Global Polysilicon Market By Type (Series Connection and Parallel Connection), By Application (Photovoltaic and Electronics) By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2033

Market Overview

The global polysilicon market size is expected to be worth around USD 35.3 billion by 2033, from USD 10.3 billion in 2023, growing at a CAGR of 16.7% during the forecast period from 2023 to 2033.

Over the forecast period, growth is expected to be driven by increasing demand for semiconductors and photovoltaics. In the next few years, clean energy policy goals and exemptions from tax in the solar industry will likely increase demand.

Note: Actual Numbers Might Vary In the Final Report

Key Takeaways

• Market Growth Projection: The polysilicon market is projected to surge from USD 10.3 billion in 2023 to an estimated worth of USD 35.3 billion by 2033, growing at a CAGR of 16.7%. This significant growth is attributed to increased demand for semiconductors and photovoltaics.
• Type Dominance: Series Connection holds a substantial market share (over 65%), indicating its popularity among users for linking solar cells, while Parallel Connection follows behind but still maintains a notable portion.
• Application Usage: Photovoltaic technology leads the market (owning over 78%) due to its efficiency and widespread use in solar power generation. However, Concentrated Solar Power (CSP) also retains a significant market share.
• Driving Factors: The increasing interest in green energy and solar power usage acts as a major driver for the polysilicon market. Advancements in technology have also contributed to enhanced polysilicon production efficiency.
• Restraints: Fluctuating costs of raw materials impact market stability. Overproduction might pose challenges, while environmental regulations can affect manufacturing processes, slowing down production.
• Opportunities: Growing interest in solar energy presents opportunities for polysilicon. Innovations leading to cost reduction in polysilicon production and government incentives could further boost the industry.
• Challenges: Political relationships globally can impact market dynamics. Additionally, competition from other energy sources poses challenges. Efficient waste management and eco-friendly manufacturing processes are crucial.
• Regional Insights: Asia Pacific holds the largest market share (63.2%) due to rapid growth in the solar energy sector, technological advancements, and high demand for electronic products. North America and Central & South America are also experiencing significant growth.
• Key Market Players: Wacker Chemie, GCL-Poly, REC Silicon, LDK Solar Co. Ltd., among others, are prominent companies in the polysilicon market. The market is expected to achieve more balance in supply and demand, fostering stability and profitability.

By Type

In 2023, Series Connection was the big winner in the polysilicon market, grabbing over 65% of the market. This method ruled the roost, showing its popularity among users. Meanwhile, Parallel Connection trailed behind but still held a notable portion of the market share.

These segments refer to different ways of linking solar cells, with Series Connection leading the pack due to its prevalent use and reliability.

Application Analysis

In 2023, Photovoltaic was the leader in the market, owning over 78% of it. This method outshone others, being the go-to choice for many users. However, Concentrated Solar Power (CSP) trailed behind but still held a significant market share. These segments represent different solar power generation technologies, with Photovoltaic holding the major chunk due to its widespread use and efficiency.

The manufacture of semiconductors and solar photovoltaic panels is a common use for polysilicon. Due to the upcoming clean energy projects in many countries, the photovoltaic sector is expected to experience exponential growth.

FBR technology is still the best way to make 8 N pure poly-Si. It’s the most efficient method of producing solar-grade silicon (SGSi). FBR technology allows for continuous production and lowers energy consumption. According to REC Silicon, the FBR process allows for SG-Si to be manufactured at a lower cost and reduces energy consumption by 80% compared to the Siemens technology.

Note: Actual Numbers Might Vary In the Final Report

Key Market Segments

By Type

• Series Connection
• Parallel Connection

By Application

• Photovoltaic
• Electronics

Driving Factors

This means more folks are going green and want solar power. That’s a big driver for the polysilicon market. Also, as technology gets fancier, making polysilicon gets more efficient, pushing the market forward.

Restraint Factors

Sometimes, the costs of the stuff needed to make polysilicon go up and down, making things uncertain. There’s also the worry about having too much of it, which can cause problems. And, rules about taking care of the environment can impact how it’s made, slowing things down.

Opportunities

More people are interested in using solar power, which means more opportunities for polysilicon. Also, if smart ideas come along, making polysilicon could become cheaper. Plus, governments might offer perks, giving this industry a boost!

Challenges

The world’s political relationships can affect how things go in the polysilicon market. Also, other energy sources compete with it, making things a bit tough. And there’s a need to figure out how to handle waste and be more eco-friendly while making polysilicon.

Regional Analysis

Asia Pacific held the largest share of 63.2% in 2023 total market share due to its rapid growth in the solar energy sector, technological advances, high GDP growth rates, and growing demand for electronic products. China, Japan, South Korea, and South Korea are the main poly-Si producers in the region.

North America accounted for the second-largest share. It is expected that North America will grow at around 11.2% CAGR over the forecast period. The market has seen a boost from initiatives in the U.S. that aim to reduce carbon footprints and improve the production of consumer electronics. Due to major solar PV installation projects in South America, Chile, Brazil, and Honduras, Central & South America will grow at the second-highest CAGR.

Note: Actual Numbers Might Vary In Final Report

Key Regions and Countries

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share Analysis

Wacker Chemie, GCL-Poly, OIC Chemical, REC Silicon, LDK Solar Co. Ltd., Tokuyama Corporation, SunEdison, DAQO New Energy, Hemlock Semiconductor Group, and TBEA Co. Ltd. are some of the most prominent companies in this market.

Companies in this industry have had to deal with many challenges over the years such as plant shutdowns, antidumping regulations, and oversupply. The market will experience more balance in supply and demand, price stability, profitability, and greater efficiency over the forecast period. Forward integration strategies have been adopted by companies and they are now entering the photovoltaic and semiconductor sectors.

Key Market Players

• High-Purity Silicon America Corporation
• OCI COMPANY Ltd.
• Qatar Solar Technologies
• REC Silicon ASA
• Tongwei Group Co., Ltd
• Tokuyama Corporation
• Wacker Chemie AG
• Xinte Energy Co., Ltd
• DAQO NEW ENERGY CO., LTD.
• GCL-TECH
• Hemlock Semiconductor Operations LLC and Hemlock Semiconductor

Recent Developments

• August 2022: REC Silicon ASA and Mississippi Silicon collaborated to develop a solar supply chain in the United States. They plan to develop this solar supply chain from raw silicon to polysilicon and finally to fully assembled modules.
• April 2022: OCI Company Ltd signed a binding memorandum of understanding (MoU) with the South Korean-based solar manufacturer Hanwha Solutions, which is a unit of Hanwha, for the supply of polysilicon. The order was valued at about USD 1.2 billion. This has helped the company in increasing its profit margins.

Report Scope