Polysilicon Market is Expected to be Flourished by Photovoltaic Solar Energy Applications

Polysilicon Market

Polysilicon is a high purity form of silicon that is mainly used in the production of photovoltaic cells for solar panels. It is processed into silicon wafers that absorb sunlight and generate electricity through the photovoltaic process. Polysilicon is used as the core material in solar modules for residential, commercial and utility-scale solar power systems. Rapid increase in renewable energy capacities around the world has significantly boosted the demand for solar panels and related materials like polysilicon. The global solar PV installations grew by over 20% year-on-year in 2022, driving the need for polysilicon. The rising adoption of distributed and rooftop solar systems has also augmented the market. 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 Dynamics:

The growing emphasis on renewable and clean energy sources coupled with supportive government policies is driving the growth of the polysilicon market. Many countries have outlined ambitious targets for expanding their solar PV capacities and reducing dependence on fossil fuels. For instance, China aims to have over 1,200 GW of solar power installed by 2030 under its carbon neutrality goals. The 'US Inflation Reduction Act' also provides tax credits and incentives for renewable energy projects. Furthermore, continuous technological advancements are making solar energy more affordable and accessible globally. High efficiency monocrystalline and polycrystalline solar modules require less polysilicon per watt of electricity generated. This is reducing module costs and boosting returns on investment for solar projects. However, the fluctuating prices of raw materials like metallurgical grade silicon can impact polysilicon manufacturing costs. Geo-political issues and trade policies also introduce uncertainties in the supply chain from time to time.

Segment Analysis

The polysilicon market is dominated by the solar PV segment which holds around 95% share. This segment is dominating because polysilicon is the essential raw material used in the manufacturing of silicon solar photovoltaic cells. It provides high purity silicon feedstock for solar cells. The use of polysilicon helps in improving the efficiency and reducing the manufacturing costs of solar PV modules. Other segments include electronics and others.

PEST Analysis

Political: Governments across regions like Europe, USA and China are formulating favorable policies and initiatives to promote the use of renewable energy. They are providing subsidies and tax benefits for solar PV projects which is boosting the demand for polysilicon.

Economic: With growing concerns over climate change and renewable energy goals, investments in the solar PV sector are increasing steadily. This is positively impacting the polysilicon market. Also, declining prices of solar PV modules is further expanding the market.

Social: Rising environmental awareness among public and shifting preference towards cleaner energy sources is driving the adoption of solar energy globally. Social responsibility and sustainability goals of organizations also contribute to the market growth.

Technological: Continuous R&D efforts for improving solar cell efficiencies using advanced materials like passivated contact cells and heterojunction technology require highly pure polysilicon. This is expected to open new growth avenues.

Key Takeaways

The Global Polysilicon Market Share is expected to witness high growth on account of expanding solar PV installations worldwide.

Asia Pacific currently dominates the global market led by China. Expanding solar PV capacity additions and low manufacturing costs make China the largest consumer of polysilicon globally.

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. These players are focusing on capacity expansions and new product launches to strengthen their market position.

Asia Pacific is expected to retain its lead throughout the forecast period, driven by ambitious solar energy targets in China and India. Both countries are investing heavily in scaling up their domestic solar manufacturing capacities. Europe and North America are also anticipated to offer lucrative opportunities for polysilicon suppliers, supported by stringent carbon emission reduction goals.

Explorer more information on this topic, Please visit @ https://www.pressreleasebulletin.com/polysilicon-market-trends-size-and-share-analysis/