Polysilicon Market Overview:
Global Polysilicon Market size and share is currently valued at USD 43.17 billion in 2024 and is anticipated to generate an estimated revenue of USD 141.71 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 16.00% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Polysilicon – Key Market Drivers
- Rapid growth in solar photovoltaic (PV) installations driving demand for high-purity polysilicon.
- Expansion of the electronics industry, particularly for semiconductors and integrated circuits.
- Technological advancements in manufacturing processes reducing production costs.
- Rising government investments and incentives for renewable energy projects.
- Increasing global emphasis on transitioning to low-carbon energy sources.
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Polysilicon – Market Scope
The polysilicon market focuses on the production and supply of high-purity silicon materials for solar energy and electronics applications. It is segmented by grade (solar-grade and electronics-grade), application (photovoltaics and semiconductors), and geography (North America, Europe, Asia-Pacific, and others). The market plays a crucial role in renewable energy, particularly in solar PV manufacturing, and in electronics for semiconductors. Growth is driven by technological advancements and increasing demand for efficient and cost-effective silicon solutions in green energy and high-tech devices.
Key Companies in Polysilicon Market:
- Daqo New Energy Corp.
- GCL Technology Holdings Co., Ltd.
- Hemlock Semiconductor Corporation
- Mitsubishi Materials Corporation
- OCI Company Limited
- Qatar Solar Technologies
- REC Silicon ASA
- Tokuyama Corporation
- Wacker Chemie AG
- Xinte Energy Co., Ltd.
Polysilicon – Market Segmentation
The polysilicon market is divided by grade into solar-grade and electronics-grade polysilicon. By application, it includes solar photovoltaics (PV) and semiconductors. Regional segmentation covers North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Polysilicon Market, Application Outlook (Revenue, USD Billion, 2019 – 2032)
- Solar PV
- Monocrystalline Solar Panel
- Multicrystalline Solar Panel
- Electronics (Semiconductor)
Polysilicon Industry Developments:
- July 2024: Oman-based United Solar Holding announced plans to construct a polysilicon production facility with a capacity of 100,000 tonnes per year at the Sohar Freezone. The project, aimed at supporting the growing solar energy market, is expected to cost USD 1.35 billion.
- January 2024: Hanwha Solutions’ Qcells Division entered an 8-year strategic partnership with Microsoft. As part of the agreement, Qcells will provide 12 gigawatts of solar modules and EPC (Engineering, Procurement, and Construction) services, enough to power over 1.8 million homes annually.
- May 2023: OCI Co. collaborated with Japan’s Tokuyama Corp. to establish a joint venture in Malaysia focused on polysilicon production for semiconductors. The facility will have an annual capacity of 11,000 tons of semi-finished polysilicon products, catering specifically to semiconductor applications.
Rapid growth of the solar photovoltaic (PV) industry drives the growth of the polysilicon market. For instance, according to the International Energy Agency, in 2023, solar PV and wind energy systems together contributed to 96% of the additions in renewable power capacity.