Global Polysilicon Market Size To Exceed USD 88.9 Billion by 2032 | CAGR of 14.1% .
Category: Chemicals & MaterialsGlobal Polysilicon Market Size To Exceed USD 88.9 Billion By 2032
According to a research report published by Spherical Insights & Consulting, the Global Polysilicon Market Size is to grow from USD 23.7 Billion in 2022 to USD 88.9 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 14.1% during the projected period. The booming solar power industry and the expanding electronics industry around the world are key factors driving market expansion.
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Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on The “Global Polysilicon Market Size, Share, and COVID-19 Impact Analysis, By Form (Chunks, Granules, Rods), By End-use Application (Solar PV, Electronics), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.” Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/polysilicon-market
Polysilicon, also referred to as Polycrystalline Silicon, is a highly pure polycrystalline form of silicon that is required in today's semiconductor and photovoltaic technologies. It is produced from raw silicon via a sophisticated chemical purification process and then transformed into ingots, wafers, or other forms suited for a variety of applications. Polysilicon is the basic material used in the semiconductor industry to create silicon wafers. These wafers are then used to make integrated circuits (ICs), which are commonly found in electronic devices such as computers, smartphones, and other electronic items. Furthermore, in the sphere of renewable energy, polysilicon is a key material in the manufacture of photovoltaic (PV) cells in solar panels. Polysilicon demand has increased as the globe shifts toward renewable energy sources, particularly solar energy. With some countries setting aggressive targets for green energy transition, demand for polysilicon for solar applications is projected to surge. As global demand for cutting-edge technology and sustainable energy remains high, the polysilicon market is expected to be an important booster of development and environmental responsibility.
The granules segment is dominating the market with the largest revenue share over the forecast period.
On the basis of form, the global polysilicon market is segmented into the chunks, granules, and rods. Among these, the granules segment is dominating the market with the largest revenue share of 38.6% over the forecast period. Granules offer a good combination of size homogeneity, handling ease, and cost-effectiveness. Polysilicon granules are small, homogenous particles with sizes ranging from a few millimeters to a few centimeters.
The solar PV segment accounted for the largest revenue share of more than 67.4% over the forecast period.
On the basis of end-use application, the global polysilicon market is segmented into solar PV and electronics. Among these, the solar PV segment is dominating the market with the largest revenue share of 67.4% over the forecast period. This domination is most likely owing to the global shift toward renewable energy sources, as well as the widespread use of solar panels in both residential and commercial settings. In the solar PV business, polysilicon is used to make solar cells. These cells are then connected to make solar panels, which convert sunlight into electricity.
Asia Pacific dominates the market with the largest market share over the forecast period.
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Asia Pacific is dominating the market with more than 62.7% market share over the forecast period. Asia Pacific, led by China, accounts for the vast majority of the global polysilicon market. This supremacy is due to the region's massive manufacturing capabilities, strong local demand for solar systems, and the strategic location of multiple significant solar sector enterprises throughout the region. Several leading solar panel manufacturers as well as polysilicon manufacturing factories are located in the region. On the other hand, North America is predicted to expand the fastest during the forecast period. With the implementation of sustainable development targets, there is increased rivalry for solar installations in the region, which is pushing the polysilicon market. During the forecast period, the Europe market is expected to rise at a significant CAGR.
Major vendors in the Global Polysilicon Market include Tokuyama Corporation, Wacker Chemie AG, Xinte Energy Co., Ltd, DAQO NEW ENERGY CO., LTD., GCL-TECH, OCI COMPANY Ltd., Qatar Solar Technologies, REC Silicon ASA, Tongwei Group Co., Ltd, Hemlock Semiconductor, L.L.C., High-Purity Silicon America Corporation, Sichuan Yongxiang Co. Ltd., Woongjin Polysilicon Co. Ltd., Activ Solar Gmbh, SunEdison, Inc., and among others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- On June 2023, Daqo New Energy Corp., a leading manufacturer of high-purity polysilicon for the worldwide solar PV market, announced that its new Phase 5A polysilicon 100,000 MT manufacturing facility in Baotou, Inner Mongolia, has reached full production capacity. With the addition of Phase 5A, the Company's total annual nameplate production capacity has increased to 205,000 MT.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Polysilicon Market based on the below-mentioned segments:
Polysilicon Market, Form Analysis
- Chunks
- Granules
- Rods
Polysilicon Market, End-use Application Analysis
- Solar PV
- Electronics
Polysilicon Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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