Cadmium Telluride Photovoltaic Market

Global Cadmium Telluride Photovoltaic Market Size (2024 to 2032)

The Global Cadmium Telluride Photovoltaic Market was calculated to be USD 10.60 billion in 2023 and is foreseen to reach over USD 37.20 billion by 2032 from USD 12.19 billion in 2024 with a CAGR of 14.97% during the forecast period 2024 and 2032.

Current Scenario of the Global Cadmium Telluride Photovoltaic Market

Cadmium telluride (CdTe) is highly accepted and is now one of the most widely employed solar cell materials in the world. They are arguably the first and only thin film photovoltaic (PV) technology to outperform crystalline silicon solar PV due to their low cost in a large part of the worldwide photovoltaic market. A cadmium telluride solar cell also called photovoltaic cadmium telluride or thin-film cadmium telluride - is a photovoltaic device that produces electricity from light using a thin film of cadmium telluride. It finds use in infrared optical equipment and solar cells that are employed in optical lenses and windows. It is also employed in photovoltaic cells to convert sunlight into electricity. The call for CdTe-based products has gained enormous momentum over the last decade as they are relatively cheaper and require simplified manufacturing compared to other materials. These products are also employed in electro-modulators because they have a higher electro-optic coefficient than other compounds.

MARKET DRIVERS

The global cadmium telluride photovoltaic market is primarily driven by the growing call for solar photovoltaic cells.

The depletion of conventional energy sources has created lucrative opportunities for the worldwide CdTe market, in terms of a growing call for energy derived from renewable sources. Since solar cells represent an important application segment for CdTe, the escalating reliance on them will also accelerate the pace of profits for companies operating in the market. Nevertheless, factors like the abundant availability of cadmium, ease of making, and the fact that CdTe can absorb sunlight near its perfect wavelength will continue to create business opportunities. Growing consumer awareness, coupled with growing government investments in renewable energy, especially solar energy, is a major factor that is predicted to drive the expansion of the global cadmium telluride photovoltaic market. Additionally, the introduction of feed-in tariff (FIT) by developing countries such as China and India is driving a growing call for cadmium telluride in solar cells, another factor that is predicted to drive worldwide market expansion during the foreseen period.

MARKET RESTRAINTS

In spite of the positive expansion opportunities, stringent regulatory policies, tellurium supply shortages, and the comparably low level of efficiency related to cadmium telluride could dampen industry expansion throughout the foreseen period between 2024 and 2032.

MARKET OPPORTUNITIES

With governments around the world escalating their investments and initiatives in the solar energy sector, the future of the worldwide CdTe market looks quite bright.

Also, the escalating adoption of cadmium telluride in the electro-optic modulator, due to the high electro-optic coefficient, is another factor that is predicted to further support the expansion of the target market during the outlook period. In addition, escalated construction and rebuilding activities around the world and a growing call for piezoelectric semiconductors and light-emitting diodes are among other factors that are predicted to further support market expansion to some extent. Additionally, the rising call from various end-use industries, due to the wide applicability of cadmium telluride in solar photovoltaic, optical lenses and windows, electro-optical modulator, and nuclear spectroscopy is another factor supposed to drive market expansion over the envisioned period.

MARKET CHALLENGES

However, strict government regulations related to the harmfulness of cadmium and decreased productivity of cadmium telluride solar cells are important factors likely to hamper the expansion of the world market during the forecast period. Furthermore, the high cost of mining tellurium is another factor that is likely to limit global market expansion to some extent.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Cadmium Telluride Photovoltaic Market Analysis By Application

In 2023, the residential applications of the cadmium telluride photovoltaic market had the largest share worldwide and are predicted to dominate the market in the future. The commercial applications segment is predicted to grow rapidly in the coming years.

REGIONAL ANALYSIS

Europe became the dominant market for cadmium telluride photovoltaic.

The growing call for thin-film solar cells has driven the call for CdTe in the region. However, market expansion in Europe is limited due to the recent economic slowdown in the region. In addition to Europe, the call for thin film solar panels is high in North America, providing lucrative opportunities for the CdTe market. During the foreseen period, the market is predicted to experience attractive prospects in the developing economies of the Asia Pacific and the rest of the world. The call for cadmium telluride in these countries is predicted to grow at a stable rate. The Asia-Pacific region market is likely to grow faster, due to rising government initiatives for the use of renewable energy sources, escalated construction activity, the expansion of solar photovoltaics, and the presence of the main actors operating in the emerging economies of this region. The North American and European markets are predicted to contribute significant revenue shares in the worldwide market. This can be attributed to a well-developed infrastructure and escalated government initiatives for the adoption of renewable energy sources. Furthermore, the expansion of M&A activity between regional and international players is predicted to further support the market expansion in this region during the outlook period.

The cadmium telluride photovoltaic market in Latin America is predicted to register the highest expansion rate in the coming years, due to the escalating industrialization of the region and the greater use of renewable energies. Brazil is estimated to be the largest consumer of cadmium telluride photovoltaic in Latin America. Escalating investments in the solar and wind sectors are predicted to further stimulate this regional market over the estimated period.

KEY PLAYERS IN THE GLOBAL CADMIUM TELLURIDE PHOTOVOLTAIC MARKET

Companies playing a prominent role in the global cadmium telluride photovoltaic market include First Solar, Advanced Solar Power, Antec Solar, Calyxo, CNBM (Chengdu) Optoelectronic Materials, CTF Solar, D2solar, Dmsolar, RSI, UPT Solar, and Willard & Kelsey (WK) Solar, and Others.

RECENT HAPPENINGS IN THE GLOBAL CADMIUM TELLURIDE PHOTOVOLTAIC MARKET

• A new process for manufacturing cheaper CdTe panels. American researchers have come up with the latest manufacturing procedure to create cadmium telluride (CdTe) photovoltaic panels that they say are 45% less expensive than present industry standards.

DETAILED SEGMENTATION OF THE GLOBAL CADMIUM TELLURIDE PHOTOVOLTAIC MARKET INCLUDED IN THIS REPORT

This research report on the global cadmium telluride photovoltaic market has been segmented and sub-segmented based on application and region.

By Application

• Residential
• Commercial
• Industrial
• Utility

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa