Press release
Top Factor Driving Polysilicon Market Growth in 2025: Increasing Adoption Solar Energy Drives The Polysilicon Market
How Big Is the Polysilicon Market Expected to Be, and What Will Its Growth Rate Be?
In recent times, there has been a substantial growth in the size of the polysilicon market. The market is projected to escalate from $10.05 billion in 2024 to $11.84 billion in 2025, with a compound annual growth rate (CAGR) of 17.8%. This growth observed in the historical period can be linked to factors such as the reduction in solar panel costs, economic advantages of solar energy, growing consciousness about climate change, worldwide shift to renewable sources of energy, and the expansion of the electric vehicle industry.
The polysilicon market is slated to experience a swift expansion in the coming years and is predicted to have a valuation of $22.53 billion by 2029, growing at a compound annual growth rate (CAGR) of 17.5%. This projected growth over the forecast period may be due to a surge in photovoltaic cell demand, governmental incentives and subsidies, increased energy usage, quick industrialization and urbanization, along with the expansion of solar power plants. Looking ahead, significant trends include improvements in production technology, advancements in the electronics industry, investment in renewable energy infrastructure, polysilicon incorporation into cutting-edge technologies such as smart grids and IoT devices, and the forging of strategic alliances and partnerships.
What Is Contributing to the Growth of the Polysilicon Market?
The polysilicon market is predicted to grow with the increasing shift towards solar energy. Solar energy is a fundamental form of renewable energy which is derived from the rays of the sun and converted into electricity or heat using technology such as solar thermal systems or photovoltaic (PV) panels. The appeal for solar energy is increasing due to heightened environmental awareness and governmental incentives worldwide advocating for the use of renewable energy. Polysilicon is pivotal in solar energy systems as it's the principal substance used in producing photovoltaic cells that convert sunlight to electricity in solar panels. For example, data from the International Energy Agency (IEA), a France-based intergovernmental organization, in September 2022 highlighted that the number of households relying on solar PV will escalate from the current 25 million to more than 100 million by 2030 as per the Net Zero Emissions by 2050 Scenario (NZE Scenario). It's predicted that a minimum of 190 GW will be installed yearly starting from 2022, and this trend is likely to continue because of the increased efficiency of PV and the growing demand for clean energy sources. Hence, the uptick in the use of solar energy is steering the expansion of the polysilicon market.
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Who Are the Dominant Companies Influencing Polysilicon Market Trends?
Major companies operating in the polysilicon market are ABB Ltd., Tongwei Co. Ltd., OCI Company Ltd., Canadian Solar Inc., Wacker Chemie AG, Asia Silicon (Qinghai) Co. Ltd., Daqo New Energy Corp., Risen Energy Co. Ltd., Xinte Energy Co. Ltd., Sino-American Silicon Products Inc., Tokuyama Corporation, Hemlock Semiconductor Operations LLC, GCL New Energy Holdings Ltd., LDK Solar Co. Ltd., Lanco Solar, ReneSola Ltd., REC Silicon ASA, Mitsubishi Polycrystalline Silicon America Corporation, TBEA Energy Private Ltd., Qatar Solar Technologies, Sichuan Yongxiang Co. Ltd., Huanghe Hydropower Development Co. Ltd., Hanwha Q Cells
How Is the Polysilicon Market Evolving?
Top firms engaged in the polysilicon market are utilizing a strategic alliance method, enabling the sharing of hefty capital expenses linked with the production of polysilicon. These costs are often tied to intricate fabrication procedures and machinery. A strategic alliance is basically a cooperative connection between two or more organizations, constructed with the intention of accomplishing shared objectives via the use of combined resources, skill sets and synergistic endeavors. To illustrate, in August 2024, a collaboration happened between REC Silicon, a polysilicon manufacturing company from Norway, and Mississippi Silicon, a raw silicon metal manufacturer based in the US. This was a result of the recent financial contribution of the Hanwha Group in REC Silicon, leading REC to deepening its partnership with Mississippi Silicon. The primary goal behind this strategic move is to elevate the progression of a comprehensive U.S. solar supply chain that includes everything from raw silicon processing, polysilicon production to assembling complete solar modules.
What Are the Different Segmentations in the Polysilicon Market?
The polysilicon market covered in this report is segmented -
1) By Manufacturing Technology: Siemens Process, Fluidized Bed Reactor (FBR) Process, Upgraded Metallurgical-Grade Silicon Process
2) By Form: Chips, Chunks, Rods
3) By Application: Solar Photovoltaic, Electronics
Subsegments:
1) By Siemens Process: Traditional Siemens Process, High-Temperature Siemens Process, Modified Siemens Process
2) By Fluidized Bed Reactor (FBR) Process: Direct Silane Deposition, High-Purity FBR Process, Low-Temperature FBR Process
3) By Upgraded Metallurgical-Grade Silicon Process: Silicothermic Process, Electrochemical Reduction Process, High-Efficiency UMG Silicon Process
Pre-Book Your Report Now For A Swift Delivery:
https://www.thebusinessresearchcompany.com/report/polysilicon-global-market-report
Which Region Is at the Forefront of the Polysilicon Market?
Asia-Pacific was the largest region in the polysilicon market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the polysilicon market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Polysilicon Global Market Report?
