NEW YORK, Jan. 16, 2017 /PRNewswire/ -- The global polysilicon market is anticipated to reach USD 13.56 billion by 2025, according to a new report by Grand View Research, Inc. The growing solar PV (photovoltaic) and electronic industry are expected to propel market demand over the coming years. The FBR technology used in the production of polysilicon has helped to reduce manufacturing cost to a large extent, thus lowering prices of polysilicon in 2014. Increasing solar photovoltaic installations is projected to impact market growth positively. Polysilicon is also used in the fabrication of crystalline silicon wafers, which is the backbone of the microelectronics industry.
Asia Pacific occupied the largest share of the global polysilicon market on account of a vast number of solar installations in countries such as China, India, Japan, and South Korea. The low cost of solar grade polysilicon is expected to propel market demand over the forecast period.
Further Key Findings from the Study Suggest:
Huge investments in renewable energy projects across the world is expected to boost the demand for polysilicon over the forecast period
Asia Pacific is projected to grow at the highest CAGR with China leading the market share
PV capacity expansion projects undertaken in Asia Pacific coupled with the growth of the semiconductor industry is anticipated to complement market growth within the region
North America occupied the second largest share in 2015 on account of high polysilicon demand in the U.S. electronics and solar energy industry
Implementation of anti-dumping policies is anticipated to restrain market growth over the forecast period
The fluidized bed reactor (FBR) technology used for the manufacture of solar grade polysilicon helps to reduce manufacturing cost to a large extent
Some of the companies that have adopted the FBR technology for the manufacture of polysilicon include REC Silicone, GCL Poly, and SunEdison Inc.
According to the International Technology Roadmap for Photovoltaics (ITRPV), FBR technology used in the manufacture of polysilicon is projected to occupy 30% of the market share by 2017
Chinese duties and the oversupply scenario experienced by the polysilicon market in 2013 led to plant shutdowns of company's such as REC Silicon, SunEdison, Hemlock
Companies operating in this market include GCL-Poly, Wacker Chemie AG, OIC Chemical, REC Silicon, Tokuyama, LDK Solar Co. Ltd., Hemlock Semiconductor Group, and TBEA Co. Ltd.
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