Global Polysilicon Market Size is anticipated to grow at an impressive CAGR between 2018-2023, states the latest Market Research Future (MRFR) report. Polysilicon or polycrystalline silicon, or poly-si, simply put, is a polycrystalline type of silicon of a high purity that is utilized as a raw material both for electronics and photovoltaic industries. Owing to its semiconductor properties, it is widely used for making PV or photovoltaic panels. Besides, Polysilicon also finds extensive application in conductors, resistors, integrated circuits, electronic gates, and others.
Various factors are propelling the Polysilicon Market Growth. Such factors, according to the latest Market Research Future report, include tax exemptions offered by various local and state governments in the solar PV industry, fall in the prices of raw materials, increasing production of mono-silicon, various technological advancements, and initiatives undertaken by the government of various countries to reduce carbon footprints and boost the consumer electronics production. Additional factors propelling the growth of the Polysilicon Market include forthcoming clean energy projects in different countries, increasing utilization of electronic-grade Polysilicon to manufacture power conversion devices and electronic circuits, booming electronics and solar PV industry, rising demand for photovoltaic applications, and burgeoning demand for Polysilicon in the semiconductor industry. Moreover, urbanization, improved living standards, and increasing population have led to the increased need for power, which in turn is boosting the Polysilicon Market Growth.
On the contrary, lack of proper anti-dumping policies and high capital investments for setting up Polysilicon production plants are factors that may restrict the Polysilicon Market growth during the forecast period.
Notable Players Profiled in the Polysilicon Market Report include Tokuyama Corporation (Japan), Osaka Titanium Technologies Co. Ltd (Japan), Qatar Solar Technologies (Qatar), SunEdison Inc. (US), Daqo New Energy Corp. (China), OCI Solar Power LLC (US), REC Silicon ASA (Norway), GCL-Poly Energy Holdings Limited (China), Mitsubishi Polycrystalline Silicon America Corporation (US), Hemlock Semiconductor Operations & Hemlock Semiconductor (US), and Wacker Chemie AG (Germany). Key Players have incorporated specific strategies to strengthen their position in the market, such as joint ventures, agreements, partnerships, and new technological advancements.
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The Market Research Future report provides an all-inclusive segmental analysis of the Polysilicon Market on the basis of Structural Form, End Use Industry and Manufacturing Technology.
By Manufacturing Technology, Global Polysilicon Market is segmented into upgraded metallurgical-grade silicon process, fluidized bed reactor process, and Siemens process. Of these, the Siemens process will dominate the market during the forecast period as this process helps to produce Polysilicon material of the highest quality.
By End Use Industry, Global Polysilicon Market is segmented into electronics, solar power generation, and others. Of these, the solar PV segment will lead the market during the forecast period for the adoption of energy sources that are sustainable coupled with increasing awareness.
By Structural Form, Global Polysilicon Market is segmented into rods, granules, chunks, and chips.
By Region, the Polysilicon Market report covers the latest trends and growth opportunities across Europe, North America, the Middle East and Africa, Latin America, and Europe. Of these, the Asia Pacific region will dominate the market during the forecast period. Rapid urbanization, coupled with the growing demand for Polysilicon in end-use industries, especially electronics and solar power generation, are adding to the market growth. Japan, China, and South Korea are the leading electronic component producers, and again, China is the biggest supplier as well as producer of solar PV installations across the world, which is also adding to the market growth.
The Polysilicon Market in North America will have the second-largest share in the market during the forecast period for the initiatives undertaken by the government for using renewable sources of energy, especially solar energy.
The Polysilicon Market in Europe will have moderate growth during the forecast period for the growing demand for consumer electronics in this region.
The Polysilicon Market in Latin America and the Middle East and Africa will have notable growth during the forecast period for infrastructural developments in Qatar and the UAE, and rapid industrialization.
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