Polysilicon
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How Large Will the Polysilicon Market Size By 2025?
In recent times, the polysilicon market has experienced an accelerated expansion. Its size is predicted to surge from $10.05 billion in 2024 to $11.84 billion in 2025, boasting a compound annual growth rate (CAGR) of 17.8%. Factors contributing to this growth during the historic period include the reduction in solar panel costs, the cost-effectiveness of solar energy, heightened consciousness about climate change, a worldwide pivot toward renewable sources of energy, and the expansion of the electric vehicle market.
How Big Is the Polysilicon Market Size Expected to Grow by 2029?
Expectations for the polysilicon market size indicate a rapid expansion in the upcoming years, with projections suggesting growth to $22.53 billion by 2029 at a compound annual growth rate (CAGR) of 17.5%. This anticipated growth during the forecast period can be credited to various causes including the rising demand for photovoltaic cells, the provision of government incentives and subsidies, an increase in energy consumption, and fast-paced industrialization and urbanization. The expansion of solar power plants also plays a significant role. Noteworthy trends forecasted for this period are progress in production technologies, advances in electronic equipment, investments into renewable energy infrastructures, integration of polysilicon within advanced technology like smart grids and IoT devices, and the formation of strategic alliances and partnerships.
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Which Key Market Drivers Powering Polysilicon Market Expansion and Growth?
As more and more people start to adopt solar energy, the growth of the polysilicon market is expected to be significantly boosted. Solar energy, a renewable energy source derived from sunlight radiation, is converted into electricity or heat by using technologies such as solar thermal systems or photovoltaics (PV). The surge in demand for solar energy is fueled by increased environmental awareness and various regulatory incentives that encourage the adoption of renewable energy globally. Polysilicon plays a significant role in solar energy as it’s the fundamental material used in creating photovoltaic cells, which convert sunlight into electricity in solar panels. For example, according to the International Energy Agency (IEA), a France-based intergovernmental organization, the number of households relying on solar PV systems is expected to increase from 25 million today to over 100 million by 2030 under the net zero emissions by 2050 Scenario (NZE Scenario). Approximately 190 GW of solar power will be installed every year starting from 2022, with this influx expected to continue increasing due to PV’s rising competitiveness and the growing demand for clean energy sources. Thus, this growing adoption of solar energy is what’s powering the expansion of the polysilicon market.
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Which Fast-Growing Trends Are Poised to Disrupt the Polysilicon Market?
Key players in the polysilicon market are embracing the strategic partnership model in order to share the substantial capital expenditures involved in operating polysilicon production plants. These facilities require intricate manufacturing processes and equipment. A strategic partnership represents a cooperative agreement among multiple organizations pursuing common goals, made possible through pooled resources, specialized knowledge, and collective endeavors. For example, REC Silicon, a Norway-based polysilicon manufacturer, pooled resources with Mississippi Silicon, a US company specializing in raw silicon metal production, in August 2024. Aided by recent financial backing from the Hanwha Group, REC Silicon is gearing up to expand its partnership with Mississippi Silicon. This strategic maneuver is geared towards fostering the growth of a holistic U.S. solar supply chain that spans raw silicon treatment, polysilicon production, and the construction of complete solar modules.
What Are the Emerging Segments in the Polysilicon Market?
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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Who Are the Global Leaders in the Polysilicon Market?
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 are the Top Profitable Regional Markets for the Polysilicon Industry?
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.
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