Polysilicon Market Growth Accelerated By Use In Solar PV Cells

Polysilicon Market

Polysilicon is a high-purity form of silicon used primarily as feedstock for the production of photovoltaic cells, which are commonly used in solar panels. Polysilicon is considered as the backbone of the solar industry as over 60% of the total solar panel cost is attributed to the polysilicon raw material. It offers high conductivity and purity levels suitable for solar cell applications compared to metallurgical-grade silicon.

The global Polysilicon Market is estimated to be valued at US$ 12.8 Bn  in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing demand for solar PV cells is a key driver boosting the growth of the polysilicon market. Rapid expansion of the global solar industry and increased adoption of solar energy over conventional sources are increasing the consumption of polysilicon raw material. Government targets and initiatives towards solar installations along with lowering costs has heightened demand for solar PV cells. According to the International Energy Agency, global solar PV capacity increased by over 150 GW in 2021 alone. This exponential growth of the solar industry will require continuous supply of polysilicon, thereby augmenting market revenues over the forecast period. Investment in polysilicon production capacity expansion by leading players is further expected to ensure adequate supply to meet rising market demand.

Segment Analysis

The global polysilicon market is dominated by the solar photovoltaic segment. The solar photovoltaic segment accounts for more than 80% of the total demand for polysilicon owing to the rising usage of solar photovoltaic panels across residential, commercial and utility-scale power projects. Growing focus on renewable energy and favorable government policies and initiatives supporting solar energy adoption have been driving the demand for solar-grade polysilicon.

Key Takeaways

The global Polysilicon Market Demand is expected to witness high growth over the forecast period driven by increasing solar energy installations globally.

Regional analysis - Asia Pacific currently dominates the global polysilicon market accounting for over 60% of the global demand. China contributes to the majority share of Asia Pacific owing to significant manufacturing base for solar panels in the country and growing emphasis on solar energy adoption. Europe and North America are other major markets for polysilicon primarily driven by the rapid installation of solar panels.

Key players analysis - Key players operating in the polysilicon market are Eurofins Scientific, Agilent Technologies Inc., SCS Global Services, Bureau Veritas SA, ALS Limited, Element Materials Technology, TUV Nord Group, Apal Agricultural Laboratory, Intertek Group PLC, EMD Millipore Corporation, BioMerieux SA, Aurea AgroSciences, 3M Company, Charm Sciences Inc., Neogen Corporation, and Biolumix. The players are focusing on expanding their production capacities to cater to the growing demand for solar-grade polysilicon from the photovoltaic industry. Strategic partnerships and collaborations are also among the focus areas of the key players.

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