The Europe Polysilicon Market would witness market growth of 12.5% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 107.9 Kilo Tonnes, showcasing a growth of 10.8% (2019-2022).
Polysilicon is a primary raw material used in producing silicon wafers, which are the building blocks of semiconductors. Consumer electronics such as smartphones, laptops, and other electronic devices rely heavily on semiconductors. The demand for semiconductors is propelled by the proliferation of consumer electronics, including smartphones, tablets, notebooks, and smart appliances. It, is a key material in semiconductor manufacturing, experiences increased demand as the electronics industry expands.
Moreover, the deployment and expansion of 5G technology requires advanced semiconductor components. The higher data speeds and increased connectivity associated with 5G networks demand semiconductors with enhanced performance, leading to a higher demand for polysilicon. The growth of the Internet of Things, where various devices are interconnected, relies on semiconductors. The automotive industry increasingly relies on electronic components for various applications, including advanced driver assistance systems (ADAS), infotainment systems, and electric vehicle components. This trend boosts the demand for semiconductors and, consequently, polysilicon.
As per the data from Eurostat, the EU reached a 23.0 % share of its gross final energy consumption from renewable sources in 2022, around 1.1 percentage points (pp) higher than in 2021. EU Directive 2023/2413 on the promotion of energy from renewable sources has revised upwards the EU’s 2030 renewable energy target from 32% to 42.5% (with an aim to increase it to 45%). Therefore, EU countries need to intensify their efforts to collectively comply with the new EU target for 2030, which requires increasing the share of renewable energy sources in the EU’s gross final energy consumption by almost 20 pp. Thus, Europe's rising renewable energy sector will boost the demand for polysilicon in the region.
The Germany market dominated the Europe Polysilicon Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,476.6 Million by 2030. The UK market is exhibiting a CAGR of 11.4% during (2023 - 2030). Additionally, The France market would experience a CAGR of 13.4% during (2023 - 2030).
Free Valuable Insights: The Global Polysilicon Market will Hit $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 Germany, UK, France, Russia Netherlands, Italy, and Rest of Europe.
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, kilo Tonnes, USD Billion, 2019-2030)
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