Market Size of Polysilicon Industry
![Polysilicon Market - Market Summary](https://s3.mordorintelligence.com/polysilicon-market/1668433279231_polysilicon-market_Market_Summary.webp)
Study Period | 2018 - 2028 |
Market Size (2023) | USD 12.80 Billion |
Market Size (2028) | USD 23.80 Billion |
CAGR (2023 - 2028) | 13.21 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia Pacific |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
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Polysilicon Market Analysis
The Global Polysilicon Market size is expected to grow from USD 12.80 billion in 2023 to USD 23.80 billion by 2028, at a CAGR of 13.21% during the forecast period (2023-2028).
COVID-19 negatively affected the market studied in 2020. Considering the government-imposed lockdowns, solar projects across the world were temporarily halted during the pandemic. However, the demand for the market studied recovered significantly in 2021 and is expected to grow at a significant rate in the coming years.
- Over the short term, the major factor driving the market studied are the increasing number of solar photovoltaic (PV) installations and growth in the semiconductor industry.
- However, emerging competitors, such as upgraded metallurgical-grade silicon (UMG-Si) solar cells and high capital expenditure, are likely to hinder the market.
- Technological advancement in the production process is likely to be a major opportunity in the global polysilicon market over the forecast period.
- Asia-Pacific is expected to dominate the global polysilicon market and is also expected to be the fastest-growing market during the forecast period owing to the increasing consumption of countries such as China and India.