Polysilicon is a high purity form of silicon which is used as raw material in the manufacturing of photovoltaic cells and integrated circuits. It has superior electric conductivity and reflects less light when compared to impure silicon. Solar photovoltaic modules convert sunlight directly into electricity by utilizing polysilicon solar cells. With growing concerns over climate change and emphasis on clean and renewable sources of energy, the demand for solar power has increased significantly in the past decade. This has directly contributed to the rising consumption of polysilicon.
The global Polysilicon Market is estimated to be valued at US$ 12.8 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the key trends in the polysilicon market has been the increased adoption of mono-crystalline solar photovoltaic technology. Mono-crystalline panels are more efficient at converting sunlight into electricity when compared to multi-crystalline or thin film panels. They require less amount of silicon raw material for generating the same amount of power output. This has boosted the demand for high purity polysilicon from mono-crystalline solar cell manufacturers. At the same time, continual technological advancements are helping to bring down the production costs, making solar energy more competitive against conventional power sources. This is encouraging mass adoption of solar panels around the world and supporting the growth of the polysilicon market over the forecast period.
Porter's Analysis
Threat of new entrants: Medium. The barriers to entry in polysilicon market are moderate as the production of polysilicon requires huge capital investments and technology. Bargaining power of buyers: High. The bargaining power of buyers is high due to availability of substitutes and fragmentation of buyers. Bargaining power of suppliers: Medium. The raw materials required are commoditized minerals making the bargaining power of suppliers medium. Threat of new substitutes: Medium-High. Development of new technologies and cheaper substitutes like thin-film solar panels pose threat to polysilicon market. Competitive rivalry: High. The polysilicon market has many regional and global players competing on basis of quality, price and product innovation leading to high competitive rivalry.
Key Takeaways
The Global Polysilicon Market Share is expected to witness high growth. Regional analysis comprises the Asia Pacific region dominates the global polysilicon market currently and is expected to continue its dominance during the forecast period. Countries like China, India, Taiwan, Malaysia etc. aredrivingthe regional market growth due to high investments in solar energy in these countries.
Key players operating in the polysilicon market are Thermo Fisher Scientific, Inc., Illumina, Inc., PerkinElmer Genomics, QIAGEN, Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd, Macrogen, Inc., Abbott, PacBio, Zymo Research Corporation, Oxford Nanopore Technologies plc, Tecan Trading AG, Hamilton Company, ZS Genetics, Inc. LI-COR, Inc. Key players are focusing on new product launches and partnerships to gain competitive advantage in the market. For instance, in 2023 Thermo Fisher launched new Ion GeneStudio S5 Sequencing system to accelerate genetic research.
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