Polysilicon Market Analysis, Top Companies And Global Forecast by 2029 |
The global polysilicon market size by volume was 585.6 tons in 2021. The market is anticipated to expand from 664.1 tons in 2022 to 1,718.0 tons by 2029, exhibiting a CAGR of 14.5% over the estimated period. The rise is being driven by the rising product deployment in the manufacturing of solar cells.
This information is provided by Fortune Business Insights™ in its research report, titled “Polysilicon Market, 2022-2029”.
Market Value Affected due to Disruptions in Supply Chains
The COVID-19 pandemic led to the imposition of lockdown restrictions, disrupting supply chains across various end-use sectors. The market growth was further impacted by raw material and workforce shortages, trade restrictions, logistical challenges, and freight container shortages. The period also recorded a considerable gap between demand and supply, affecting revenue expansion to a certain extent.
Get a Sample PDF Brochure Report:
Solar Photovoltaics Segment to Gain Traction due to Rising Installation of PV Systems
On the basis of application, the market is divided into electronics and solar photovoltaics. The solar photovoltaics segment is estimated to depict substantial expansion throughout the projected period. The surge is being impelled by the growing installation of solar PV systems across the globe.
Considering the regional landscape, the market has been segmented into Asia Pacific, North America, Europe, and the rest of the world.
The report provides an overview of the significant factors fueling the business scenario across various regions. It further gives an account of the vital steps taken by leading companies for strengthening their industry position. These insights have been provided after in-depth research and data collation from trusted sources.
Drivers and Restraints:
Industry Value to Surge Due to Rising Demand from Solar Photovoltaics
The polysilicon market growth is being driven by the escalating product adoption in the solar photovoltaics industry. The sector is set to witness considerable expansion driven by the growing adoption of renewable energy sources. In addition, numerous countries have recorded a substantial rise in their solar power capacities.
However, the industry expansion is likely to be hampered by the capital intensive nature of manufacturing processes and the shortage of silicon chips due to the COVID-19 pandemic.
Get Your Customization Research Report:
Asia Pacific to Lead Driven by Availability of Low-Cost Labor
The Asia Pacific polysilicon market share is expected to gain remarkable traction over the estimated period. The surge can be credited to the availability of low-cost labor and coal and the well-established silicon sector in China.
The North America market is set to exhibit lucrative growth over the analysis period. The rise is being driven by the growing number of business and residential solar installations in the U.S.
The market share in Europe is poised to depict commendable expansion throughout the analysis period. This can be impelled by the escalating demand from the expanding solar industry and the robust commitment of the EU toward renewable energy transition.
Market Players Enter into Partnership Agreements to Gain Strong Footing
Major polysilicon companies are adopting various strategic steps such as the formation of alliances, acquisitions, mergers, and others. These initiatives are being adopted for strengthening their market position. Some of the additional steps include an increase in research activities, the development of new products, and rising participation in trade conferences.
Key Industry Development:
July 2022 – GCL Technology Holdings Limited and TCL Technology inked a collaboration for building new projects. The new initiative would help in the addition of production capacity for granular silicon and electronics grade polysilicon and contribute to cost reduction.
List of Key Players Mentioned in the Report:
- Daqo New Energy Corp. (China)
- GCL Technology Holdings Co., Ltd. (China)
- Hemlock Semiconductor Corporation (U.S.)
- Mitsubishi Materials Corporation (Japan)
- OCI Company Limited (South Korea)
- Qatar Solar Technologies (Qatar)
- REC Silicon ASA (Norway)
- Tokuyama Corporation (Japan)
- Wacker Chemie AG (Germany)
- Xinte Energy Co., Ltd. (China)
Inquire Before Buying A Report:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245