Polysilicon is a crucial raw material used in the production of photovoltaic cells and modules. It helps convert sunlight into electricity and has wide applications in the solar power industry. Polysilicon has gained importance due to the significant growth of the renewable energy sector. Government initiatives and investments in solar photovoltaic plants have augmented the adoption of solar energy worldwide. The increasing demand for clean energy to reduce carbon emissions has further propelled the consumption of polysilicon globally. The global Polysilicon Market is estimated to be valued at US$ 12.8 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for renewable energy is a major trend fueling the polysilicon market growth. Governments across the globe are focusing on expanding their renewable energy portfolio and reducing reliance on fossil fuels. According to the IEA, Asia accounted for more than 80% of global solar PV additions in 2021. China topped global solar PV installations, accounting for more than 50% of the global market. Furthermore, the declining cost of solar and wind power generation has enhanced their cost-competitiveness against conventional sources. This has boosted investments in solar parks and wind farms, thereby augmenting the consumption of polysilicon worldwide. Advanced technologies to improve photovoltaic conversion efficiency and reduce the overall cost of solar panels will further stimulate the global demand.
Segment Analysis
The global polysilicon market is segmented into grade and application. Based on grade, the market is segmented into electronic grade, solar grade and semi-electronic grade. The solar grade polysilicon dominates the market as it accounts for more than 70% of overall polysilicon consumption. This is because solar grade polysilicon is used in making photovoltaic cells and photovoltaic panels, which is witnessing high demand globally owing to growing focus on renewable energy sources.
Key Takeaways
The Global Polysilicon Market Share is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis:
Asia Pacific dominates the global polysilicon market with more than 50% market share. China accounts for nearly 40% of the global polysilicon production. Countries like China, Japan, South Korea and India are witnessing increasing demand and installation of solar panels because of growing focus on renewable sources of energy. Government policies and initiatives supporting solar energy adoption is also fueling market growth in the region.
Key players:
Key players operating in the polysilicon market are Thermo Fisher Scientific, Inc., Illumina, Inc., PerkinElmer Genomics, QIAGEN, Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd, Macrogen, Inc., Abbott, PacBio, Zymo Research Corporation, Oxford Nanopore Technologies plc, Tecan Trading AG, Hamilton Company, ZS Genetics, Inc. LI-COR, Inc. Thermo Fisher Scientific is one of the leading players owing to its strong product portfolio and global presence.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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