owing to governments in these regions investing heavily in solar PV installations.The industry participants are engaged in research on new materials used in the manufacturing of solar cells.Access full research report on global photovoltaic materials market: www.grandviewresearch.com/industry-analysis/photovoltaic-pv-materials-market
