The polysilicon market comprises products manufactured from highly refined metallurgical-grade silicon using the Siemens process or fluidized bed reactor process. Polysilicon is used as the base material for the manufacture of solar photovoltaic cells and modules as well as semiconductors. increasing adoption of renewable energy sources like solar power is one of the key factors driving the demand for polysilicon. It finds widespread application in the photovoltaics industry owing to its ability to efficiently convert sunlight directly into electricity due to its semiconducting properties. Rising installation of solar panels worldwide along with reductions in solar module prices are fueling the consumption of polysilicon.

The Global Polysilicon Market is estimated to be valued at US$ 14.75 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.

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. rapid growth in the solar power industry is driving up the demand for polysilicon substantially. The growing emphasis on renewable energy sources to reduce dependence on fossil fuels is propelling the polysilicon market. Government incentives and initiatives to encourage solar power generation are also fueling market growth. With rising installer bases, polysilicon manufacturers are expanding their production capacities globally to cater to the burgeoning demand.

Market drivers

Favorable government policies around the world supporting solar energy generation are a key driver for the Polysilicon Market Demand. Many countries offer subsidies, tax rebates, net metering, and other financial incentives for citizens adopting solar panels. This is positively impacting the sales of polysilicon. Growing cognizance about the role of renewable energy in mitigating climate change is also augmenting the demand. Manufacturers are developing new production technologies and investing in capacity expansions to achieve economies of scale and cater to the rising requirements from the solar PV industry. This is expected to fuel the growth of the polysilicon market over the coming years.

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