Polycrystalline Silicon Market To Flourish At 7.2% CAGR Owing To Increasing Usage In Photovoltaic Cells
Polcrystalline silicon is widely used in manufacturing of photovoltaic (PV) solar cells. It acts as the fundamental raw material in PV technology acting as a substrate for transforming sunlight into electricity. The material possesses high purity levels along with specified grain structures making it viable for usage in solar panels. Rising installations of solar PV projects across residential, commercial and utility-scale applications have been driving its demand extensively.
Polycrystalline silicon or polysilicon is a high purity silicon material which contains more than one crystal. It is produced from metallurgical grade silicon through a chemical process which results in a product of at least nine-nine percent silicon content. It holds advantages such as low impurity levels, high efficiency, stability and reusability. Polycrystalline Silicon Market Size acts as a fundamental building block in the production of photovoltaic solar cells which convert sunlight directly into electricity.
The global polycrystalline silicon market is estimated to be valued at US$ 5198.17 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the polycrystalline silicon market include Nike, Adidas, Beyond Skin UK, Monk Story, Hexa Vegan Shoes, Ethletic, Matt & Nat, MooShoes, Susi Studio, Veerah, and AVESU GmbH. These companies are consistently focusing on expanding their production capacity and ability to cater to growing demand.
The demand for polycrystalline silicon is anticipated to be driven by increasing installations of solar photovoltaic projects globally. Solar PV remains the fastest growing renewable energy technology owing to declining costs and supportive government policies and incentives. International bodies have also been contributing to scale up solar installations to mitigate climate change.
Technological advancements play a crucial role in enhancing efficiency and stability of solar panels. R&D investments are being channeled to develop advanced mono-crystalline and multi-crystalline silicon materials along with innovative production methods. This will aid in reducing costs further while optimizing power outputs.
Fastest Growing Regional Market for Polycrystalline Silicon
The Middle East and Africa region is projected to witness the fastest growth in the global polycrystalline silicon market during the forecast period. Factors such as improving economic conditions, increasing investments to harness solar power potential, growing population and urbanization are driving the demand up in this region. Countries like Saudi Arabia, UAE, Egypt aim to produce a part of their energy needs through solar and have taken initiatives to boost local PV panel manufacturing. This makes the MEA a highly promising emerging market for polycrystalline silicon globally.
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