Global solar grade polysilicon market is anticipated to grow at a CAGR of 15.8% during the forecast period (2024-2031). The growing demand from the solar PV industry is the primary driver for the solar-grade polysilicon market owing to its significance for manufacturing solar cells. According to the International Energy Agency (IEA), this industry accounts for almost two-thirds of the net power capacity across the globe. As consumers and businesses prioritize sustainability, there is an increased demand for solar energy solutions, driving the need for polysilicon to produce solar panels. According to the International Renewable Energy Agency (IRENA), solar power remains the fastest-growing renewable energy across the world, thus representing over half of the 3,064.0 GW of renewable capacity installed internationally in 2021. Also, in 2021, IRENA reported a 19.0% increase in global solar capacity expansion with an additional installation of 133.0 GW globally.
Browse the full report description of “Solar Grade Polysilicon Market Size, Share & Trends Analysis Report By Type (Granular Polysilicon, Polysilicon Rod, Polysilicon Chunk, and Others (Polysilicon Chip And Polysilicon Fines)) By Application (Monocrystalline Ingot/Wafer And Cells, Multi Crystalline Ingot/Wafer and Cells, And Novel Wafer Applications) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/solar-grade-polysilicon-market
The expansion of PV manufacturing outside of China diversifies the supply chain, enhancing resilience and creating opportunities for polysilicon producers to supply emerging markets, expanding their market reach. As PV manufacturing capacity expands outside of China, there is a growing demand for polysilicon in these emerging markets. Polysilicon manufacturers can capitalize on this demand by establishing strategic partnerships or supply agreements with PV manufacturers in regions such as Southeast Asia, India, Europe, and the US.
Additionally, the localization of PV manufacturing in regions with abundant solar resources can lead to increased deployment of solar energy systems. As a result, there is an increased demand for polysilicon, which serves as a crucial material to produce solar panels. According to the International Energy Agency (IEA), as in previous years, China ranks first with exceptional growth, nearly doubling 2021 volumes to install 105.5 GWdc in 2022, with evenly balanced contributions from centralized and distributed systems. The Chinese market represented 45.0% of the global installation in 2022, while the total installed capacity in China reached 414.0 GW.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Type
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape - Tongwei Solar Co., Ltd., GCL Technology Holdings Limited, Daqo New Energy, Xinte Energy, Wacker Chemie AG, and OCI Solar Power.
Key questions addressed by the report.
Global Solar Grade Polysilicon Market Report Segment
By Type
By Application
Global Solar Grade Polysilicon Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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