The Global Polysilicon Market size is expected to reach $37.9 billion by 2030, rising at a market growth of 13.6% CAGR during the forecast period. In the year 2022, the market attained a volume of 1163.3 Kilo Tonnes, experiencing a growth of 11.7% (2019-2022).
Monocrystalline panels are renowned for their superior efficiency as opposed to thin-film and polycrystalline solar panels. Therefore, the monocrystalline solar panel segment captured $4323.0 million revenue in the market in 2022. Monocrystalline silicon's single-crystal structure facilitates a more efficient conversion of solar radiation into electrical energy, making these panels appealing to consumers concerned with optimizing energy outputs within restricted areas. Therefore, the segment will grow rapidly in the upcoming years.
The global commitment to mitigating climate change has intensified the focus on renewable energy sources. It plays a pivotal role in the solar photovoltaic technology used to harness the sun's energy for electricity generation, contributing to reducing greenhouse gas emissions. The Paris Agreement and other international collaborations aimed at mitigating climate change foster an environment favorable for expanding renewable energy sectors. Thus, these aspects can boost the demand in the market.
In order to promote the adoption of renewable energy systems and the installation of solar panels, governments may provide financial subsidies and incentives. As per the data provided in 2021 by the International Trade Administration, Saudi Arabia intends to generate 50 percent of its electricity from renewable sources and fifty percent from gas by 2030. Thus, these aspects will assist in the expansion of the market.
However, manufacturing involves energy-intensive processes, particularly converting raw materials into high-purity poly-silicon. One approach to accomplishing this goal is allocating resources towards research and development endeavors aiming to discover and integrate groundbreaking technologies that effectively mitigate energy usage while maintaining product excellence. Hence, these aspects can hamper the growth of the market.
Monocrystalline panels are renowned for their superior efficiency as opposed to thin-film and polycrystalline solar panels. Therefore, the monocrystalline solar panel segment captured $4323.0 million revenue in the market in 2022. Monocrystalline silicon's single-crystal structure facilitates a more efficient conversion of solar radiation into electrical energy, making these panels appealing to consumers concerned with optimizing energy outputs within restricted areas. Therefore, the segment will grow rapidly in the upcoming years.
The global commitment to mitigating climate change has intensified the focus on renewable energy sources. It plays a pivotal role in the solar photovoltaic technology used to harness the sun's energy for electricity generation, contributing to reducing greenhouse gas emissions. The Paris Agreement and other international collaborations aimed at mitigating climate change foster an environment favorable for expanding renewable energy sectors. Thus, these aspects can boost the demand in the market.
In order to promote the adoption of renewable energy systems and the installation of solar panels, governments may provide financial subsidies and incentives. As per the data provided in 2021 by the International Trade Administration, Saudi Arabia intends to generate 50 percent of its electricity from renewable sources and fifty percent from gas by 2030. Thus, these aspects will assist in the expansion of the market.
However, manufacturing involves energy-intensive processes, particularly converting raw materials into high-purity poly-silicon. One approach to accomplishing this goal is allocating resources towards research and development endeavors aiming to discover and integrate groundbreaking technologies that effectively mitigate energy usage while maintaining product excellence. Hence, these aspects can hamper the growth of the market.
By Application Analysis
Based on application, the market is segmented into solar PV and electronics (semiconductor). The solar PV segment held the 75.78% revenue share (largest) in the market in 2022. Governments, businesses, and individuals worldwide increasingly adopt solar PV systems to harness clean and sustainable energy. The growing installation of solar PV systems for residential, commercial, and utility-scale applications has fueled the demand for poly-silicon.
By Solar PV Analysis
The solar PV segment is further divided into monocrystalline solar panel and multicrystalline solar panel. In 2022, the multicrystalline solar panel segment witnessed the 57.20% revenue share (largest) in the market. Multicrystalline solar panels are generally more cost-effective to produce compared to their monocrystalline counterparts. The manufacturing process for multicrystalline silicon is simpler and involves less waste, reducing production costs.By Regional Analysis
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America segment acquired a 12.59% revenue share in the market. North America has grown interested in renewable energy sources, including solar power. Government incentives, policies supporting clean energy, and a push towards reducing carbon emissions contribute to the demand for polysilicon in solar panel production.Recent Strategies Deployed in the Market
- Dec-2023: OCIM Sdn. Bhd., a subsidiary of OCI Company Ltd., came into agreement with CubicPV, a silicon solar wafer manufacturer, to supply high-quality, low-carbon, and U.S.-compliant silicon. This agreement will enhance polysilicon production, manufacturing capabilities, and progress against our U.S. manufacturing plans.
- Sep-2023: REC Silicon ASA is entering into an agreement with Hanwha Q Cells Georgia Inc., a unit of Seoul-based Hanwha Solutions Corp., for polysilicon produced from REC Silicon’s US facility at Moses Lake, Washington. Under this agreement, Hanwha will buy 100% of the high-purity granular production from the facility.
- Jun-2023: Tokuyama Corporation came into agreement with OCI, a South Korea-based polysilicon producer, for the construction of a 10000-MT polysilicon factory at an unspecified location in Malaysia. Under this agreement, Tokuyama will build production and supply facilities for semiconductor-grade polycrystalline silicon using clean energy. Furthermore, the company will also promote business expansion in the electronics field.
- Jun-2023: Wacker Chemie AG will expand its production capacity in Burghausen for cleaning semiconductor-grade polysilicon. The company aimed to further increase the purity of polysilicon and enable semiconductors to make chips more powerful. Additionally, this expansion will increase existing capacity at the site by well over 50 percent.
- Feb-2023: OCI Company Ltd. announced production expansion in Malaysia by 30000 metric tonnes to 65000 MT for both solar-grade and electronic-grade polysilicon. This expansion will cover the demand for non-Chinese polysilicon, which has increased due to the announcement of the US Inflation Reduction Act.
List of Key Companies Profiled
- OCI Company Ltd.
- Tokuyama Corporation
- Wacker Chemie AG
- REC Silicon ASA
- GCL Technology Holdings Limited (Golden Concord Holding Limited)
- Hemlock Semiconductor Operations LLC and Hemlock Semiconductor, L.L.C.
- DAQO NEW ENERGY CORP.
- Xinte Energy Co., Ltd (TEBA Co., Ltd.)
- High-Purity Silicon America Corporation (SUMCO Corporation)
- Mitsubishi Materials Corporation
Market Report Segmentation
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)- Solar PV
- Multicrystalline Solar Panel
- Monocrystalline Solar Panel
- Electronics (Semiconductor)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Global Polysilicon Market, By Application
Chapter 6. Global Polysilicon Market, By Region
Chapter 7. Company Profiles
Companies Mentioned
- OCI Company Ltd.
- Tokuyama Corporation
- Wacker Chemie AG
- REC Silicon ASA
- GCL Technology Holdings Limited (Golden Concord Holding Limited)
- Hemlock Semiconductor Operations LLC and Hemlock Semiconductor, L.L.C.
- DAQO NEW ENERGY CORP.
- Xinte Energy Co., Ltd (TEBA Co., Ltd.)
- High-Purity Silicon America Corporation (SUMCO Corporation)
- Mitsubishi Materials Corporation
Methodology
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