Cadmium Telluride Photovoltaic Market Size, Share & Industry Analysis, By Application (Residential, Industrial & Commercial, Utilities) And Regional Forecast, 2024-2032

Cadmium telluride photovoltaics is also called Cadmium telluride solar cell or cadmium telluride thin film, a photovoltaic device that produces electricity from sunlight by using a thin film of cadmium telluride. Cadmium Telluride photovoltaic are less efficient than crystalline silicon devices but are cheaper to produce and technology has the potential to surpass silicon in terms of cost per kilowatt of installed capacity. The rising adoption of cadmium telluride in the electro-optic modulator, owing to the high electro-optic coefficient is another factor expected to further support the growth of the market during the forecast period.

Based on the application, the global cadmium telluride photovoltaic market can be segmented into residential, industrial & commercial, and utilities. The utility segment held a dominant share of the market & expected to grow at the highest CAGR during the forecast period. Several ongoing utility-scale solar projects are in pipeline across the globe. Recently in May 2020, Amazon Announces Five New Utility-Scale Solar Projects to Power Global Operations in China, Australia, and the U.S.

The residential segment is expected to contribute significantly during the forecast period. The increasing number of residential construction projects and growing public awareness regarding the usage of renewable and efficient energy sources are estimated to drive the residential segment during the forecast period.

Growing awareness among the consumers coupled with rising government investment in renewable energy, especially solar energy is a major factor expected to drive the growth of the global cadmium telluride photovoltaic market. Moreover, the introduction of Feed-in Tariff (FIT) by developing countries such as China and India is resulting in increasing demand for cadmium telluride in solar cells which is another factor expected to boost the growth of the global market over the forecast period. However, stringent government regulations related to the harmfulness of cadmium and lower productivity of cadmium telluride solar cells are some of the major factors restraining the growth of the global market

Key Players Covered:

Some of the major companies in the global cadmium telluride photovoltaic market are First Solar, Advanced Solar Power, Antec Solar, Calyxo, CNBM Optoelectronic Materials, CTF Solar, D2solar, Dmsolar, RSI, UPT Solar, and Willard & Kelsey (WK) Solar, among others.

Regional Analysis:

The global cadmium telluride photovoltaic market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe dominated the cadmium telluride photovoltaic market owing to the rising government focus toward the adoption of sustainable energy. Due to the implementation of stringent emission norms in European countries, the dependence on renewable sources is rising for the production of electricity. Additionally, the emerging research activities in the field of thin-film solar cells are projected to open up new avenues for the cadmium telluride photovoltaic market growth in the upcoming years. North American is another major region for the cadmium telluride photovoltaic market. The U.S. dominating the North America cadmium telluride photovoltaic market owing to the growing demand for photovoltaic installation in the residential & commercial sectors.

The market in the Asia Pacific region expected to grow at a significant pace during the forecast period, owing to increasing government initiatives towards using renewable energy sources, increasing construction activities, and rising adoption of solar PV. China, India, and Southeast Asia countries are a lucrative region for the market.

Segmentation

Key Industry Developments

• In September 2020, Canada's Elemex started offering new cadmium telluride (CdTe) solar panels for applications on tall buildings in urban environments. Their efficiency ranges from 15.3% to 18.2%, with 110 W to 450 W of power output.


• In January 2020, a research team from Washington State University claims to have developed a new manufacturing process to produce cadmium telluride (CdTe) PV panels that is 45% cheaper than current industry standards. The new process, conceived in partnership with the US Department of Energy’s National Renewable Energy Laboratory (NREL) and technology company Nious Technologies, Inc.