The polycrystalline silicon market has been gaining traction over the recent times owing to widespread applications of polycrystalline silicon in the solar photovoltaic (PV) industry. Polycrystalline silicon, also known as multicrystalline silicon, is a material made from pieces of silicon crystal that are joined together and used to produce solar-grade silicon or poly silicon used in solar photovoltaic cells. It is cost-effective compared to monocrystalline silicon and provides high conversion efficiency of solar energy into electricity.
The global polycrystalline silicon market is estimated to be valued at US$ 12.4 Bn in 2024 and is expected to exhibit a CAGR of 13% 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 companies are focusing on expanding their production facilities and investments in R&D activities to introduce more efficient polycrystalline silicon products.
The growing Polycrystalline Silicon Market Demand for renewable energy owing to rising energy consumption and climate change concerns has opened new avenues for polycrystalline silicon producers. Government policies and incentives promoting solar PV installation are encouraging solar panel manufacturers to increase polycrystalline silicon usage.
Advancements in production technologies have allowed manufacturers to reduce the cost of polycrystalline silicon production. Emerging metallurgical grade and chemical grade polysilicon production processes are enabling higher efficiencies. New designs of solar cells using polycrystalline silicon are also boosting the conversion efficiency.
Market drivers
Growing solar PV installation is a key driver bolstering polycrystalline silicon demand. According to IEA, the global solar PV capacity is expected to increase over four-fold between 2020 and 2031. This rising capacity addition will necessitate higher production of solar-grade polycrystalline silicon. Favorable government policies providing subsidies for rooftop solar panels and utility-scale projects are encouraging commercial and residential consumers to adopt solar energy. Supportive regulatory environment is positively influencing the polycrystalline silicon market.
Current Challenges in Polycrystalline Silicon Market
The Polycrystalline Silicon Market Challenges And Opportunities faces a few challenges currently. Supply chain disruptions caused by the pandemic have impacted the supply of raw materials for manufacturers. High dependence on China for raw material supply is also a concern. Fluctuating prices of raw materials like trichlorosilane drive up production costs as well. Sustaining a consistent quality in mass production is another issue faced. With increasing renewable energy goals, scaling up capacity to meet the rising demand for solar panels remains a key challenge.
SWOT Analysis
Strength: Ability to mass produce silicon at lower costs than single crystal silicon. Its multicrystalline structure makes it suitable for photovoltaic applications.
Weakness: Lower efficiency levels compared to monocrystalline silicon. Impurities exist at grain boundaries affecting performance.
Opportunity: Growing demand for polycrystalline silicon driven by expansion of solar PV sector worldwide. New applications in electronics and semiconductor industries.
Threats: Market dominance of few manufacturers increases price volatility. Trade barriers and policies influencing raw material supply.
Geographical Regions of Concentration
The Asia Pacific region dominates the polycrystalline silicon market in terms of value, accounting for over 50% share. China is the global leader in both polycrystalline silicon production and solar photovoltaic manufacturing. Other Asian countries like South Korea, Japan and Malaysia are also major producers.
Fastest Growing Geographical Region
The Middle East and Africa region is projected to be the fastest growing market for polycrystalline silicon at an estimated CAGR of over 15% during the forecast period. This is attributed to ongoing renewable energy projects focused around expanding solar power generation capacity across the region. Nations like Saudi Arabia, UAE, South Africa are aggressively promoting solar as a means to diversify their energy mix and drive economic growth.
For More Insights Discover the Report In language that Resonates with you
Get more insights: Polycrystalline Silicon Market
Explore more article: Packaging Adhesives Market
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
