The Polysilicon Market is growing profusely, mainly due to the rising penetration of solar power. The increasing demand for energy, growing environmental concerns, and scarcity of fossil fuels presage towards renewable energy sources such as solar energy as an ultimate solution. Governments across the globe are undertaking initiatives to promote and to set up solar energy plants. This, as a result, drives the growth of the Polysilicon Market excellently.
Moreover, the rising consumption of Polysilicon in electronics industries worldwide escalates market growth. According to Market Research Future (MRFR), the Global Polysilicon Market is projected to grow at an impressive CAGR throughout the review period (2017- 2023). Also, the rising demand for solar-powered automobiles acts as a significant tailwind for the market growth. The increasing consumption of Polysilicon in the aircraft and automobile manufacturing sectors helps the market garner vast prominence.
Additionally, factors such as the improving economy and increasing consumer purchasing power influence market growth. Conversely, the inadequate production of Polysilicon is a major factor estimated to impede the growth of the market. Nevertheless, rising efforts to increase polysilicon production, especially in India, Japan, and South Korea, would support the market growth throughout the forecast period, meeting the rising demand worldwide.
Players Leading the Global Polysilicon Market are Hemlock Semiconductor Operations and Hemlock Semiconductor (US), Wacker Chemie AG (Germany), Mitsubishi Polycrystalline Silicon America Corporation (US), OCI Solar Power LLC (US), GCL-Poly Energy Holdings Limited (China), REC Silicon ASA (Norway), SunEdison Inc. (US), Daqo New Energy Corp. (China), Osaka Titanium Technologies Co. Ltd (Japan), Tokuyama Corporation (Japan), and Qatar Solar Technologies (Qatar), among others.
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Polysilicon Market – Segmentation
The report is segmented into four dynamics;
By Manufacturing Technology: Siemens Process, Fluidized Bed Reactor Process, Upgraded Metallurgical-Grade Silicon Process, and other technologies.
By End-Use Industry: Solar Power Generation, Electronics, and others.
By Structural Form: Chips, Chunks, Granules, Rods, and others.
By Regions: Americas, Europe, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global Polysilicon Market – Competitive Landscape
Highly Competitive, the Polysilicon Market appears fragmented due to the presence of several well-established players. Through strategic approaches such as collaboration, mergers & acquisition, expansion, and technology launch, these players try to gain a larger competitive advantage. Also, greater commercialization of their products, increased collaboration, and promotion initiatives are other trends.
Industry/ Innovation/ Related News:
July 12, 2020– Adani Solar (India), a part of the Adani conglomerate, is one of the leading solar cell and modules manufacturers who announced plans to set up a 10,000-tonne polysilicon production line. The company has a production line of 1.2 gig watts of solar cells and 1.2 gig watts of solar modules. The increased production of polysilicon would be beneficial in increasing the production capacity to 3 gig watts.
Within five years of the 2-gigawatt solar cell and module production facility’s completion, the share of Chinese companies in India’s solar market is expected to fall drastically. The share of Chinese modules, which is around 80-90%, would eventually fall to zero.
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Global Polysilicon Market – Geographical Analysis
The Asia Pacific region dominates the Global Polysilicon Market. The largest market share attributes to the rapid urbanization and high demand from end-use industries such as solar power generation and electronics. Moreover, burgeoning solar power and electronics industries in the region create enormous market demand. Additionally, increasing government expenditure to increase solar power production contributes to the growth of the regional market.
China is the key producer and supplier of solar PV installations worldwide, followed by India. Also, China, India, South Korea, and Japan are the major electronic component producers, which are likely to boost the demand for Polysilicon. The spurting growth in the electronics industries led by the augmenting sales of consumer electronics in the region drives the consumption of polysilicon. The APAC Polysilicon is projected to retain its dominance over the market throughout the estimated period.
North America stands second in the Global Polysilicon Market. The market growth is driven by the rising demand for energy and government initiatives to promote renewable energy sources such as solar energy. Besides, factors such as the increasing investments in the electrical and electronics industry led by the rising demand for consumer electronic devices in the region foster regional market growth.
Also, the vast consumption of Polysilicon in transportation, aircraft, and the automotive sector acts as a significant tailwind for the regional market growth. The North American Polysilicon Market is expected to create a substantial revenue pocket during the assessment period.
The Polysilicon Market in the European region is growing briskly. Factors such as the increasing demand for consumer electronics and solar energy in the region drive market growth. Moreover, the rapid industrialization and infrastructural developments in the region push the growth of the market. Furthermore, the aircraft, aerospace, and automobile manufacturing industries in the region accelerate the regional market growth, witnessing the rising demand for solar-powered vehicles. The European Polysilicon Market is forecasted to show promising growth prospects over the review period.
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