- Market Size Analysis: Analyze the Polysilicon Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Polysilicon Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Polysilicon Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Polysilicon Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=18700
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
In recent times, there has been a substantial growth in the size of the polysilicon market. The market is projected to escalate from $10.05 billion in 2024 to $11.84 billion in 2025, with a compound annual growth rate (CAGR) of 17.8%. This growth observed in the historical period can be linked to factors such as the reduction in solar panel costs, economic advantages of solar energy, growing consciousness about climate change, worldwide shift to renewable sources of energy, and the expansion of the electric vehicle industry.
The polysilicon market is slated to experience a swift expansion in the coming years and is predicted to have a valuation of $22.53 billion by 2029, growing at a compound annual growth rate (CAGR) of 17.5%. This projected growth over the forecast period may be due to a surge in photovoltaic cell demand, governmental incentives and subsidies, increased energy usage, quick industrialization and urbanization, along with the expansion of solar power plants. Looking ahead, significant trends include improvements in production technology, advancements in the electronics industry, investment in renewable energy infrastructure, polysilicon incorporation into cutting-edge technologies such as smart grids and IoT devices, and the forging of strategic alliances and partnerships.
What Is Contributing to the Growth of the Polysilicon Market?
The polysilicon market is predicted to grow with the increasing shift towards solar energy. Solar energy is a fundamental form of renewable energy which is derived from the rays of the sun and converted into electricity or heat using technology such as solar thermal systems or photovoltaic (PV) panels. The appeal for solar energy is increasing due to heightened environmental awareness and governmental incentives worldwide advocating for the use of renewable energy. Polysilicon is pivotal in solar energy systems as it's the principal substance used in producing photovoltaic cells that convert sunlight to electricity in solar panels. For example, data from the International Energy Agency (IEA), a France-based intergovernmental organization, in September 2022 highlighted that the number of households relying on solar PV will escalate from the current 25 million to more than 100 million by 2030 as per the Net Zero Emissions by 2050 Scenario (NZE Scenario). It's predicted that a minimum of 190 GW will be installed yearly starting from 2022, and this trend is likely to continue because of the increased efficiency of PV and the growing demand for clean energy sources. Hence, the uptick in the use of solar energy is steering the expansion of the polysilicon market.
Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=18700&type=smp
Who Are the Dominant Companies Influencing Polysilicon Market Trends?
Major companies operating in the polysilicon market are ABB Ltd., Tongwei Co. Ltd., OCI Company Ltd., Canadian Solar Inc., Wacker Chemie AG, Asia Silicon (Qinghai) Co. Ltd., Daqo New Energy Corp., Risen Energy Co. Ltd., Xinte Energy Co. Ltd., Sino-American Silicon Products Inc., Tokuyama Corporation, Hemlock Semiconductor Operations LLC, GCL New Energy Holdings Ltd., LDK Solar Co. Ltd., Lanco Solar, ReneSola Ltd., REC Silicon ASA, Mitsubishi Polycrystalline Silicon America Corporation, TBEA Energy Private Ltd., Qatar Solar Technologies, Sichuan Yongxiang Co. Ltd., Huanghe Hydropower Development Co. Ltd., Hanwha Q Cells
How Is the Polysilicon Market Evolving?
Top firms engaged in the polysilicon market are utilizing a strategic alliance method, enabling the sharing of hefty capital expenses linked with the production of polysilicon. These costs are often tied to intricate fabrication procedures and machinery. A strategic alliance is basically a cooperative connection between two or more organizations, constructed with the intention of accomplishing shared objectives via the use of combined resources, skill sets and synergistic endeavors. To illustrate, in August 2024, a collaboration happened between REC Silicon, a polysilicon manufacturing company from Norway, and Mississippi Silicon, a raw silicon metal manufacturer based in the US. This was a result of the recent financial contribution of the Hanwha Group in REC Silicon, leading REC to deepening its partnership with Mississippi Silicon. The primary goal behind this strategic move is to elevate the progression of a comprehensive U.S. solar supply chain that includes everything from raw silicon processing, polysilicon production to assembling complete solar modules.
What Are the Different Segmentations in the Polysilicon Market?
The polysilicon market covered in this report is segmented -
1) By Manufacturing Technology: Siemens Process, Fluidized Bed Reactor (FBR) Process, Upgraded Metallurgical-Grade Silicon Process
2) By Form: Chips, Chunks, Rods
3) By Application: Solar Photovoltaic, Electronics
Subsegments:
1) By Siemens Process: Traditional Siemens Process, High-Temperature Siemens Process, Modified Siemens Process
2) By Fluidized Bed Reactor (FBR) Process: Direct Silane Deposition, High-Purity FBR Process, Low-Temperature FBR Process
3) By Upgraded Metallurgical-Grade Silicon Process: Silicothermic Process, Electrochemical Reduction Process, High-Efficiency UMG Silicon Process
Pre-Book Your Report Now For A Swift Delivery:
https://www.thebusinessresearchcompany.com/report/polysilicon-global-market-report
Which Region Is at the Forefront of the Polysilicon Market?
Asia-Pacific was the largest region in the polysilicon market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the polysilicon market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Polysilicon Global Market Report?
- Market Size Analysis: Analyze the Polysilicon Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Polysilicon Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Polysilicon Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Polysilicon Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=18700
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
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