Global Polysilicon Market Price 2024, Forecast To 2033
10 Oct, 2024
The polysilicon market size has grown rapidly in recent years, increasing from $8.57 billion in 2023 to $10.05 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. This growth during the historic period can be attributed to decreasing costs of solar panels, the economic benefits of solar energy, increasing awareness of climate change, a global shift towards renewable energy sources, and the growth in electric vehicles. The polysilicon market is expected to continue its rapid growth, projected to reach $19.18 billion in 2028 at a CAGR of 17.5%. The forecast period's growth can be attributed to the increasing demand for photovoltaic cells, government incentives and subsidies, rising energy consumption, rapid industrialization and urbanization, and the expansion of solar power plants. Key trends in the forecast period include technological advancements in production, advancements in electronics, investments in renewable energy infrastructure, integration of polysilicon in advanced technologies like smart grids and IoT devices, and the establishment of strategic alliances and partnerships.
Major Driver In The Polysilicon Market
The increasing adoption of solar energy is expected to significantly contribute to the growth of the polysilicon market in the near future. Solar energy is derived from the sun's radiation, converted into electricity or heat through technologies such as photovoltaics (PV) or solar thermal systems. The demand for solar energy is rising due to growing environmental awareness and regulatory incentives encouraging the adoption of renewable energy sources globally. Polysilicon is a critical material in the solar energy sector, as it is used primarily in the production of photovoltaic cells, which convert sunlight into electricity in solar panels. For instance, in September 2022, the International Energy Agency (IEA), a France-based intergovernmental organization, projected that the number of households relying on solar PV would increase from 25 million today to over 100 million by 2030 under the net zero emissions by 2050 Scenario (NZE Scenario). Additionally, at least 190 GW of solar capacity was installed in 2022, with this number expected to rise due to the growing competitiveness of PV technologies and the increasing demand for clean energy solutions. The polysilicon market was valued at approximately $8 billion in 2023, with projections of reaching around $9 billion in 2024 and increasing to an estimated $13 billion by 2028. Consequently, the increasing adoption of solar energy is driving the growth of the polysilicon market through 2023, into 2024, and is expected to expand further by 2028.
Request A Free Sample Of The Polysilicon Market ReportPolysilicon Market Competitive Landscape
Major companies operating in the polysilicon market are ABB Ltd., Tongwei Co. Ltd., OCI Company Ltd., Canadian Solar Inc., Wacker Chemie AG, Asia Silicon (Qinghai) Co. Ltd., Daqo New Energy Corp., Risen Energy Co. Ltd., Xinte Energy Co. Ltd., Sino-American Silicon Products Inc., Tokuyama Corporation, Hemlock Semiconductor Operations LLC, GCL New Energy Holdings Ltd., LDK Solar Co. Ltd., Lanco Solar, ReneSola Ltd., REC Silicon ASA, Mitsubishi Polycrystalline Silicon America Corporation, TBEA Energy Private Ltd., Qatar Solar Technologies, Sichuan Yongxiang Co. Ltd., Huanghe Hydropower Development Co. Ltd., Hanwha Q Cells
Key Polysilicon Market Trend
Major companies in the polysilicon market are adopting a strategic partnership approach to share the high capital costs associated with polysilicon production facilities, which involve complex manufacturing processes and equipment. A strategic partnership is a collaborative alliance between two or more organizations focused on achieving mutual goals through shared resources, expertise, and synergistic efforts. For instance, in August 2024, REC Silicon, a Norway-based polysilicon manufacturer, partnered with Mississippi Silicon, a US-based producer of raw silicon metal. Following a recent investment by the Hanwha Group in REC Silicon, the company is set to strengthen its collaboration with Mississippi Silicon. This strategic move aims to advance the development of a comprehensive U.S. solar supply chain that encompasses raw silicon processing, polysilicon production, and the assembly of complete solar modules.
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Global Polysilicon Market Segmentation
The polysilicon market covered in this report is segmented –
1) By Manufacturing Technology: Siemens Process, Fluidized Bed Reactor (FBR) Process, Upgraded Metallurgical-Grade Silicon Process
2) By Form: Chips, Chunks, Rods
3) By Application: Solar Photovoltaic, Electronics
By Geography:The regions covered in the polysilicon market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the polysilicon market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Polysilicon Global Market Report 2024 furnishes information about the global polysilicon market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.