Polysilicon is an essential raw material used in the production of photovoltaic semiconductors and integrated circuits. It is comprised of crystalline silicon and is highly purified. It finds wide application in the manufacturing of crystalline silicon solar photovoltaic cells as well as semiconductors and integrated circuits. Polysilicon helps improve the efficiency and reliability of solar cells. Additionally, it offers benefits such as durability, lack of moving parts, silent operation, and zero emissions. With growing emphasis on renewable energy sources and sustainable development, the demand for polysilicon is rising sharply, driven primarily by its increasing adoption for photovoltaic applications including solar PV cells and modules. 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:

The key trend propelling the growth of the polysilicon market is the increasing adoption of polysilicon for photovoltaic applications. Solar energy has emerged as one of the most viable and widely used renewable energy sources across the world. With growing emphasis on environmental protection and sustainability, many countries are extensively promoting the generation and use of solar energy. This has significantly driven the adoption of solar PV cells and modules which heavily rely on polysilicon as a key raw material. Advancements in solar cell technology have further improved the adoption. Continuous reduction in the costs of solar power generation compared to fossil fuels is also supporting the growth of the solar power industry and subsequent demand for polysilicon. The production of polysilicon is expected to continually rise in the coming years to match the growing needs of the solar industry.

SWOT Analysis

Strength: The polysilicon market has strong growth potential owing to increasing demand for renewable energy sources. It is an integral part in the manufacturing of solar photovoltaic cells.

Weakness: Supply chain disruptions and shortage of raw materials can negatively impact the production of polysilicon. There are also high costs associated with setting up polysilicon manufacturing plants.

Opportunity: Growing focus on reducing carbon emissions and investments in solar energy projects across major countries provide new opportunities. Technological advancements are also reducing the costs of manufacturing polysilicon.

Threats: Volatility in raw material prices and stringent environmental regulations for manufacturing can pose threats. Substitutes like thin-film solar cells also compete with polysilicon solar panels.

Key Takeaways

The Global Polysilicon Market Share is expected to witness high growth over the forecast period of 2023 to 2030 driven by supportive government policies and targets for renewable energy adoption. Regionally, Asia Pacific dominates the market currently and is expected to remain the fastest growing region due to large solar PV installations and manufacturing hubs in China, India, Taiwan and Japan.

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, and Hamilton Company. These companies are focusing on capacity expansions and partnerships to cater to the rising demand. For instance, GCL-Poly plans to ramp up its polysilicon production capacity to 450,000 metric tons by 2023.

Regional analysis: Asia Pacific is currently the largest as well as the fastest growing regional market for polysilicon. The presence of leading polysilicon producers and major solar panel manufacturers in China, Taiwan, and other Asian countries has been a key factor driving the regional market. Low manufacturing costs and supportive government policies for the development of renewable energy infrastructure in several Asia Pacific countries are further augmenting the regional market growth.

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