The Increasing Demand for Solar Photovoltaic (PV) Technology is Fueling Growth In The Global Solar-Grade Polysilicon Market

Published: Feb 2024

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.

  • What is the market growth rate?
  • Which segment and region dominate the market in the base year?
  • Which segment and region will project the fastest growth in the market?
  • Who is the leader in the market?
  • How are players addressing challenges to sustain growth?
  • Where is the investment opportunity?

Global Solar Grade Polysilicon Market Report Segment

By Type

  • Granular Polysilicon
  • Polysilicon Rod
  • Polysilicon Chunk
  • Others (Polysilicon Chip and Polysilicon Fines)

By Application

  • Monocrystalline Ingot/Wafer and Cells
  • Multi Crystalline Ingot/Wafer and Cells
  • Novel Wafer Applications 

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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