The Global Cadmium Telluride Photovoltaic Market was calculated to be US$ 10.60 billion in 2023 and is foreseen to reach over US$ 21.30 billion by 2029, with a CAGR of 14.97% during the forecast period 2024 and 2029.
Market Overview:
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 2021 and 2026.
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.
Market Recent Developments:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 – 2029 |
|
Base Year |
2023 |
|
Forecast Period |
2024 - 2029 |
|
CAGR |
14.97% |
|
Segments Covered |
By Application, & Region. |
|
Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
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. |
Market Segmentation:
In 2022, 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.
Market Regional Analysis:
The Cadmium Telluride Photovoltaic Report includes the segmentation of Regions with their respective Countries.
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.
Market Key Players:
Some key manufacturers of the global cadmium telluride photovoltaic market include
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1800
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region