Polysilicon Market to Grow with a CAGR of 3.85% through 2028
Growing demand for solar energy and continuous
development of the semiconductor industry are factors driving the Global
Polysilicon market in the forecast period 2024-2028.
According to TechSci Research report, “Polysilicon
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Polysilicon Market has valued at USD 2.14
billion in 2022 and is anticipated to project robust growth in the forecast
period with a CAGR of 3.85% through 2028. The Global Polysilicon Market is witnessing a
transformative wave of technological advancements, playing a pivotal role in
the photovoltaic industry and beyond. Polysilicon, a critical material in the production
of solar cells and semiconductor devices, has undergone significant innovations
to enhance its efficiency, reduce production costs, and contribute to the
global transition towards sustainable energy sources.
One of the key
technological advancements in the Global Polysilicon Market is the development
of advanced production processes. Traditional methods, such as the Siemens
process, involve the use of trichlorosilane gas in a high-temperature reaction
to produce polysilicon. However, newer methods like fluidized bed reactor (FBR)
and upgraded metallurgical-grade silicon (UMG-Si) processes have emerged,
offering enhanced energy efficiency, reduced environmental impact, and lower
production costs. These advancements are crucial in addressing the scalability
and cost-effectiveness challenges associated with polysilicon production,
thereby supporting the exponential growth of the solar industry.
In the pursuit
of sustainability, the Global Polysilicon Market has witnessed breakthroughs in
recycling technologies. Recycling of scrap silicon and end-of-life solar panels
has become a focal point, aiming to recover and reuse valuable polysilicon materials.
Advanced recycling methods, including chemical purification and metallurgical
techniques, are being employed to extract high-purity polysilicon from
discarded panels. This not only minimizes waste but also contributes to the
circular economy, aligning with global initiatives to reduce the environmental
footprint of the photovoltaic industry.
Technological
advancements have also focused on improving the efficiency of polysilicon solar
cells through innovations in crystal growth techniques. Monocrystalline and
multicrystalline silicon, the two main types of polysilicon used in solar
cells, have undergone refinement in their manufacturing processes. The
introduction of the Czochralski (Cz) method, the float-zone (FZ) method, and
the continuous Czochralski (CCz) process has resulted in larger and more
uniform crystals with fewer defects, enhancing the overall efficiency and
performance of polysilicon solar cells.
Moreover,
advancements in polysilicon purification technologies have contributed to
achieving higher levels of purity, a critical factor in solar cell efficiency.
Hydrochlorination and other chemical purification processes have been optimized
to reduce impurities, ensuring that the polysilicon used in solar cells meets
stringent quality standards. These improvements result in solar panels with
enhanced conversion efficiency, making them more competitive and economically
viable in the global renewable energy market.
In response to
the demand for thin-film photovoltaic technologies, the Global Polysilicon
Market has witnessed advancements in the deposition of polysilicon films.
Innovations in chemical vapor deposition (CVD) and other thin-film deposition
techniques have allowed for the production of flexible and lightweight solar
panels suitable for a variety of applications, including building-integrated
photovoltaics (BIPV) and portable solar devices. These advancements broaden the
scope of polysilicon applications and contribute to the diversification of
solar technology solutions.
The integration
of digital technologies and data analytics is another noteworthy advancement in
the Global Polysilicon Market. Smart manufacturing processes, enabled by the
Internet of Things (IoT) and artificial intelligence (AI), contribute to
real-time monitoring, predictive maintenance, and quality control. These
digital technologies optimize production efficiency, reduce downtime, and
enhance the overall quality of polysilicon, aligning with the industry's push
for increased productivity and competitiveness.
In conclusion,
technological advancements are steering the Global Polysilicon Market towards a
more sustainable and efficient future. From advanced production processes and
recycling technologies to innovations in crystal growth, purification, and
thin-film deposition, these advancements are propelling the polysilicon
industry to new heights. As the world increasingly relies on renewable energy
sources, the continuous evolution of polysilicon technologies is essential for
meeting the growing demand for efficient and cost-effective solar solutions,
contributing to a greener and more sustainable energy landscape.
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The Global Polysilicon Market is segmented into end
user industry, regional distribution, and company
Based on the end user industry, the Solar PV segment
established its dominance in the global market for Polysilicon based on the
application. The dominance of the Solar PV (Photovoltaic) segment in the global
market for polysilicon is clear, and the statistics from 2021 reinforce its
unparalleled position. According to the International Renewable Energy Agency
(IRENA), solar power remains the fastest-growing renewable energy source
worldwide, constituting over half of the 3,064 GW of renewable capacity
installed in 2021. This growth is particularly pronounced in the Solar PV
sector, where the total global solar capacity expanded by an impressive 19%,
resulting in an additional installation of 133 GW.
