Polysilicon is an essential raw material used in the manufacturing of semiconductor devices and photovoltaic cells. It finds major application in the production of solar photovoltaic modules and semiconductors. Solar photovoltaic consists of crystalline silicon solar cells that utilize polysilicon as the basic component to convert sunlight into electricity. The global demand for renewable energy has been witnessing significant growth owing to rising environmental concerns. Solar energy has emerged as one of the widely adopted renewable sources of energy worldwide.

The global Polysilicon Market is estimated to be valued at US$ 12.8 Bn  in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increased Demand from Solar Photovoltaic Industry

One of the major factors driving the growth of the polysilicon market is the significant rise in demand for solar photovoltaic systems across the globe. The key component used in the manufacturing of crystalline silicon solar cells is polysilicon. According to the International Renewable Energy Agency, the global solar photovoltaic installed capacity increased from 227 GW in 2015 to over 743 GW in 2021. Rising environmental concerns along with supportive government policies and subsidies promoting solar energy adoption are encouraging greater investments in solar PV installations worldwide. This substantial growth in the solar PV industry is augmenting the demand for polysilicon.

Moreover, the introduction of innovative technologies such as smart homes, electric vehicles, wireless communication, and advanced medical devices is propelling the demand for semiconductor devices, which in turn is supporting the polysilicon market growth. However, the high dependency on the solar PV industry poses challenges to the steady growth of the market. Fluctuations in the solar PV demand and supply directly impact the polysilicon demand-supply scenario.

SWOT Analysis:
Strength:
Polysilicon is a key material used in the solar photovoltaic industry for manufacturing solar panels and modules. The demand for polysilicon is influenced by the rise in solar PV installations. The increasing focus on renewable energy and the declining cost of solar power generation are driving the growth of the global polysilicon market.

Weakness:
Polysilicon requires vast amounts of electricity to produce from silane gas, making it energy intensive. This results in high manufacturing costs and carbon footprint. Additionally, fluctuating raw material prices pose a challenge for manufacturers.

Opportunity:
The growing adoption of solar energy across residential, commercial, and utility-scale sectors is expected to boost market growth over the forecast period. Countries worldwide are undertaking initiatives and setting targets to increase the share of renewable energy in their energy mix, which will present opportunities for increased polysilicon demand.

Threats:
Stringent regulations pertaining to carbon emissions during polysilicon production may act as a restraint. Fluctuations in the price of end-products like solar photovoltaic panels can threaten the demand for polysilicon.

Key Takeaways:
The global Polysilicon Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is estimated to reach US$ 12.8 Bn  in 2023.

Regional Analysis: Asia Pacific dominates the global polysilicon market with China being the largest producer and consumer. Countries in the region like China, India, Japan, and South Korea are aggressively investing in solar power. China is expected to remain the major regional market owing to sizable investments in renewable energy generation. Europe is another major regional market for polysilicon driven by stringent carbon emission reduction goals. Countries such as Germany, UK, Italy, Netherlands are driving the European market growth.

Key players operating in the polysilicon market are Eurofins Scientific, Agilent Technologies Inc., SCS Global Services, Bureau Veritas SA, ALS Limited, Element Materials Technology (EXOVA), TUV Nord Group, Apal Agricultural Laboratory, Intertek Group PLC, EMD Millipore Corporation (Millipore Sigma), BioMerieux SA, Aurea AgroSciences, 3M Company, Charm Sciences Inc., Neogen Corporation, and Biolumix. Major players are focusing on enhancing production capacities and developing innovative technologies to cater to the increasing demand. Joint ventures and mergers & acquisitions are also common in the market.

Explore more related article on this topic: https://www.pressreleasebulletin.com/polysilicon-market-propelled-by-rising-solar-panel-installations/