Polysilicon Market Trends and Growth Forecast 2024-2030: Key Insights and Future Prospects
The global polysilicon market was valued at approximately USD 37.31 billion in 2023 and is projected to experience robust growth, with a compound annual growth rate (CAGR) of 16.0% from 2024 to 2030. This strong growth is primarily driven by the rapid expansion of the solar power industry, as well as the increasing demand for advanced electronics and semiconductor devices. One of the primary factors fueling the growth of the polysilicon market is the surge in solar energy adoption. As the world transitions toward cleaner and more sustainable energy sources, solar power has emerged as a key solution. The growing shift towards renewable energy, spurred by global efforts to combat climate change, has resulted in a significant rise in the production of solar photovoltaic (PV) cells. Polysilicon is a critical raw material used in the manufacturing of these solar panels, as it forms the essential building block for solar cells. The on...