Polysilicon Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Polysilicon Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for polysilicon is expected to witness a CAGR of more than 5% during the forecast period (2022-2027).

The COVID-19 pandemic negatively affected the current market. Due to COVID in the United States, many residential solar installers, including Sunrun and Sungevity, have been laying off their workers. However, the solar photovoltaic market and the electricity market are expected to regain their momentum for the forecasting period (2022-2027).

• The major factor driving the market studied is the increasing number of solar photovoltaic (PV) installations.
• The solar PV industry is expected to dominate the market studied during the forecast period.
• Asia-Pacific is expected to dominate the global polysilicon market and is also expected to be the fastest-growing market during the forecast period owing to the increasing consumption of countries such as China and India.

• Polysilicon is a key material in the solar PV industry as it is one of the most important feedstock materials used to manufacture silicon-based solar cells.
• The solar PV industry is one of the fastest-growing industries in the world. According to the International Energy Agency (IEA), this industry accounts for almost two-thirds of the net power capacity worldwide.
• Using solar PV to power mini-grids is an excellent way to bring electricity access to people who do not live near power transmission lines, particularly in developing countries with excellent solar energy resources.
• According to the International Renewable Energy Agency (IRENA), total solar PV installations increased, with installed capacity increasing from 583,872 MW in 2019 to 709,674 MW in 2020. Declining installation costs and increased capacity factors have improved the economic competitiveness of solar PV around the world.
• Therefore, the growing solar PV industry is expected to boost the demand for polysilicon in the coming years.

• The Asia-Pacific region represents the largest market for polysilicon and is also expected to be the fastest-growing region during the forecast period.
• Asia-Pacific held the highest market share for solar photovoltaics as of 2021. In 2020, the Chinese market represented nearly 35% of the global solar market. Countries such as India, Vietnam, and Japan showed significant growth in their installed capacities.​
• In the past five years, China's solar photovoltaic (PV) power generation has seen extremely rapid development, and the country's installed capacity and solar power generation now rank top in the world. According to IRETA, China's installed capacity increased from 204,575 megawatts in 2019 to 253,834 megawatts in 2020.
• In 2021, Tata Power Solar bagged orders worth INR 538 crore from state-run Energy Efficiency Services Ltd (EESL) to set up multiple distributed ground-mounted solar projects of approximately 100MW in India.
• As of June 2021, many of the world's largest solar power facilities were located in India and China. In India, Bhadla solar farm, located in the Rajasthan Jodhpur district, has a total production capacity of 2,245 megawatts.​
• Hence, such trends, coupled with rapidly growing end users, are expected to boost the demand for polysilicon in countries of the Asia-Pacific region during the forecast period (2022-2027).

The global polysilicon market is partially fragmented. Some of the major players (not in any particular order) include OCI Company Ltd, REC Silicon ASA, Tokuyama Corporation, Wacker Chemie AG, and Hemlock Semiconductor LLC.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support