PUBLISHER: The Business Research Company | PRODUCT CODE: 1582568
PUBLISHER: The Business Research Company | PRODUCT CODE: 1582568
Polysilicon is a highly purified form of silicon essential for producing photovoltaic (PV) solar cells, which convert sunlight into electricity. It serves as the foundational material for manufacturing solar panels, making it crucial to the solar energy industry.
The primary technologies for polysilicon manufacturing include the Siemens process, the fluidized bed reactor (FBR) process, and the upgraded metallurgical-grade silicon process. The Siemens process involves reducing silicon tetrachloride with hydrogen gas in a high-temperature reactor, followed by purification to achieve the high purity required for industrial use. Polysilicon produced through this method comes in various forms, such as chips, chunks, and rods, and is used in applications such as solar photovoltaics and electronics.
The polysilicon market research report is one of a series of new reports from The Business Research Company that provides polysilicon market statistics, including polysilicon industry global market size, regional shares, competitors with a polysilicon market share, detailed polysilicon market segments, market trends and opportunities, and any further data you may need to thrive in the polysilicon industry. This polysilicon market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 growth during the historic period can be attributed to the declining costs of solar panels, the economic advantages of solar energy, increased awareness of climate change, a global shift toward renewable energy sources, and the growth in electric vehicles.
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%. The growth in the forecast period can be attributed to rising demand for photovoltaic cells, government incentives and subsidies, increasing energy consumption, rapid industrialization and urbanization, and the expansion of solar power plants. Major trends expected during this period include technological advancements in production, innovations in electronics, increased investments in renewable energy infrastructure, the integration of polysilicon in advanced technologies such as smart grids and IoT devices, and the formation of strategic alliances and partnerships.
The growing adoption of solar energy is projected to drive the expansion of the polysilicon market. Solar energy, derived from the sun's radiation and converted into electricity or heat through technologies such as photovoltaics (PV) or solar thermal systems, is increasingly in demand due to rising environmental awareness and regulatory incentives encouraging the use of renewable energy globally. Polysilicon is vital for solar energy as it is the primary material used in manufacturing photovoltaic cells, which convert sunlight into electricity for solar panels. For example, the International Energy Agency (IEA) reported in September 2022 that the number of households using solar PV is expected to increase from 25 million to over 100 million by 2030 under the net zero emissions by 2050 Scenario (NZE Scenario). Annual installations of at least 190 GW are anticipated for 2022, with this figure set to rise due to the growing competitiveness of PV technology and the increasing demand for clean energy sources. Thus, the rising adoption of solar energy is fueling growth in the polysilicon market.
Leading companies in the polysilicon market are forming strategic partnerships to share the substantial capital costs associated with polysilicon production, which involve complex manufacturing processes and equipment. A strategic partnership involves collaboration between organizations to achieve shared objectives through combined resources, expertise, and efforts. For instance, in August 2024, REC Silicon, a Norway-based polysilicon producer, teamed up with Mississippi Silicon, a U.S.-based raw silicon metal manufacturer. Following a recent investment by Hanwha Group in REC Silicon, this partnership aims to strengthen the development of a comprehensive U.S. solar supply chain, covering raw silicon processing, polysilicon production, and the assembly of complete solar modules.
In May 2024, Elkem ASA, a Norway-based producer of silicones, alloys, carbon, microsilica, and other materials, acquired REC Solar for $22 million. This acquisition will enhance Elkem's presence in the solar energy sector, allowing it to leverage REC Solar's technology and expertise to expand its renewable energy offerings. Additionally, this move strengthens Elkem's portfolio and positions it to benefit from the growing demand for sustainable energy solutions. REC Solar is a Norway-based company specializing in various products, including polysilicon.
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
Asia-Pacific was the largest region in the polysilicon market in 2023. 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.
The countries covered in the polysilicon market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The polysilicon market consists of sales of silicon wafers, silicon ingots, silane gas and silicon photomultipliers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Polysilicon Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on polysilicon market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for polysilicon ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The polysilicon market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.