Rising demand from the automotive industry is expected to benefit Polysilicon market

Date: 8 May 2020

According to a research report published by Azoth Analytics in April 2020, the Global Polysilicon Market was valued at USD 7426 Million in the year 2019. Flourishing solar photolytic and electronic industry along with increasing urbanization is expected to drive the growth of global Polysilicon market. Growing penetration in electricity or power generation in the semi-urban and urban areas is stimulating the growth of global solar photovoltaic cell business. Solar energy projects are expected to increase at a rapid pace due to increasing favorable policies and investments by the government.

Favorable growth of the semiconductor industry is another major factor fueling the growth of global Polysilicon market. There has been considerable increase in investments for automation, in order to advance the overall productivity. Rising demand from the automotive industry is expected to benefit Polysilicon market in the forthcoming years.

According to the Azoth Analytics Research Report on Global PolysiliconMarket, Asia Pacific holds the largest market share of Polysilicon market owing to rapid growth in solar industry, semiconductor industry and high GDP growth rate. It is anticipated that Asia Pacific will remain the market leader during the forecast period. Asia-Pacific is home to many developing countries, including China and India, where there is considerable growth in solar Photovoltaic (PV) market. Japan is the major solar PV installations markets in the region. The region is also the global centre for the manufacture of solar energy system, with Japan, China being the major manufacturers and home to some of the top global solar PV supplier companies.

Among the Application segment in the Polysilicon market (Solar Photovoltaic and Semiconductors), Solar Photovoltaic has been gaining popularity among other segments and is expected to keep major market share in the forecast period because of the adoption of energy sources that are sustainable coupled with increasing awareness. Moreover, governments of various countries are offering several subsidies, tax exemptions to both, manufacturers and end-users of the solar PV market. Governments are focused on reducing emissions from power plants by switching to cleaner solar energy which is driving the growth of the solar PV market.

Based on Manufacturing Technology (Siemens Process, Fluidized Bed Reactor Process and Upgraded Metallurgical Grade Silicon Process), Siemens Process dominates the market share in year 2019 and is also expected to show dominance during the forecast period. This is because, cell manufacturers are requiring higher-quality Polysilicon to meet the efficiency road maps, such that the lower material costs and potential for improved margins presented by FBR along with other Polysilicon technologies are overshadowed by industry standards having shifted toward higher-purity Polysilicon, namely 9N and above. 

The Azoth Analytics Research Report on Global PolysiliconMarket has been analysed  By Application (Solar Photovoltaic and Semiconductors), By Manufacturing Technology (Siemens Process, Fluidized Bed Reactor Process and Upgraded Metallurgical Grade Silicon Process), By Region (North America, Europe, and Asia Pacific) and By Country (United States, Canada, India, China, Japan, South Korea, Germany, France, Spain and Italy).

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