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

Polysilicon Market size was valued at USD 8.87 billion in 2019 and is poised to grow from USD 10.04 billion in 2023 to USD 30.65 billion by 2031, growing at a CAGR of 13.2% in the forecast period (2024-2031).

Companies in the sector have had to deal with obstacles such as factory closures, anti-dumping laws, and oversupply. However, the polysilicon market is anticipated to have a more balanced supply and demand environment, price stability, and profitability over the projection period. Additionally, businesses have embraced forward integration tactics and entered the semiconductor and photovoltaic industries. In order to enhance their presence on the worldwide market, various companies are also concentrating on implementing methods like partnerships and collaborations. 'Wacker Chemie AG (Germany)', 'Hemlock Semiconductor Operations and Hemlock Semiconductor (US)', 'Mitsubishi Polycrystalline Silicon America Corporation (US)', 'GCL-Poly Energy Holdings Limited (China)', 'OCI Solar Power LLC (US)', 'REC Silicon ASA (Norway)', 'Daqo New Energy Corp. (China)', 'SunEdison Inc. (US)', 'Osaka Titanium Technologies Co. Ltd (Japan)', 'Qatar Solar Technologies (Qatar)', 'Tokuyama Corporation (Japan)', 'Suntech Power Holdings Co., Ltd (China)', 'Canadian Solar Inc. (Canada)', 'Trina Solar Limited (China)', 'SunPower Corporation (US)', 'Kaneka Corporation (Japan)', 'Mitsubishi Electric Corporation (Japan)', 'Panasonic Corporation (Japan)'

Increasing demand for communication devices and the production of solar photovoltaic (PV): The rising demand for solar photovoltaics is one of the reasons anticipated to propel the polysilicon industry. The need for solar photovoltaics is anticipated to rise as a result of the declining supply of fossil fuels, which will ultimately drive the market. Additionally, the market will expand due to the rapid increase in demand for communication devices.

The growing usage of electronic grade polysilicon in the production of electronic circuits and power conversion equipment is one of the major trends in the polysilicon market. If the use of polysilicon in all of these appliances continues to rise, it is projected to support the growth of the polysilicon market. Other potential trends include the rising need for power brought on by the expanding population, higher living standards, and urbanization, which also presents new opportunities for those involved in the polysilicon business.

Based on the region, the Asia Pacific region currently dominates the 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.