The North America Polysilicon Market would witness market growth of 13.0% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 96.6 Kilo Tonnes, showcasing a growth of 11.1% (2019-2022).
The market, a critical component of the solar energy ecosystem, plays a pivotal role in producing solar photovoltaic (PV) cells, semiconductor devices, and various electronic applications. As the region grapples with the urgent need for sustainable energy solutions, the demand for polysilicon continues to surge, driven by the solar industry's expansion, technological advancements, and a growing emphasis on renewable energy sources. As per the International Energy Agency, more than one-third of total electricity generation is projected to come from renewable sources by early 2025, surpassing coal.
In addition, the adoption of polysilicon is intricately linked to the rapid expansion of the solar industry, which has experienced a remarkable boom in recent years. Governments, businesses, and consumers increasingly turn to solar power as a clean and sustainable alternative to traditional energy sources. Concerns over climate change, pollution, and the finite nature of fossil fuels fuel the environmental consciousness driving this shift. Using the photovoltaic effect, these cells transform sunlight into electrical energy and serve as the foundation of solar energy systems implemented in commercial, industrial, and residential environments.
Canada has witnessed increased utility-scale solar projects, especially in provinces with favorable solar conditions. Solar energy has become more prevalent in both residential and commercial settings. As per the data published in 2023 by Statistics Canada, solar power fed the electricity grid in seven provinces and two territories in 2022. Ontario (2.3 million MWh) generated the most solar energy in 2022, followed by sunny Alberta (851,374 MWh) and Saskatchewan (30,097 MWh). Nationally, solar power generation has increased by over half (+55.7%) since 2017 to 3.2 million MWh. Thus, North America's rising solar energy sector will lead to increased demand for polysilicon in the region.
The US market dominated the North America Polysilicon Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,277.7 Million by 2030. The Canada market is experiencing a CAGR of 15.5% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 14.5% during (2023 - 2030).
Free Valuable Insights: The 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 U.S., Mexico, Canada, and Rest of North America.
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, kilo Tonnes, USD Billion, 2019-2030)
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