Steady Expansion Forecast for Polysilicon Market, Projected to Reach $21.62 Billion by 2029

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Polysilicon Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In the past few years, the polysilicon market has experienced a swift expansion. Its worth is projected to rise from $10.05 billion in 2024 to $11.63 billion in 2025, with a compound annual growth rate (CAGR) of 15.7%. Factors contributing to this growth during the historical period include the reduction in the prices of solar panels, the positive economic impact of solar energy, heightened awareness about climate change, a global turn towards renewable energy sources, and the rise in the demand for electric vehicles.

Polysilicon Market Size Forecast: What's the Projected Valuation by 2029?
Expectations are high for the polysilicon market to experience substantial growth in the coming years. Barring any unforeseen circumstances, it is projected to increase to a value of $21.62 billion in 2029 growing at a compound annual growth rate (CAGR) of 16.8%. The expansion during the forecasted timeframe can be linked to a surge in the demand for photovoltaic cells, government incentives and subsidies, increased energy utilization, swift industrialization and urbanization, along with the growth of solar power plants. The primary factors influencing trends within the forecasted period include technological innovations in production processes, advancement in electronics, investments funneled into renewable energy infrastructure, the usage of polysilicon in cutting-edge technologies such as smart grids and Internet of Things (IoT) devices and strategic coalitions and partnerships.

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What Are the Drivers Transforming the Polysilicon Market?
The escalating utilization of solar power is anticipated to boost the progression of the polysilicon market. Solar power, a form of renewable energy, is derived from the sun's radiation and converted into electricity or heat via technologies like photovoltaics (PV) or solar thermal systems. The rising awareness about the environment and regulatory incentives propelling the use of renewable energy globally contribute to the rising demand for solar energy. Polysilicon plays an integral role in solar power, being the primary substance employed in the making of photovoltaic cells, that facilitate the transformation of sunlight into electricity in solar panels. For example, a projection by the International Energy Agency (IEA), a France-based intergovernmental organization, in September 2022 indicated that the number of households utilizing solar PV will increase from the present 25 million to more than 100 million by 2030 under the net zero emissions by 2050 Scenario (NZE Scenario). Not less than 190 GW will be set up every year starting 2022 and this quantity will keep escalating owing to the increasing competitiveness of PV and the growing demand for clean energy. Hence, the escalating use of solar energy is stimulating the growth of the polysilicon market.

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What Long-Term Trends Will Define the Future of the Polysilicon Market?
Leading firms in the polysilicon market are forming strategic alliances to manage the steep capital expenses tied to polysilicon manufacturing plants, which involve intricate manufacturing techniques and machinery. A strategic alliance is a cooperative connection among two or multiple organizations aiming to attain common objectives through collective resources, skills, and synergistic activities. For instance, in August 2024, REC Silicon, a polysilicon manufacturing corporation from Norway, established a partnership with Mississippi Silicon, a raw silicon metal producer based in the US. This was sparked by the Hanwha Group's recent financial injection into REC Silicon, positioning REC to enhance its cooperation with Mississippi Silicon. The primary goal behind this tactical move is to accelerate the growth of an exhaustive U.S. solar supply chain, covering raw silicon refining, polysilicon manufacturing, and comprehensive solar module assembly.

Which Segments in the Polysilicon Market Offer the Most Profit Potential?
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

Subsegments:
1) By Siemens Process: Traditional Siemens Process, High-Temperature Siemens Process, Modified Siemens Process
2) By Fluidized Bed Reactor (FBR) Process: Direct Silane Deposition, High-Purity FBR Process, Low-Temperature FBR Process
3) By Upgraded Metallurgical-Grade Silicon Process: Silicothermic Process, Electrochemical Reduction Process, High-Efficiency UMG Silicon Process

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Which Firms Dominate the Polysilicon Market by Market Share and Revenue in 2025?
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

Which Regions Offer the Highest Growth Potential in the Polysilicon Market?
Asia-Pacific was the largest region in the polysilicon market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the polysilicon market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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