According to a new report, published by KBV research, The Global Polysilicon Market size is expected to reach $37.9 billion by 2030, rising at a market growth of 13.6% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,163.3 Kilo Tonnes, experiencing a growth of 11.7% (2019-2022).
Recent advancements in multicrystalline silicon technologies have improved efficiency levels, approaching those historically associated with monocrystalline silicon. Enhanced manufacturing processes and material quality improve the performance of multicrystalline silicon solar cells, narrowing the efficiency gap with monocrystalline alternatives.
Moreover, efficient recycling methods for polysilicon waste have become a focal point in the polysilicon market’s research and development (R&D) initiatives. This focus is driven by the dual objectives of enhancing sustainability and reducing costs associated with manufacturing by-products. Researchers are actively exploring innovative technologies that enable the recovery of valuable materials, thereby contributing to a more sustainable and economically viable polysilicon production process.
Purification residues, including impurities and undesired elements, are targeted for recycling. R&D explores methods to treat these residues, either converting them into usable materials or safely disposing them with minimal environmental impact. A key research area is developing closed-loop systems that efficiently recycle purification residues into the production process. This approach minimizes waste and enhances overall resource efficiency.
The Electronics (Semiconductor) segment is experiencing a CAGR of 14.7% during (2023 - 2030). The automotive industry's increasing reliance on electronic components, such as sensors, control systems, and infotainment systems, has fueled demand for semiconductors. Polysilicon is integral to semiconductor manufacturing, supporting innovations in automotive electronics. As per Invest India, the nation's electronics production will be $300 Bn by FY26. The domestic production of electronics is valued at $101 Bn in FY23 and is segmented (based on FY22 data) as Mobile Phones (43%), IT Hardware (5%), and Consumer Electronics (12%). Therefore, these aspects will boost the demand in the segment.
Full Report: https://www.kbvresearch.com/polysilicon-market/
The Asia Pacific region dominated the Global Polysilicon Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $23.7 Billion by 2030. The Europe market is poised to grow a CAGR of 12.5% during (2023 - 2030). Additionally, The North America market would witness a CAGR of 13% during (2023 - 2030).
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