Polysilicon market Size Projected To Grow At a Cagr Of 5% During The Forecast Period 2021-2026

Polysilicon or polycrystalline silicon is a highly pure form of silicon and is an essential material for photovoltaic (PV) and the electronics industry. It is widely used for manufacturing high-efficiency modules, ingots, wafers, cells, and solar power generation systems.

Polysilicon is manufactured in two forms — granular polysilicon and chunk polysilicon — depending on the production technology. Government initiatives such as tax exemption for the solar energy industry and renewable energy policies are major factors boosting demand for polysilicon over the forecast period. Moreover, according to an article published by Amplus Solar in Jan 2018, the government of India undertook major programs to promote solar energy generation such as Jawaharlal Nehru National Solar Mission, Solar Park Scheme, and Rooftop scheme.

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Polysilicon Market Taxonomy

On the basis of manufacturing technology, the global polysilicon market is segmented into:
Siemens Process
Fluidized Bed Reactor (FBR) Process

On the basis of application, the global polysilicon market is segmented into:
Photovoltaic
Electronics

Polysilicon is extensively used in manufacturing photovoltaic and electronics. According to BP Statistical Review of World Energy published in June 2018, new solar PV installations of 97 GW in 2017 increased global power solar generating capacities to 400GW recording the growth of 32.0% in comparison with 2016. This, in turn, is expected to increase demand for polysilicon from the photovoltaic.

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Asia Pacific is projected to witness highest growth rate in the global polysilicon market over the forecast period. This is owing to increasing demand for consumer electronics and semiconductors in China and India. According to India Brand Equity Foundation’s (IBEF) report published in June 2017, Indian electronics market was valued at US$ 100.0 billion in 2016 and is expected to reach USD 400.0 billion by 2020, growing at a CAGR of 41.4% during the period.

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This release was published on openPR.