Polysilicon Market size was estimated at USD 5.49 billion in 2015 and is expected to reach USD 13.56 billion by 2025, with a CAGR of 10.2%. Polysilicon, known as poly-Si or polycrystalline, is considered to be one of the purest form of silicon material, the second most abundant element available in nature. It consists of silicon crystals that differ from single-crystal silicon, which can be used for electronics and solar cells, it is used as feedstock material in most of the solar power energy applications. Polysilicon also referred to as polycrystalline silicon is a pure form of silicon and is the earth’s most abundantly found element.
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The key driving factors responsible for the growth of Polysilicon
market :
The key factors driving the
market growth of the polysilicon industry are solar cells, emerging economies,
and semiconductor market. Major markets of polysilicon are semiconductor
industry and solar industry. Semiconductor industry polysilicon is transformed
into silicon crystalline substance that results in electric device such as
integrated circuits which forms the key module for electronic products. Multi
or mono crystalline silicon substrates are used for making power cells constituting
of polysilicon substrate as the key component.
Increasing demand for
semiconductors and solar PV (photo voltaic) production is expected to drive the
market growth for polysilicon manufacturers. They are extensively used in
production of silicon solar cells. These Solar PV cells utilize and absorb
sunlight to convert it into power or electricity and hence they are used as
power generation resources. The solar energy demand is increasing owing to the
environmental benefits and cost effectiveness that it provides to the end
users. Solar PV cells do not release any harmful particles into the environment
as compared to other forms of energy resources.
Polysilicon is also used
extensively in semiconductor market due to its high electron carrier mobility which
will allow smaller transistors resulting in efficient and high speed circuits.
Semiconductors are used in many electronic products as an integrated circuit
consists computer processors, memory and special devices for optimum
efficiency. These semiconductors contain polysilicon at low temperature majorly
used in for smaller displays with higher resolution, such as mobile phones and
digital cameras which consist of smaller display.
Developments in technology and
advanced innovations in industries with decreasing manufacturing cost is
expected to steer the market growth over the forecast period. Heavy capital
investment and increasing development and production of substitute technologies
including thin film silicon technology, metallurgical silicon and Fluidized Bed
Reactor (FBR), are expected to pose a major challenge to the market growth.
Increasing cost-effectiveness of
solar PV can be largely attributed to reduction in technology prices, growing
networks of solar installers and innovative financing. Government regulations
and initiatives to encourage solar power generation is also expected to be an
opportunity for the global market Based on the purity grade the polysilicon
market can be segmented into electronic grade, medium grade, and metallurgical grade
silicon. Electronic grade silicon is expected to be the largest segment owing
to its high purity standards and its wide range of applications. These silicon
grades are used in electronic products such as mobile phones, laptops,
computers and others. Medium grade silicon is expected to witness significant
growth rate over the forecast period due to its rising awareness and low cost
as compared to the electronic grade silicon.
Based on the technology for
polysilicon production the global market can be segmented into two forms:
granular polysilicon and chunk polysilicon. Supplies of semiconductor wafers
use Czochralski crystal growth process that converts polysilicon chunks into
particular silicon ingots. These silicon wafers have a wide variety of applications
in integrated circuits. Based on the end user, the global market has been
segmented into Semiconductor industry and PV industry. Semiconductor industry
is expected to be the largest segment on account of technological advancements,
innovations and new product developments that require temperature resistant
material such as polysilicon. PV industry is expected to witness significant
growth owing to the increasing demand for solar panels to produce electricity
according to environmental standards.
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