Polysilicon Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Polysilicon Industry Hit Worst due to Russia-Ukraine War Impact?
The global polysilicon market size is likely to attract high revenue from rising awareness and the adoption of sustainable sources of energy among people. Polysilicon, the short form of multicrystalline or polycrystalline silicon is a highly pure form of silicon used as a raw material by electronics and photovoltaic industries worldwide. Fortune Business Insights™ in their upcoming report titled, “Polysilicon Market Size, Share & Industry Analysis, By Application (Solar Photovoltaics, Electronics) Others and Regional Forecast, 2019-2026,” offers a detailed analysis of the market and its growth trajectories.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Polysilicon Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Polysilicon Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
The report offers an elaborate overview of the market focusing on factors propelling, repelling, challenging, and creating opportunities for the market in the forecast period. It throws light on the market segmentation based on application, other factors, and regional segments. The report also describes the names of the leading segments, and base and future market figures with expected CAGRs. It also offers insights into the market and major industry developments, with current polysilicon market trends, among other useful information. The report lists the names of players operating in the market, and the major strategies adopted by them to reach for the top position in the market.
Increasing Demand for Electronic Devices will Propel Growth
The low cost of digital communication equipment such as laptops, mobile phones, and the increasing disposable incomes of people have increased the demand for electronic devices. The battery used in electronic devices comprises polysilicon, and therefore the increasing demand for electronic and communication devices will help promote the polysilicon market growth. In addition, the increasing demand for solar photovoltaics will also bode well for the market in the coming years.
On the contrary, factors such as high capital investment for establishing polysilicon production units may pose major challenges to the growth of the market in the forthcoming years. Nevertheless, the increasing need for alternate energy solutions is expected to create lucrative growth opportunities for the market. This, coupled with the increasing demand for using renewable energy, supported by government policies will bolster the growth of the market in the coming years.
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Europe and North America Enjoying Dominant Position with government-supported Investments on Using Alternative Energy Sources
The global polysilicon market is categorized into the regions of Europe, Asia Pacific, Latin America, North America, and the Middle East and Africa. Each of these regions is further classified into nations. Among these, Europe and North America are holding larger polysilicon market shares as compared to other regions. This growth is attributed to the heavy investments by governments for the generation of electricity using solar power. Polysilicon is used for producing semiconductors in solar photovoltaic cells or PVCs. On the other side, the Asia Pacific market will also witness remarkable growth on account of the rise in the consumption of communication devices in the region, especially in the developing nations.
On the other side, the Latin America market will rise steadily owing to government initiatives to reduce carbon footprint and promotion of solar photovoltaics. The Middle East and Africa market will also grow substantially owing to continuous advancement in technology and increasing demand for electronics from consumers.
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Increasing Manufacturing Capacity Will Help Players Gain Competitive Edge
Major polysilicon market manufacturers are emphasizing on channelizing their efforts to strengthen their manufacturing capacity in terms of volume. They are therefore investing heavy sums into production volumes to gain momentum in the market. Besides this, players are also adopting other strategies such as mergers and acquisitions, joint ventures, partnerships, contracts and agreements, and other strategies to attract high polysilicon market revenue in the coming years. Furthermore, companies aim at a diverse portfolio to compete for the top position in the market in the forecast duration.
List of Key Players of Polysilicon Market are as follows:
- Wacker Chemie AG
- Daqo New Energy
- Tokuyama Corporation
- GCL Poly Energy Holdings Limited
- REC Silicon ASA
- Qatar Solar Technologies
- Hemlock Semiconductor
- Mitsubishi Materials
- Nitol Solar
- Other Players
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