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Polysilicon, also called polycrystalline silicon, is a highly pure polycrystalline form of silicon. It is produced from the metallurgical grade of the silicon by a process called the Siemens process. Polysilicon is majorly used as a raw material in the electronics and solar photovoltaics industry. The polysilicon produced for the electronics industry contains impurity less than one part per billion, whereas the polysilicon created for solar photovoltaics is comparatively less pure. The solar photovoltaics industry consumes the majority of polysilicon for the production of solar cells. The increasing demand for harnessing energy from renewable sources is anticipated to grow the polysilicon market.
Key Market Driver -
Growing demand for the production of solar photovoltaics
Key Market Restraint -
High capital investment required for establishing the production plants
The factors expected to drive the polysilicon market is the growing demand for the production of solar photovoltaics. The rising need for alternate energy sources due to the depletion of fossil fuels is expected to increase the demand for solar photovoltaics, which in turn will drive the market. Additionally, the rapid rise in demand for communication devices will support the growth of the market.
The market restraint for the polysilicon market is the high capital investment required for establishing the production plants, which makes it difficult for the new players to enter the market, thereby discouraging the growth of the market.
Based on the application, the polysilicon market is segmented into solar photovoltaics and electronics.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major companies in the global polysilicon market report include GCL Poly Energy Holdings Limited, Wacker Chemie AG, OCI, Hemlock Semiconductor, REC Silicon ASA, Tokuyama Corporation, Nitol Solar, Mitsubishi Materials, Daqo New Energy, Qatar Solar Technologies, and other key players.
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The global polysilicon market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Investment by the governments to generate electricity from solar energy is expected to grow the demand for polysilicon in North America and Europe as it is used in the production of semiconductors for solar PVC. Increasing consumption of communication devices is expected to fuel the growth of the polysilicon market in Asia Pacific. In Latin America, the growth of the polysilicon market is associated with the initiatives taken by the government to reduce carbon footprint, which has led to an increase in the demand for solar photovoltaics, thereby development of the market. The Middle East & Africa will observe growth in the market due to constant advancement in technologies, and the rising demand for electronics from the consumer.
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