May 23, 2024
Polycrystalline Silicon Market

Polycrystalline Silicon Market is Poised to Grow Owing to Increased Adoption of Photovoltaic Technology

Polycrystalline silicon is a high-purity polycrystalline form of silicon, which is a raw material used in photovoltaic technology to manufacture solar photovoltaic cells. Polycrystalline silicon is more efficient and cost-effective compared to its monocrystalline counterpart. It provides higher power output and has a strong resistance to degradation under radiation.

The global polycrystalline silicon market is estimated to be valued at US$ 5198.17 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Polycrystalline Silicon Market are Nike, Adidas, Beyond Skin UK, Monk Story, Hexa Vegan Shoes, Ethletic, Matt & Nat, MooShoes, Susi Studio, Veerah, and AVESU GmbH. The increasing adoption of solar energy globally is a major growth opportunity for suppliers and manufacturers in the polycrystalline silicon market. Technological advancements such as passivated contact solar cells and heterojunction technology are increasing the efficiency of polycrystalline silicon-based solar photovoltaic cells.

Market Drivers

Rising environmental concerns related to carbon emissions from conventional sources of energy and policy support for solar photovoltaic projects in various countries are driving the demand for polycrystalline silicon. Government initiatives such as subsidizing solar power generation and feed-in tariffs aimed at encouraging the adoption of renewable energy are boosting the global polycrystalline silicon market.

Current challenges in Polycrystalline Silicon Market

The Polycrystalline Silicon Market has been facing challenges due to rising energy costs and geopolitical tensions. High dependence on fossil fuels has driven electricity costs higher, negatively impacting polysilicon production which is an energy intensive process. Moreover, trade conflicts have restricted the supply of key raw materials and components from certain countries, disrupting global supply chains.

SWOT Analysis

Strength: Energy efficiency of solar panels is steadily rising due to technological advances in crystalline silicon solar cells.

Weakness: Setting up largescale polysilicon manufacturing requires massive capital investments and has long payback periods.

Opportunity: Rising global commitments to reduce carbon emissions and transition to renewable energy sources is driving strong demand growth for solar panels.

Threats: Volatility in coal and natural gas prices determines the cost competitiveness of solar power to some extent.

Geographical regions with market concentration

The Asia Pacific region dominates the global Polycrystalline Silicon Market in terms of value, accounting for over 50% share. China is the global leader in both polysilicon production and solar panel manufacturing. Other major Asia Pacific markets include Taiwan, Malaysia and South Korea.

Fastest growing geographical region

Africa is projected to be the fastest growing regional market for Polycrystalline Silicon during the forecast period from 2024 to 2031. Several Sub-Saharan African countries are actively promoting widespread deployment of decentralized solar systems to meet rising energy demand in a sustainable manner as conventional power generation options are limited. Off-grid and mini-grid solar projects are gaining momentum across the continent.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.