by Polysilicon has revolutionized modern solar energy production owing to its exceptional properties. It is used as the base material in the manufacturing of solar panels worldwide and helps convert sunlight into electricity. These panels offer a clean source of energy and help reduce greenhouse gas emissions significantly.
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:
Growing Demand from China
The key driver boosting the demand for polysilicon is the increasing usage of solar energy in China. China dominates the global solar photovoltaic market and has committed to increasing its solar capacity continuously. It accounts for over 50% of the worldwide demand and installation of solar PV modules. This is stimulating the need for polysilicon substantially. Additionally, the country’s pledge to become carbon neutral well before 2060 and emphasis on renewable sources of energy will further augment the polysilicon market growth over the forecast period.
SWOT Analysis
Strength: Polysilicon is used in wide range of applications including solar photovoltaics which makes it a crucial raw material. Growing demand for renewable energy augments overall growth.
Weakness: Volatile and fluctuating prices of polysilicon pose challenge in long term planning. Frequent technological changes also impacts supply stability.
Opportunity: Government support and initiatives for adoption of solar energy in emerging economies open new market avenues. Industry collaborations can help reduce costs.
Threats: Trade restrictions and geo-political risks affect supply chain dynamics. Fluctuations in silicon demand impact overall utilization rates.
Key Takeaways
The global Polysilicon market demand is expected to witness high growth. 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.
Regional analysis comprises Asia Pacific dominates the global market currently owing to presence of major manufacturing clusters and high adoption of solar technology in countries like China and India. Countries in Europe and North America are also emerging as high potential markets.
Key players operating in the Polysilicon market are Eurofins Scientific, Daicel Corporation, Merck KGaA, Thermo Fisher Scientific Inc., Abcam PLC, PerkinElmer, Inc., Bio-Rad Laboratories, Inc., Illumina, Inc., QIAGEN N.V., Oxford Nanopore Technologies
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
