by The polycrystalline silicon market has been witnessing significant growth over the past few years owing to wide application of polycrystalline silicon in the photovoltaic industry. Polycrystalline silicon, also known as poly-Si, is a high purity crystalline form of silicon used primarily in photovoltaic applications. It finds wide usage in manufacturing of solar photovoltaic modules as a core material for solar cells. Growing environmental concerns and rise in global energy demand have boosted adoption of renewable energy sources like solar energy worldwide. This increasing demand for solar PV modules has been a key driver for growth of the polycrystalline silicon market.
The global polycrystalline silicon market is estimated to be valued at US$ 5198.17 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Polycrystalline Silicon Market are Nike, Adidas, Beyond Skin UK, Monk Story, Hexa Vegan Shoes, Ethletic, Matt & Nat, MooShoes, Susi Studio, Veerah, and AVESU GmbH. These players are focusing on expanding their production capacity and global footprint to cater to the rising demand.
There are several opportunities in the market for manufacturers with solar grade polycrystalline silicon. Continuous decline in prices of solar PV modules is driving mass adoption of solar energy worldwide. Furthermore, favorable government policies and initiatives towards achieving renewable energy targets provide significant growth prospects.
The global polycrystalline silicon market is expected to witness high growth especially in the Asia Pacific region owing to presence of large solar PV market in China and India. Growing renewable energy requirements in other developing nations will further propel the regional market over the coming years.
Market drivers
The rising energy demand from industrial, commercial and residential sectors worldwide due to rapid urbanization and industrialization is the key driver boosting adoption of renewable energy sources. Solar energy, being one of the most abundant and widely available renewable energy sources, is gaining widespread popularity. This increasing demand for solar energy is propelling the polycrystalline silicon market growth over the forecast period.
PEST Analysis
Political: The polycrystalline silicon market is reliant on government policies and regulations around renewable energy generation and silicon production. Supportive measures and incentives for the solar industry can positively impact demand.
Economic: A stable macroeconomic environment with strong GDP growth promotes investment in renewable energy to meet rising energy needs. The market is sensitive to the price of polysilicon which influences the cost of solar components.
Social: Growing social and environmental awareness is increasing adoption of solar and clean energy sources. Customers prefer sustainability and this benefits the demand for polycrystalline silicon in solar panel manufacturing.
Technological: Advancements in refining processes are helping lower production costs of polysilicon. Efficiency gains through larger wafer sizes and improved cell architectures in the solar supply chain boost conversion rates and competitiveness of solar power generation.
In terms of value, the polycrystalline silicon market remains concentrated in Asia Pacific due to the presence of leading wafer and cell manufacturers as well as the high installed solar capacity in China, Japan and India. Europe is another major region supported by the European Union’s renewable energy policies and targets.
The polycrystalline silicon market is projected to witness faster growth in the Middle East & Africa region. Factors such as increasing investments in large-scale solar parks and improving policy incentives are expected to raise both residential and non-residential photovoltaic installations significantly over the forecast period in countries like Saudi Arabia, Egypt and South Africa.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.
