Market Is Estimated To Witness High Growth Owing To Increasing...

Market Is Estimated To Witness High Growth Owing To Increasing Demand for Solar Energy and Growing Applications of Polycrystalline Silicon

Posted 2023-11-02 12:59:47

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The polycrystalline silicon market is estimated to be valued at US$ 9.64 billion in 2022 and is expected to exhibit a CAGR of 13.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Polycrystalline silicon or polysilicon is a high purity form of silicon used to manufacture photovoltaic (PV) cells and integrated circuits. It is produced from metallurgical-grade silicon through a chemical manufacturing process known as the Siemens process. The key applications of polysilicon include photovoltaic products like solar panels and cells as well as electronic products like chips and integrated circuits.

Market Dynamics:
The growing demand for solar energy across residential and commercial sectors is expected to be a major driver for the polycrystalline silicon market over the forecast period. With increasing awareness about renewable energy sources, installations of solar panels have witnessed significant growth globally in recent years. Moreover, polysilicon also finds extensive usage in production of integrated circuits and computer chips. The rising adoption of consumer electronics and proliferation of digital era is fueling the demand for semiconductors, thus benefiting the market. Geographically, the Asia Pacific region dominated the market in 2022 and is estimated to maintain its position throughout the forecast period. This is attributed to presence of prominent polysilicon producers as well as large solar panel manufacturing capacities in China and other Asian countries.

SWOT Analysis

Strength: Polycrystalline Silicon has high purity levels and efficiency. It has stable performance over time and is highly durable. It is cost effective to produce compared to mono-crystalline silicon.
Weakness: Polycrystalline Silicon has lower efficiency levels than mono-crystalline silicon. It has less uniform crystal structures that can reduce efficiency. Production requires more energy than mono-crystalline silicon manufacturing.
Opportunity: Increasing solar PV installations worldwide due to supportive government policies and tender programs. Rising demand for cost-effective renewable energy sources is driving the market.
Threats: Fluctuations in raw material prices impact production costs. Trade barriers and import tariffs imposed by various countries pose challenges. Slowdown in the solar energy sector growth can negatively impact demand.

Key Takeaways

The global Polycrystalline Silicon market Share is expected to witness high growth, exhibiting a CAGR of 13.4% over the forecast period, due to increasing investments in solar photovoltaic capacities worldwide. Solar PV deployment is growing rapidly due to declining costs and supportive renewable energy policies by various governments.

Regional analysis: Asia Pacific dominates the global market, accounting for over 60% share of the total polycrystalline silicon market in 2023. China holds the major market share in the region due to the presence of numerous polysilicon manufacturers and being the largest solar PV installations base globally. Other fast-growing regional markets include North America, Europe, and Latin America.

Key players: Key players operating in the polycrystalline silicon market are Wacker Chemie AG, OCI Company Ltd., GCL-Poly Energy Holdings Limited, Hemlock Semiconductor Corporation, Tokuyama Corporation, REC Silicon ASA, Daqo New Energy Corp., SunEdison, Inc. (acquired by MEMC Electronic Materials), LDK Solar Co., Ltd. (faced financial difficulties in the past), TBEA Co., Ltd. These major players are focusing on enhancing production capacities and efficiencies to meet the rising global demand.

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