Chlorosilane Market Size

Chlorosilane Market Size

Chlorosilane Market size for Solar Grade Silicone exceeded USD 5.35 billion in 2021 and is estimated to grow at over 23% CAGR between 2022 and 2028. Increasing number of solar generation plants across the globe owing to increasing global warming due to conventional energy sources is propelling market growth.

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Growing consumer awareness regarding the undesirable effects of use of different conventional sources of energy such as coal and natural gas including increased greenhouse gas emissions. This has increases global warming and resulted in an increased consumer preference toward renewable sources of energy such as solar energy.

Further, increasing carbon dioxide emissions from the use of different fuels in the recent past year are expected to increase the demand and production of solar panels and solar modules over the coming years. Moreover, various disadvantages, such as increased electricity bills, power outages, and low financing costs associated with consumption of electricity generated using conventional sources of energy, will draw consumer attention toward the use of solar energy in the residential sector and supports the expansion of chlorosilane market for solar grade silicone.

In addition, clean energy targets in the corporate & industrial sectors coupled with the increasing efforts by manufacturers to achieve an improved level of sustainability in their manufacturing operations should encourage the use of highly efficient solar systems, in turn, increasing the demand for chlorosilanes for solar grade silicon applications in the region during the forecast period.

The market demand has been boosted by the growing demand for solar energy. Solar energy industry growth is being driven by increased environmental degradation and government incentives and tax refunds to install solar panels. These, solar energy systems' reduced water footprint has also increased their demand in the power generation sector. As a result of an increase in rooftop and architectural installations, the demand for solar cells has increased dramatically which has optimistic effect on the market statistics. The demand for parabolic troughs and solar power towers in the generation of electricity is expected to rise.