The Asia Pacific Polysilicon Market would witness market growth of 13.9% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 524.8 Kilo Tonnes, showcasing a growth of 11.9% (2019-2022).
A notable development in the market is the continuous expansion of solar installations across the globe. Government policies and incentives favorable to solar energy and a growing consciousness regarding its environmental advantages have contributed to an upsurge in solar-powered initiatives. This trend is expected to continue due to the increasing incorporation of solar energy into global energy portfolios.
Additionally, the market has witnessed a notable shift towards multicrystalline silicon, a type of polysilicon known for its cost-effectiveness and improved efficiency. Manufacturers increasingly adopt multicrystalline silicon technologies to meet the growing demand for solar modules with enhanced performance characteristics. Multicrystalline silicon is derived from casting multiple crystals together during the ingot growth. This manufacturing technique results in a structure comprising multiple crystal grains instead of the single crystal structure of monocrystalline silicon. While multicrystalline silicon may have some grain boundaries, it offers advantages in terms of cost-effectiveness and production efficiency.
Government initiatives supporting the electronics manufacturing sector, such as the Production-Linked Incentive (PLI) scheme for electronic manufacturing, can further stimulate the growth of semiconductor and solar manufacturing in the country. These initiatives can create a conducive environment for increased its consumption. Moreover, as per the data from Invest India, the nation’s domestic electronics production is expected to reach $ 300 Bn by FY26. India’s domestic production has increased at a growth rate of 13% from $49 Bn in FY17 to $101 Bn in FY23. By FY26, the nation's exports of electronic goods are expected to reach $120 billion. Hence, the growing electronics sector in the Asia Pacific will help in the expansion of the regional market.
The China market dominated the Asia Pacific Polysilicon Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7,155.3 Million by 2030. The Japan market is registering a CAGR of 12.9% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 14.6% during (2023 - 2030).
Free Valuable Insights: The Global Polysilicon Market is Predict to reach $37.9 Billion by 2030, at a CAGR of 13.6%
Based on Application, the market is segmented into Solar PV (Multicrystalline Solar Panel, and Monocrystalline Solar Panel), and Electronics (Semiconductor). Based on countries, the market is segmented into China, Japan, India, South Korea, Taiwan, Australia, and Rest of Asia Pacific.
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, kilo Tonnes, USD Billion, 2019-2030)
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