Research and Markets: Rapid growth in solar PV drives the polysilicon market

Polysilicon is the initial building block to manufacture solar wafers
Polysilicon is the initial building block to manufacture solar wafers

Research and Markets (Dublin) has published a new report on the global polysilicon market. “Polysilicon Market – Global Forecast to 2021” estimates this market to reach USD 8.90 billion by 2021 at a CAGR of 13%.

The solar PV industry is the fastest growing end-use industry in the global polysilicon market. Increasing consumer awareness coupled with government initiatives for sustainable energy is fuelling the growth of solar PV installations across the world, the market analysts report.

 

Challenges for polysilicon manufacturers

Polysilicon is the building block for more than 90% of the photovoltaic panels globally, and therefore the growth of the solar PV industry is driving the demand for polysilicon. Moreover, polysilicon is also used as a key raw material to manufacture electronic chips.

However, the requirement of high capital expenditure for the establishment polysilicon production plants reportedly creates high entry barriers for the smaller players, which in turn discourages market growth, Research and Markets note. Moreover, declining prices and anti-dumping policies in China are the major challenges for polysilicon manufacturers.

 

Solar PV industry: The fastest growing segment in the polysilicon market

The solar PV industry is the fastest growing end-use industry in the global polysilicon market. Increasing consumer awareness towards sustainability coupled with government incentive programs fuels the demand for solar PV, globally. Moreover, the solar PV market demand is strengthened due to the policy of implementation of reduction in carbon dioxide emissions by the governments of U.S., China and Japan.

Polysilicon is the initial building block to manufacture solar wafers, and the growth of crystalline solar PV installations across the world drives the consumption of silicon wafers, which in turn drives the demand for polysilicon, globally.



Rising demand for solar PV in the Asia-Pacific region

In 2015, the Asia-Pacific region accounted for the largest market share, and is estimated to remain the market leader during the forecast period, 2016 to 2021. High growth in both, the solar PV and electronics wafer manufacturing industries in China, Japan, India, and South Korea, is increasing the demand for polysilicon.


Key companies in the polysilicon market

The key companies profiled in this market research report are GCL-Poly Energy Holdings Limited (Hong Kong), Wacker Chemie AG (Germany), OCI Company Ltd. (Korea), REC Silicon ASA (Norway), Daqo New Energy Corp. (China), Tokuyama Corporation (Japan), Hemlock Semiconductor Corp. (U.S.), SunEdison, Inc. (U.S.), Woongjin polysilicon Co. Ltd. (Korea) and Activ Solar GmbH (Austria).

The report provides detailed description of the application of polysilicon in different end-use industries, such as solar PV and electronics across the world. The solar PV industry is further segmented into monocrystalline and multicrystalline solar panels.

 

2016-10-21 | Courtesy: Research and Markets; Image: WACKER Chemie AG | solarserver.com © Heindl Server GmbH

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