Polysilicon Market Size Worth $141.71 billion By 2032 | CAGR: 16.0%

The global polysilicon market size is expected to reach USD 141.71 billion by 2032, according to a new study by Polaris Market Research. The report “Polysilicon Market Share, Size, Trends, Industry Analysis Report: By Application (Solar PVs and Electronics), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2024–2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

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. Additionally, solar PV installations are expected to more than double by 2028. Increasing demand for solar energy propels the need for polysilicon, a critical material in solar cell production. Additionally, polysilicon is vital for manufacturing integrated circuits and electronic components. The semiconductor industry's expansion, driven by the rising demand for electronic products and technological advancements, further boosts the demand for circuits made using polysilicon.

Technological advancements in polysilicon production are leading to improved efficiency and reduced costs. Innovations in purification methods and recycling processes boost the demand for polysilicon as raw material for solar cells. Ongoing R&D efforts focus on optimizing manufacturing processes to enhance production yields. These advancements would create significant opportunities for the polysilicon market during the forecast period.

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Solar photovoltaic plants that power mini-grids offer an effective solution for providing electricity to regions without access to power transmission lines, especially in emerging countries with abundant solar resources. The polysilicon market is experiencing growth driven by significant demand from end-use sectors, rising solar cell installations, increasing investments and incentives for solar photovoltaic projects, and expanding semiconductor sales.

Countries across the world are taking initiatives and making investments to develop domestic production facilities to safeguard their semiconductor-dependent industries. In January 2024, Adani Group started the commercial production of wafers and ingots, which are crucial for making solar power cells and modules, at its plant in Gujarat, India. To become India’s first integrated renewable energy provider, the company announced its plans to begin polysilicon production by 2027/2028.

Polysilicon Market Report Highlights

• By application, the solar PV segment dominated the market. Market growth for the segment is attributed to the rising use of polysilicon in solar PV modules and strong focus on renewable energy.
• The market in North America is expected to grow at a substantial pace due to increasing investments in renewable energy, and government incentives for solar installations.
• Asia Pacific dominated the market owing to significant investments to produce pure silicon locally to reduce dependence on China.
• The global market players are Daqo New Energy (China), GCL Technology (China), Hemlock Semiconductor (US), Mitsubishi Materials Corp. (Japan), OCI Company (South Korea), Qatar Solar Technologies (Qatar), REC Silicon (Norway), Tokuyama Corp. (Japan), Wacker Chemie (Germany), and Xinte Energy (China).

Polaris Market Research has segmented the polysilicon market report on the basis of application, and region:

By Application Outlook (Revenue – USD billion, 2019–2032)

• Solar PV

• Mono-Crystalline Solar Panel
• Multi-Crystalline Solar Panel

• Electronics (Semiconductor)

   By Regional Outlook (Revenue – USD billion, 2019–2032)

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Polysilicon Market Report Scope