In 2021, solar and wind power collectively contributed
to over 10% of the total electricity generated globally for the first time,
with solar power alone accounting for approximately 5% of this share, according
to the World Economic Forum. The overall installed global solar energy capacity
reached around 850 GW, showcasing a substantial increase from the previous
year's 770 GW. The International Energy Agency (IEA) attributes a significant
portion of the surge in renewable power capacity in addition to the commissioning
of 290 GW of new solar PV installations in 2021, representing a 3% increase
from 2020. Notably, Solar PV emerged as the dominant force, accounting for more
than half of the total expansion in renewable power capacity during this
period.
These statistics underscore the Solar PV segment's
commanding position in the global polysilicon market. The remarkable growth in
solar capacity installation, coupled with its increasing contribution to the
overall electricity generation mix, solidifies Solar PV as the primary end-user
industry driving the demand for polysilicon. As the world intensifies its shift
towards cleaner and sustainable energy solutions, the Solar PV segment is
poised to maintain and strengthen its dominance in the global polysilicon
market in the foreseeable future.
Based on the Region, Asia Pacific region emerged as
the dominant player in the global Polysilicon market in 2022, holding the
largest market share in terms of both value and volume. The Asia-Pacific region
has emerged as a significant consumer of polysilicon, driven by increasing
demand from key nations including China, South Korea, and India. Notably, China
has recently disclosed a total polysilicon production capacity of 122,000 tons,
with substantial plans for new expansions. The country is anticipated to bring
over 1.2 million tons of additional capacity online by 2023, primarily outside
of Xinjiang, although a substantial majority 89% of global polysilicon
production is expected to remain within China.
South Korea, ranking as the ninth-largest global solar
installation hub, generates around 4% of its electricity from solar energy.
Notably, the country has committed to carbon neutrality by 2050, with an
interim goal of reducing emissions by 40% by 2030, according to the
International Trade Organization. Despite importing more than 90% of its energy
resources, South Korea displayed a notable increase in renewable energy,
contributing to an 18% rise in electricity generation from renewable sources in
2021.
In 2021, Tata Power Solar secured substantial orders
valued at USD 65.77 million from Energy Efficiency Services Ltd (EESL) in
India. These orders are earmarked for the development of multiple distributed
ground-mounted solar projects with a cumulative capacity of approximately
100MW.
India and China host some of the world's largest solar
power facilities, with the Bhadla solar farm in Rajasthan, India, boasting a
remarkable total production capacity of 2,245 megawatts as of June 2021. Given
these trends and the burgeoning end-user base, the demand for polysilicon in
the Asia-Pacific region is expected to witness a substantial boost during the
forecast period.
Major companies operating in
Global Polysilicon Market are:
- Wacker Chemie AG
- Asia
Silicon (Qinghai) Co. Ltd
- Daqo New
Energy Co. Ltd
- Hemlock
Semiconductor Operations LLC And Hemlock Semiconductor LLC
- Mitsubishi
Polycrystalline Silicon America Corporation
- OCI Company
Ltd
- Qatar Solar
Technologies
- REC Silicon
ASA
- Sichuan
Yongxiang Co. Ltd (Tongwei)
- Tokuyama
Corporation
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“The Global Polysilicon Market is experiencing a
transformative phase driven by significant technological advancements.
Innovations in production processes, such as fluidized bed reactors and
upgraded metallurgical-grade silicon methods, address scalability and
cost-effectiveness challenges. Recycling technologies for scrap silicon and
end-of-life solar panels contribute to sustainability and the circular economy.
Advances in crystal growth techniques and purification technologies enhance the
efficiency of polysilicon solar cells, making them more competitive in the
renewable energy market. The integration of digital technologies, including IoT
and AI, optimizes manufacturing processes for increased productivity. Overall,
the Global Polysilicon Market is evolving towards a more sustainable,
efficient, and technologically advanced future, crucial for meeting the rising
demand for renewable energy solutions in a rapidly changing global energy
landscape,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Polysilicon Market – Global Industry Size,
Share, Trends, Opportunity, & Forecast 2018-2028 By End User Industry
(Solar PV {Monocrystalline Solar Panel and Multi crystalline Solar Panel},
Electronics {Semiconductor}), By Region, Competition”, has evaluated
the future growth potential of Global Polysilicon Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Polysilicon Market.
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