MRFR (Market Research Future) suggests that the polysilicon market should gain considerable impetus between 2020 and 2027 (analysis period).
Significant Boosters and Key Challenges
With consumer preferences continuously evolving and the need for sustainable and cleaner environment soaring, the use of solar technology in the residential as well as industrial sector has mounted rapidly worldwide. This has been favorable for the raw material sector, including polysilicon. Polysilicon is extensively deployed in the electronics sector as well, for manufacturing a variety of electronics components. The key applications are in resistors, conductors, ohmic contacts for shallow junctions and Integrated Circuits and electronic gates (MOSFETS and CMOS). Semiconductor and electronics industries are some of the leading end-use industries in the polysilicon market and are consistently driving the growth. Technical advances and the large-scale electronic manufacturing and sales will render the polysilicon market quite lucrative in the following years.
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Furthermore, exploding global population, improving economic status of various countries and the heightened demand for durable and modern gadgets also benefit the worldwide market. Meanwhile, the competitive landscape of the global market is considerably intense, given that the companies are constantly making strategical moves such as expansions, agreements, and partnerships to elevate their rankings.
The segment study of the polysilicon market is done by end-use industry, manufacturing technology, and structural form.
The manufacturing technology-based segments of the global polysilicon market are fluidized bed reactor process, Siemens process, and upgraded metallurgical-grade silicon process. The siemens process segment can surge at considerable CAGR.
The end-use-industry-based segments of the global polysilicon market are electronics, and solar power generation among others. The upscaling demand for photovoltaic cells for solar power generation can support rise of the market.
The structural form-based segments of the global polysilicon market are granules, chips, chunks, and rods. The rods segment can rise at healthy CAGR by 2023. The granules segment can acquire decent revenue by 2023.
Global Polysilicon Market – Geographical Analysis
The Asia Pacific region dominates the global Polysilicon market. The largest market share attributes to the rapid urbanization and high demand from end-use industries such as solar power generation and electronics. Moreover, burgeoning solar power and electronics industries in the region create enormous market demand. Additionally, increasing government expenditure to increase solar power production contributes to the growth of the regional market.
China is the key producer and supplier of solar PV installations worldwide, followed by India. Also, China, India, South Korea, and Japan are the major electronic component producers, which are likely to boost the demand for polysilicon. The spurting growth in the electronics industries led by the augmenting sales of consumer electronics in the region drives the consumption of polysilicon. The APAC Polysilicon is projected to retain its dominance over the market throughout the estimated period.
North America stands second in the global polysilicon market. The market growth is driven by the rising demand for energy and government initiatives to promote renewable energy sources such as solar energy. Besides, factors such as the increasing investments in the electrical and electronics industry led by the rising demand for consumer electronic devices in the region foster regional market growth.
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Also, the vast consumption of polysilicon in transportation, aircraft, and the automotive sector acts as a significant tailwind for the regional market growth. The North American Polysilicon market is expected to create a substantial revenue pocket during the assessment period.
The polysilicon market in the European region is growing briskly. Factors such as the increasing demand for consumer electronics and solar energy in the region drive market growth. Moreover, the rapid industrialization and infrastructural developments in the region, push the growth of the market. Furthermore, the aircraft, aerospace, and automobile manufacturing industries in the region accelerate the regional market growth, witnessing the rising demand for solar-powered vehicles. The European polysilicon market is forecasted to show promising growth prospects over the review period.
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