Given to the growing demand for photovoltaics and semiconductors, the global polysilicon market size is estimated to stand at US$ 11,843.7 Mn by 2028, according to a recently published report on ‘global polysilicon market by Future Market Insights (FMI). Growing at a rate of 25% annually, solar PV industry is likely to represent an impressive growth in the coming years, witnessing 1.5X growth between 2017 and 2020. FMI has also analyzed the demand and trends scenario of the global market for polysilicon from 2018-2028, period for which a forecast is prepared. Sales revenue is expected to increase at a steady CAGR of 5.2% over the forecast period of 2018-2028.
With increasing investments to promote renewable sources of energy for power generation, a significant rise in new solar energy capacity installations has been witnessed across the globe. Furthermore, low cost of solar energy is the prime factor driving Governments to adopt and expand their solar production capacity. Also, the proposed solar energy projects across the globe is likely to push further the global market for polysilicon. Clean energy policies is estimated to augment the demand of polysilicon in the coming years. Manufacturers are focusing on the enhancement of cell efficiency to increase the conversion rate of solar energy into electricity using mono-based solar PV installations, owing to its high efficiency.
“Rapid growth in Solar PV installations in urban as well as semi-urban areas across the globe is expected to contribute significantly to the overall growth of the polysilicon market. In 2017, the solar industry witnessed a positive start for power generation and increased its installed capacity to 291.9 GW. Also, in 2017, China alone installed more than 30 GW and Europe crossed the 100 GW mark for installed solar PV capacity. This is proof enough that the major countries are moving towards clean energy adoption, likely to be followed by emerging economies”- Principal Analyst, Chemicals Industry, Future Market Insights
Collaborations & Long-Term Agreements Key Strategies to Augment Production & Market Footprint
Produced using the Siemens process and fluidized bed reactor (FBR), polysilicon manufacturers are focused on enhancing their market share and presence by offering innovative, improved, and efficient products. Also, demand for consumer electronics, such as tablets, smartphones and other devices, among others, is expected to substantially increase across the globe. This increasing demand for advanced electronics products will drive the polysilicon market in the next eight years. Manufacturers are also emphasizing on overseas business development and sales, apart from the domestic market footprint. Expansions and investments are some core strategic initiative adopted by key players operating in the polysilicon market including Xinte/TBEA, New Synthetic, Wacker Chemie, and GCL-Poly Energy Holdings Ltd. Manufacturers have also entered into long-term agreements with direct end-users, such as solar panels, electronics and consumer electronics, and product manufacturers. Adopting an advance market strategy, many companies are now venturing into semiconductors and photovoltaic industries.
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In terms of regional landscape, China followed by SEA is likely to dominate the global market for polysilicon for the next eight years. This can mainly be attributed to growing investments for solar energy development, which in turn, will elevate polysilicon demand for manufacturing of photovoltaic panels. However, the polysilicon market in these regions will largely remain affected owing to the plant shutdowns, antidumping, and countervailing activities on polysilicon and solar panels by US– affecting the sales of Chinese solar PV cells in the US market.
For a better understanding of the competitive landscape of the polysilicon market, write in to expert analysts of Future Market Insights at email@example.com