PUBLISHER: KBV Research | PRODUCT CODE: 1450667
PUBLISHER: KBV Research | PRODUCT CODE: 1450667
The Global Polysilicon Market size is expected to reach $37.9 billion by 2030, rising at a market growth of 13.6% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,163.3 Kilo Tonnes, experiencing a growth of 11.7% (2019-2022).
Monocrystalline panels are renowned for their superior efficiency as opposed to thin-film and polycrystalline solar panels. Therefore, the monocrystalline solar panel segment captured $4,323.0 million revenue in the market in 2022. Monocrystalline silicon's single-crystal structure facilitates a more efficient conversion of solar radiation into electrical energy, making these panels appealing to consumers concerned with optimizing energy outputs within restricted areas. Therefore, the segment will grow rapidly in the upcoming years.
The global commitment to mitigating climate change has intensified the focus on renewable energy sources. It plays a pivotal role in the solar photovoltaic technology used to harness the sun's energy for electricity generation, contributing to reducing greenhouse gas emissions. The Paris Agreement and other international collaborations aimed at mitigating climate change foster an environment favorable for expanding renewable energy sectors. Thus, these aspects can boost the demand in the market.
In order to promote the adoption of renewable energy systems and the installation of solar panels, governments may provide financial subsidies and incentives. As per the data provided in 2021 by the International Trade Administration, Saudi Arabia intends to generate 50 percent of its electricity from renewable sources and fifty percent from gas by 2030. Thus, these aspects will assist in the expansion of the market.
However, manufacturing involves energy-intensive processes, particularly converting raw materials into high-purity poly-silicon. One approach to accomplishing this goal is allocating resources towards research and development endeavors aiming to discover and integrate groundbreaking technologies that effectively mitigate energy usage while maintaining product excellence. Hence, these aspects can hamper the growth of the market.
By Application Analysis
Based on application, the market is segmented into solar PV and electronics (semiconductor). The solar PV segment held the 75.78% revenue share (largest) in the market in 2022. Governments, businesses, and individuals worldwide increasingly adopt solar PV systems to harness clean and sustainable energy. The growing installation of solar PV systems for residential, commercial, and utility-scale applications has fueled the demand for poly-silicon.
By solar PV Analysis.
The solar PV segment is further divided into monocrystalline solar panel and multicrystalline solar panel. In 2022, the multicrystalline solar panel segment witnessed the 57.20% revenue share (largest) in the market. Multicrystalline solar panels are generally more cost-effective to produce compared to their monocrystalline counterparts. The manufacturing process for multicrystalline silicon is simpler and involves less waste, reducing production costs.
By Regional Analysis
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America segment acquired a 12.59% revenue share in the market. North America has grown interested in renewable energy sources, including solar power. Government incentives, policies supporting clean energy, and a push towards reducing carbon emissions contribute to the demand for polysilicon in solar panel production.
Recent Strategies Deployed in the Market
List of Key Companies Profiled
Global Polysilicon Market Report Segmentation
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, kilo Tonnes, USD Billion, 2019-2030)