Press release
Polysilicon Market Report, Size, Share, Growth, Trends, Industry Outlook to 2033
Polysilicon Market
The new report published by The Business Research Company, titled Polysilicon Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the polysilicon market size has grown rapidly in recent years. It will grow from $8.57 billion in 2023 to $10.05 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The polysilicon market size is expected to see rapid growth in the next few years. It will grow to $19.18 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%.
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What Is Driving The Growth Of The Global Polysilicon Market?
Increasing Adoption Solar Energy Drives The Polysilicon Market
The increasing adoption of solar energy is expected to propel the growth of the polysilicon market going forward. Solar energy refers to the renewable energy 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 experiencing growth due to increasing environmental awareness and regulatory incentives promoting renewable energy adoption worldwide. Polysilicon is crucial for solar energy as it serves as the primary material used in the production of photovoltaic cells, enabling the conversion of sunlight into electricity in solar panels. For instance, in September 2022, according to the International Energy Agency (IEA), a France-based intergovernmental organization, the number of households relying on solar PV will grow from 25 million today to more than 100 million by 2030 in the net zero emissions by 2050 Scenario (NZE Scenario). At least 190 GW will be installed in 2022 each year, and this number will continue to rise due to the increased competitiveness of PV and the growing appetite for clean energy sources. Therefore, the increasing adoption of solar energy is driving the growth of the polysilicon market.
What Is The Key Trend In The Global Polysilicon Market?
Strategic Partnerships In The Polysilicon Market
Major companies operating in the polysilicon market are adopting a strategic partnership approach to allow companies to share the high capital costs associated with polysilicon production facilities, which include complex manufacturing processes and equipment. A strategic partnership is a collaborative alliance between two or more organizations aimed at achieving mutual goals through shared resources, expertise, and synergistic efforts. For instance, in August 2024, REC Silicon, a Norway-based polysilicon manufacturing company, partnered with Mississippi Silicon, a US-based manufacturer of raw silicon metal. As a result of the recent investment by the Hanwha Group in REC Silicon, REC is poised to deepen its collaboration with Mississippi Silicon. This strategic move aims to advance the development of a comprehensive U.S. solar supply chain, encompassing raw silicon processing, polysilicon production, and the assembly of complete solar modules.
How Is The Global Polysilicon Market Segmented?
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
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How Is The Competitive Landscape Of The Global Polysilicon Market?
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
Contents Of The Global Polysilicon Market
1. Executive Summary
2. Polysilicon Market Report Structure
3. Polysilicon Market Trends And Strategies
4. Polysilicon Market - Macro Economic Scenario
5. Polysilicon Market Size And Growth
…..
27. Polysilicon Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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