July 16, 2021
According to the research report titled ‘Global Polysilicon Market (Value, Volume) – Analysis By Application (Solar PV, Semiconductor), Manufacturing Technology, By Region, By Country (2020 Edition): Market Insight, Covid-19 Impact and Forecast (2020-2025)’, available with Market Study Report LLC, global polysilicon market size had reached USD 7426 million in 2019 and is predicted to expand consistently during the study period.
Surging investments towards improving solar capacities coupled with shifting preferences towards using renewable sources of energy are the key factors driving the growth of global polysilicon market. For those unaware, polysilicon is the primary raw material employed in solar PV panels.
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Rapid urbanization, improving standards of living, and growing population have augmented the demand for power across the globe, which in turn is adding traction to the overall market size. However, the outbreak of COVID-19 has slowed the expansion of global polysilicon market, primarily due to shutdown of manufacturing and logistics sectors.
Based on application landscape, global polysilicon market share from solar photovoltaic segment is predicted to expand significantly during the forecast period. Widespread adoption of sustainable energy sources, favorable government initiatives and reimbursement policies, and emphasis towards reducing emission levels in power plants are favoring the overall market scenario.
In terms of manufacturing technology, the report states that Siemens Process accounted for the largest market share in 2019 and is likely to depict similar expansion trends in the forthcoming years. Cell manufacturers usually require state-of-the-art polysilicon materials in order to comply with the efficiency efforts. In addition, Siemens Process technology is already known to provide highly pure polysilicon, which in turn is fueling the segmental value..
From the regional perspective, Asia-Pacific currently holds the largest share in global polysilicon market, primarily due to rapid expansion of semiconductor and solar industries as well as improving economic conditions. Growing demand for photovoltaic cells, rising deployment of solar PVs, and high concentration of leading companies are positively swaying the business dynamics in Asia-Pacific.
The competitive landscape of global polysilicon market is defined by companies such as Activ Solar GmbH, Qatar Solar Technologies, Hemlock Semiconductor Corporation, OCI Solar Power LLC, Tokuyama Corporation, REC Silicon, Daqo New Energy Corp., OCI Company Ltd., GCL-Poly, and Wacker Chemie AG among others.