The polysilicon market comprises crystalline silicon or polysilicon that is mainly used as a raw material in the production of photovoltaic cells and microchips. Polysilicon finds widespread application in photovoltaic cells and chips due to its non-toxicity, availability, and high purity. In particular, the demand for polysilicon is rapidly increasing from the solar photovoltaic industry as it helps in transforming sunlight into electricity. It also offers advantages like renewable energy source, no greenhouse gas emissions, no pollution, and lower electricity costs. The growing focus on sustainable energy sources and declining solar module prices has boosted the adoption of solar panels worldwide.
Key Takeaways
Key players operating in the polysilicon market are Eurofins Scientific, Agilent Technologies Inc., SCS Global Services, Bureau Veritas SA, ALS Limited, Element Materials Technology (EXOVA), TUV Nord Group, Apal Agricultural Laboratory, Intertek Group PLC, EMD Millipore Corporation (Millipore Sigma), BioMerieux SA, Aurea AgroSciences, 3M Company, Charm Sciences Inc., Neogen Corporation, and Biolumix. These players are focusing on capacity expansions and strategic partnerships to strengthen their market position.
The increasing focus on renewable energy generation represents a key opportunity for players in the polysilicon market. Governments across countries are encouraging solar power adoption through various incentives and policies which is opening new avenues of growth.
Global expansion remains a top priority for leading polysilicon manufacturers. They are setting up production facilities in high growth regions to cater to the rising local demand and benefit from low manufacturing costs. Asia Pacific and Middle East & Africa are emerging as lucrative markets amid rapid infrastructure development and support for solar energy.
Market drivers
The growing emphasis on reducing carbon emissions and transitioning to cleaner sources of energy is a major market driver. Solar energy has gained traction as one of the most viable renewable alternatives to fossil fuels. This is translating to strong demand for Polysilicon Market Size from the fast expanding solar PV industry.
Market restraints
Volatility in polysilicon prices remains a key challenge as it impacts the profitability of solar cell/module manufacturers. Polysilicon production requires high capital investments as well as advanced manufacturing technologies, concentrated only with a few major players. This dependence on a small supplier base creates instability in prices.
Segment Analysis
The polysilicon market can be segmented based on manufacturing process, application, and region. Based on manufacturing process, the trichlorosilane process segment currently dominates the market as it has a higher yield rate compared to other processes like the Siemens process. This process is preferred by large manufacturers to reduce production costs.
Based on application, the semiconductor segment accounts for the largest share as polysilicon is a crucial raw material for manufacturing solar photovoltaic cells and integrated circuits. Rising demand for consumer electronics and rapid growth of the solar industry drives this segment.
Global Analysis
In terms of region, Asia Pacific is expected to continue dominating the polysilicon market during the forecast period. This is due to the presence of leading solar PV panel and electronics manufacturers in countries like China, Taiwan, and South Korea. The region has been the manufacturing hub for solar PV equipment as well as consumer electronics.
Europe is another major market for polysilicon owing to the strong focus on renewable energy in countries like Germany, Italy, and France. The ongoing expansion of solar PV installations boosts regional demand. Furthermore, government initiatives promoting solar power adoption have spurred market growth.
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