The global polysilicon market is expected to grow at an impressive CAGR of more than 13% during the forecast period, according to Technavio's latest market research.
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Technavio has published a new report on the global polysilicon market from 2017-2021. (Graphic: Business Wire)
In this market research report, Technaviocovers the market outlook and growth prospects of the global polysilicon market for 2017-2021. The report has segmented the market into two application segments, including photovoltaics and electronics.
Technavio's research analysts segment the global polysilicon market into the following regions:
- APAC
- North America
- Europe
- ROW
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APAC: largest polysilicon market
Due to the significant economic growth in APAC, the key application industries of polysilicon, such as the solar photovoltaic are flourishing in this region. The rising investments in renewable energy integration programs in APAC have fueled the growth of the solar photovoltaic market. There is an increased installed capacity in APAC in the recent years that has assisted it to surpass Europe in the photovoltaic market.
"The market in APAC continues to grow faster than that of Europe, Central America, and South America as most of the producers of electronics are concentrated in this region. The top electronics fabrication materials manufacturing countries in APAC are South Korea, Japan, China, and Taiwan. The global demand for semiconductors is increasing because of the rising demand for smartphones, tablets, televisions, wireless communications infrastructure, network hardware, computers, and electro-medical devices," says Kshama Upadhyay, a lead expert from Technavio for plastics, polymers, and elastomers.
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Polysilicon market in North America
There is an increase in the number of solar PV installations in the US and Canada. This will contribute to the rapid growth of the polysilicon market in North America during the forecast period. Low-carbon energy consumption resources that include wind, solar, biomass and geothermal are gaining popularity in the region. In 2016, in North America, renewable energies accounted for 140 GW (gigawatts) of the total energy consumption. Solar capacity addition in 2016 was 14.5 gigawatts, which was almost double the solar energy production in 2015.
"In North America, the US and Canada are the major countries that contribute to the growth of the electronics fabrication materials market. There is a high requirement for electronic fabrication materials from leading companies such as Micron Technology and NXP Semiconductors. The demand for semiconductor fabrication materials for manufacturing is increasing in the US as it is one of the leading producers of consumer electronics," says Kshama
Polysilicon market in Europe
In the European market, moderate growth opportunities are provided by key end-user segments such as solar photovoltaic and semiconductor industries. The various industrial sectors will experience an impact due to the changes in socio-political and economic conditions brought about by Brexit. A major contributor to the industrial development of the UK would be the country's relationship with other countries and renegotiation of trade agreements.
The sales of semiconductor manufacturing equipment in Europe is increasing. This is because several countries in Europe, especially the European Union member nations, have at least one semiconductor fabrication materials unit. The European Union comprises major polysilicon fabrication materials manufacturing countries such as Germany, Ireland, Switzerland, France, and the Netherlands. Germany is one of the key markets for automobiles, industrial electronics, and medical electronics.
The top vendors in the global polysilicon market as highlighted in this market research analysis are:
- DAQO NEW ENERGY
- GCL-Poly Energy Holdings
- REC Silicon
- Tokuyama Corporation
- Wacker Chemie
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