Polysilicon Market Size, Share, Growth Analysis, By Manufacturing Technology(Siemens Process, Upgraded Metallurgical Grade (UMG) Process), By Application(Solar Photovoltaics (PV) (Monocrystalline Solar Panel, Multicrystalline Solar Panel)) - Industry Forecast 2024-2031

Based on the region, the Asia Pacific region currently dominates the global polysilicon market with respect to market share and it is predicted to have the highest share over the forecast period. This is a result of China and India's rising demand for consumer electronics and semiconductors. Nearly 35% of the worldwide solar market in 2021 was accounted for by the Chinese market. Installed capacity increased significantly in nations like Vietnam, India, and Japan. China's solar photovoltaic (PV) power generation has advanced exceptionally quickly over the past five years, and the nation now leads the globe in both installed capacity and solar power generation. The Asia Pacific polysilicon market is also expected to expand due to rising communication device demand.

Government investments in solar energy generation are likely to increase demand for polysilicon in North America and Europe, as it is used in the fabrication of semiconductors for solar PVC. The measures the government has taken to decrease its carbon footprint are linked to the expansion of the solar photovoltaics market in Latin America, which in turn has fueled the rise of the polysilicon business. Due to the ongoing development of technology and the growing consumer demand for electronics, the Middle East and Africa is also predicted to experience market expansion.