Polysilicon Global Market Growth Drivers and Dynamics Technological Advancements, Competitive Landscape and Strategies 2024-2033

The polysilicon global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Polysilicon Market, 2024 The polysilicon global market report 2024

Market Size –

The polysilicon market size has grown rapidly in recent years. It will grow from $8.57 billion in 2023 to $10.05 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%.  The growth in the historic period can be attributed to decreasing costs of solar panels, economic benefits of solar energy, increasing awareness of climate change, global shift towards renewable energy sources, growth in electric vehicles.

The polysilicon market size is expected to see rapid growth in the next few years. It will grow to $19.18 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%.  The growth in the forecast period can be attributed to increasing demand for photovoltaic cells, government incentives and subsidies, rising energy consumption, rapid industrialization and urbanization, expansion of solar power plants. Major trends in the forecast period include technological advancements in production, advancements in electronics, investments in renewable energy infrastructure, integration of polysilicon in advanced technologies, such as smart grids and IoT devices, strategic alliances and partnerships.

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Scope Of Polysilicon Market

The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Polysilicon Market Overview

Market Drivers –

The increasing adoption of solar energy is expected to propel the growth of the polysilicon market going forward. Solar energy refers to the renewable energy derived from the sun's radiation, converted into electricity or heat through technologies such as photovoltaics (PV) or solar thermal systems. The demand for solar energy is experiencing growth due to increasing environmental awareness and regulatory incentives promoting renewable energy adoption worldwide. Polysilicon is crucial for solar energy as it serves as the primary material used in the production of photovoltaic cells, enabling the conversion of sunlight into electricity in solar panels. For instance, in September 2022, according to the International Energy Agency (IEA), a France-based intergovernmental organization, the number of households relying on solar PV will grow from 25 million today to more than 100 million by 2030 in the net zero emissions by 2050 Scenario (NZE Scenario). At least 190 GW will be installed in 2022 each year, and this number will continue to rise due to the increased competitiveness of PV and the growing appetite for clean energy sources. The polysilicon market was valued at approximately $8 billion in 2023 and is projected to reach around $9 billion in 2024, further increasing to an estimated $13 billion by 2028. Therefore, the increasing adoption of solar energy is driving the growth of the polysilicon market.

Market Trends –

Major companies operating in the polysilicon market are adopting a strategic partnership approach to allow companies to share the high capital costs associated with polysilicon production facilities, which include complex manufacturing processes and equipment. A strategic partnership is a collaborative alliance between two or more organizations aimed at achieving mutual goals through shared resources, expertise, and synergistic efforts. For instance, in August 2024, REC Silicon, a Norway-based polysilicon manufacturing company, partnered with Mississippi Silicon, a US-based manufacturer of raw silicon metal. As a result of the recent investment by the Hanwha Group in REC Silicon, REC is poised to deepen its collaboration with Mississippi Silicon. This strategic move aims to advance the development of a comprehensive U.S. solar supply chain, encompassing raw silicon processing, polysilicon production, and the assembly of complete solar modules.

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

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Regional Insights –

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.

Key Companies –

Major companies in the 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

Table of Contents

1. Executive Summary

2. Polysilicon Market Report Structure

3. Polysilicon Market Trends And Strategies

4. Polysilicon Market – Macro Economic Scenario

5. Polysilicon Market Size And Growth

…..

27. Polysilicon Market Competitor Landscape And Company Profiles

28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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