Polycrystalline Silicon Market

The Growing Solar PV Segment: Global Polycrystalline Silicon Market poised to register strong growth over 2023-2030

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The global Polycrystalline Silicon Market is estimated to be valued at US$ 9.64 billion in 2022 and is expected to exhibit a CAGR of 13.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Polycrystalline silicon is a high purity form of silicon used as raw material by the photovoltaic and semiconductor industries. It has a grain structure that allows efficient conversion of sunlight into electricity, making it ideal for use in solar cells. Rising demand for renewable energy sources and implementation of favorable government policies is driving the growth of the solar PV industry, which in turn is fueling consumption of polycrystalline silicon.

Market key trends:
The key trends in the polycrystalline silicon market include rising investment in solar PV capacity additions globally. China has emerged as the leading producer as well as consumer of polycrystalline silicon owing to its massive investments in the solar PV sector under its ‘Made in China 2025’ program. The country accounted for over 60% of global solar PV installation in 2021. In addition, polysilicon manufacturers are focusing on reducing the cost of production by developing new production technologies such as Siemens process that enables economies of scale. This is crucial for further growth of the solar PV industry and greater adoption of renewable power worldwide. Meanwhile, significant capacity expansions are planned by leading polysilicon manufacturers to cater to the rising demand. However, volatile polysilicon prices remain a key challenge.
Market key trends:
One of the key trends in the polycrystalline silicon market is the increasing demand for photovoltaic (PV) products. The demand for solar energy has grown substantially globally due to supportive government policies and initiatives to promote renewable resources. Polycrystalline silicon is the key raw material used in the manufacturing of solar photovoltaic cells. The growing solar PV installation projects are expected to drive the consumption of polycrystalline silicon in the coming years.

SWOT Analysis
Strengths:
– Growing demand for solar energy which drives the polycrystalline silicon market
– Support from government policies promoting use of renewable resources

Weaknesses:
– High manufacturing costs associated with polycrystalline silicon production
– Supply demand imbalance leads to volatility in prices

Opportunities:
– Increasing investments in solar PV projects globally
– Advancements in solar cell technologies boosting efficiency

Threats:
– Rising competition from cheaper alternative materials
– Trade barriers imposed by governments impact supply

Key Takeaways

The global Polycrystalline Silicon market Share  is expected to witness high growth, exhibiting CAGR of 13.4% over the forecast period, due to increasing investments in solar PV projects globally. The market size for polycrystalline silicon was valued at US$ 9.64 billion in 2023.

Regional analysis:
Asia Pacific dominates the global polycrystalline silicon market owing to high production and consumption of solar PV systems in major countries like China and India. China is the largest producer as well as consumer of polycrystalline silicon globally, supported by strong government impetus on renewable resources.

Key players analysis:
Key players operating in the polycrystalline silicon market include Wacker Chemie AG, OCI Company Ltd., GCL-Poly Energy Holdings Limited, Hemlock Semiconductor Corporation, Tokuyama Corporation, REC Silicon ASA, Daqo New Energy Corp., SunEdison, Inc. and LDK Solar Co., Ltd. Major players are focusing on ramping up capacities to cater to the escalating demand from the solar industry.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it