Polysilicon Market Reaching US$ 11.8 Billion by 2028; Solar Energy Surge Fuels Demand

Polysilicon, a critical component in solar photovoltaic cells, is a high-purity form of silicon used to convert sunlight into electricity. Its exceptional semiconductor properties make it ideal for solar panels, enabling efficient energy conversion. As renewable energy gains momentum, the demand for polysilicon continues to rise, driving advancements in clean and sustainable power generation.

The global polysilicon market is anticipated to hold a valuation of US$ 8.5 Billion in 2022, and progress at a steady CAGR of 5.6% to attain an estimated net worth of US$ 11.8 Billion by 2028. The widespread installations of solar photovoltaics (PV) are expected to drive the demand for silicon products.

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As the popularity of solar energy generation increases, demand for solar-grade polysilicon products is also expected to see a major rise over the forecast period of 2022 to 2028. Rising demand for electronics and semiconductors is also set to propel sales of electronics-grade polysilicon materials.

Future Market Insights present a half-yearly comparison of the growth projections for the market of polysilicon along with the dynamics and key developments impacting the market trends. Polysilicon sales are expected to witness a growth rate of magnitude 4.8% over the first half of 2022 as compared to the growth rate of 4.6% in the first half of 2021, an increase of 20 bps.

Key Takeaways

- The predominant influence on the polysilicon market is from several macroeconomic, industrial, and innovation factors. These factors have a positive impact on the growth of the market. At present, the market is witnessing a trend of an increase in the production capacities of the key manufacturers.
- Owing significant demand from certain end-use sectors such as growth in solar cell installations, surging investments, and incentives in solar PV installations along with growth in semiconductor sales are driving sales in sales in the global market.
- Due to a significant development in the end-use industries, the market is anticipated to maintain its year-over-year growth throughout the forecast years (2022-2028).
- Sustainability has emerged as a prominent trend over the past couple of years, and it has picked up pace in recent times as well. By completely changing the course of many industrial verticals, polysilicon has gained traction over the years since its scope of application in solar panels and semiconductors and electronics has increased substantially.
- Rapid urbanization and the increasing adoption of renewable energy sources across various geographies have led to a significant surge in solar installations across the world.
- A significant rise in the business potential of polysilicon can be witnessed in developing countries like India since the manufacturing of polycrystalline silicon has increased over the forecast period. Polysilicon production through the Siemens process is one of the most common methods used at production facilities globally.

Competitive Landscape

The polysilicon market is partially fragmented and offers fair opportunities to major players as well as new entrants in the industry. Polysilicon manufacturers are majorly focusing on bolstering their production capacity across multiple geographies to meet increasing demand from emerging economies with high manufacturing activity.

Key Companies Profiled

Wacker Chemie AG
OCI Company Ltd.
GCL-Poly Energy Holdings Limited
TBEA Co. Ltd
REC Silicon ASA.
CSG Holdings Co. Ltd.
Tokuyama Corporation
Daqo New Energy Co. Ltd.
Mitsubishi Materials Corporation
Hanwha Chemical Co. Ltd
Asia Silicon
Osaka Titanium Technologies Co. Ltd.
Qatar Solar Technologies
Hemlock Semiconductor Corporation

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Key Segments Covered in the Water Source Heat Pump Industry Analysis

by Grade:

Solar Grade Polysilicon
Electronics Grade Polysilicon

by Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa (MEA)

More Insights into the Polysilicon Market

Under the polysilicon industry analysis, there is a thorough study of regional markets including North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa (MEA). We provide a detailed assessment of specific information about each region.

Together, East Asia, South Asia, and the Pacific regions are expected to account for more than 90% of the global polysilicon market share in 2022. Developing nations including India and China are expected to have a high demand for polysilicon products. This can be attributed to the rapid development of the Chinese solar industry and government backing for the industry.

The North American region is anticipated to account for a 2.8% global market share. The surge in solar installations across the United States is expected to show steady growth over the forecast period and drive demand for polysilicon materials. The European market is also anticipated to rise on similar lines and have a very small market share of 2.1% in the year 2022.

India is predicted to be one of the most prominent markets in the Asian region. It provides a lucrative setting for polysilicon shipments and the government plays a vital role in promoting solar energy generation in India, and this is expected to drive demand for solar-grade polysilicon products.

Per the Indian government's recent rules and regulations, it has given a green flag to foreign direct investment for renewable power generation, which is expected to attract investors from all over the world. Top polysilicon manufacturers from 2020 and 2021 have also been profiled in this polysilicon market survey.

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Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.

This release was published on openPR.