Cadmium Telluride Market Size, Share & Industry Analysis, By Application (Solar Cell , Semiconductor, Laboratory Equipments , Others ) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Cadmium Telluride (CdTe) is a crystalline compound manufactured from cadmium and telluride. It is widely used in infrared optical material, photovoltaic cells, and solar cells for optical windows and lenses. Cadmium Telluride is also used in electro-modulators, owing to its high electro-optic coefficient than other compounds. The global cadmium telluride market is rapidly rising, owing to its less cost and it also requires a simple manufacturing process.
Based on application, the global cadmium telluride market is classified into a solar cells, semiconductors, laboratory equipment, and others. Among these, the solar cell segment accounted for the major share of the market and it is anticipated that it will maintain its dominance during the forecast period.
Cadmium telluride is widely used in the manufacturing of solar cells, owing to its thin-film photovoltaic technology. The solar cell produces electricity from sunlight by using a thin film of cadmium telluride. Cadmium Telluride solar cells are cheaper to produce and technology has the potential to surpass silicon in terms of cost per kilowatt of installed capacity.
The key driver of this market is the increasing demand for renewable energy such as solar energy. Cadmium telluride is rapidly gaining acceptance in solar cell materials around the world. It is mainly used as the semiconducting material in photovoltaics and an infrared optical window. Furthermore, growing building & construction activities across the globe and growing demand for piezoelectric semiconductors and electroluminescent diodes are some among other factors expected to further support the growth of the market to a certain extent.
The key restraint for the market is the shortage of tellurium supply. Also, the environmental barriers that can occur during the manufacturing of cadmium telluride can hinder the growth of the market.
Key Market Driver -
Increasing demand for solar energy
Key Market Restraint -
Shortage of tellurium supply
Key Players Covered:
Some of the major companies in the cadmium telluride market are First Solar, Advanced Solar Power, Antec Solar, Calyxo, CNBM (Chengdu) Optoelectronic Materials, CTF Solar, D2solar, Dmsolar, RSI, UPT Solar, and Willard & Kelsey (WK) Solar, among others.
Regional Analysis:
The global cadmium telluride market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific is anticipated to lead the global cadmium telluride market during the forecast period. Several developing countries in the region such as China and India introduced Feed-in Tariff (FIT) scheme, which results in increasing demand for cadmium telluride in solar cells. High carbon emission reduction targets by several North American countries including U.S. and Canada coupled with the growing demand for renewable energy will further fuel the market growth. Rapidly increasing the installation of solar farms and government initiatives are the key factor driving the growth of the market in Europe. Such factors provide a further boost to the growth of the market.
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Segmentation
ATTRIBUTES | DETAILS |
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Key Industry Developments
- In December 2018, Advanced Solar Power (Hangzhou) Inc. started a new production line of a new generation of cadmium telluride thin-film photovoltaic modules with full independent research and development.
- In May 2020, First Solar, Inc. has agreed with Geronimo Energy, a National Grid company. Under the agreement, First Solar will supply 415 MW, eco-efficient Series 6 PV modules in 2022.
- Ongoing
- 2023
- 2019-2022
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