POLYCRYSTALLINE SILICON MARKET ANALYSIS

Polycrystalline Silicon MarketSize and Trends

Global polycrystalline silicon market size is expected to be valued at US$ 9.64 Bn in 2023, and is estimated to reach US$ 23.24 Bn by 2030 at a CAGR of 13.4% from 2023 to 2030. 

Global polycrystalline silicon market growth is driven by increasing demand for solar photovoltaics (PV) and growing use of polycrystalline silicon in the electronics industry.

The solar PV industry is the largest consumer of polycrystalline silicon, and thus, account for over 90% of the global demand. There has been rising demand for solar PV due to increasing need for clean and renewable energy sources. The global polycrystalline silicon market is expected to grow at a CAGR of 11.4% from 2022 to 2030.

Global Polycrystalline Silicon Market- Trends

• Increasing Solar Energy Capacity: The global capacity of solar energy installations was experiencing significant growth. As solar power became more cost-effective and competitive, there has been increase in demand for polycrystalline silicon, which is a key material used in the production of solar panels.
• Shift towards Monocrystalline Silicon: While polycrystalline silicon dominated the solar market for many years due to its lower production costs, there was a gradual shift towards monocrystalline silicon panels. Monocrystalline panels offered higher efficiency and a smaller footprint, thus, making these increasingly attractive to consumers and businesses looking for higher energy yields in limited spaces.
• Technological Advancements: Continuous research and development efforts in the solar industry leads to improvements in polycrystalline silicon manufacturing processes and solar cell efficiency. Advanced manufacturing techniques such as PERC (Passivated Emitter and Rear Cell) technology, enhanced the performance of polycrystalline silicon-based solar cells.
• Sustainability and Environmental Concerns: With growing environmental awareness, consumers and industries are increasingly inclined towards sustainable and eco-friendly solutions. Polycrystalline silicon, being a crucial material in renewable energy production, aligned with the new trend and contributed to the popularity of solar energy as a clean energy source.