Global Cadmium Telluride Photovoltaic Market Report and Forecast 2024-2032

Global Cadmium Telluride Photovoltaic Market Outlook

The global cadmium telluride photovoltaic market is expected to grow at a CAGR of 12.3% during the period 2024-2032.

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Global Cadmium Telluride Photovoltaic Market Likely to be Driven by Demand for Clean, Cost-effective, and Renewable Energy

The global market for cadmium telluride photovoltaics (CdTe PVs) is expected to be driven by the demand for sustainable and cost-effective sources of energy. North America and Asia are expected to be key markets.

Photovoltaics (PVs) is a significant energy technology for the large-scale production of energy. The last few years have witnessed a considerable increase in the volume of electricity produced, and at the same time, a decrease in the cost of manufacturing and installation of photovoltaic modules as well as a reduction in the cost of electricity generation. This has been possible due to improvements in solar cell efficiencies and manufacturing practices. Improvements in cadmium telluride (CdTe) solar cell devices have also highlighted the significant potential of the technology in terms of scalability. While many photovoltaic technologies exist in the market, two key technologies for large scale installations are polycrystalline thin-film cadmium telluride (CdTe) and crystalline silicon (Si). While crystalline Si is the oldest and the most extensively installed technology, thin-film cadmium telluride (CdTe) technology has exhibited largest growth and lowest LCOE (levelized cost of energy). Furthermore, thin-film cadmium telluride (CdTe) has shown significant advantages over crystalline Si in tropical climates characterized by high temperatures and humidity all year round.

Currently, cadmium telluride photovoltaic (CdTe PV) technologies account for nearly 33% of the U.S. utility-scale photovoltaic (PV) market; over 25 GW of cadmium telluride photovoltaic (CdTe PV) modules have been deployed across the globe. According to analyst reports, cadmium telluride photovoltaic (CdTe PV) technology is likely to contribute significantly to the U.S. low-carbon energy transition. On the basis of levelized cost of energy, utility-scale solar energy is the most cost-competitive source of new electricity production beside wind and combined cycle natural gas. Considering a consistent fall in module prices and enhancements in module efficiencies, economic benefits from the technology are expected to grow. In future, collaborations with battery storage and electrification of vehicles are likely to increase demand for and integration of solar energy into the grid.

In terms of impact on the environment, cadmium telluride photovoltaic (CdTe PV) technology offers considerable environmental value as part of a low-carbon energy transition; it gives low greenhouse gas emissions and smaller environmental footprints as compared to other technologies.

Among commercial PV technologies, cadmium telluride photovoltaic (CdTe PV) technology offers lowest life cycle environmental impacts, including carbon footprint, energy payback time, water use, and human health and ecosystem impacts, owing to low energy and material use during production.

Cadmium telluride photovoltaic (CdTe PV) is an established PV technology. Over the last 2 decades, more than 25 GW of solar modules have been deployed across the globe. These include over 200 million PV modules in over 18,000 projects in the Americas, Europe, Middle East, Africa, Asia, and Australia. There is strong competition among global PV manufacturers. U.S. PV production is moderate as compared to global producers. Historically, Chinese producers have been able to achieve cost advantages driven by scale and supply chain development.

Global Cadmium Telluride Photovoltaic Market Segmentation

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By type, the market is segmented into:

• Single Crystals
• Large Grains
• Standard Cells

By application, the market is classified into:

• Residential
• Commercial
• Industrial and Utility

By region, the market is divided into:

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

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Key Industry Players in the Global Cadmium Telluride Photovoltaic Market

The report presents a detailed analysis of the following key players in the market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• First Solar, Inc.
• Advanced Solar Power (Hangzhou) Inc.
• Calyxo GmbH
• CTF Solar GmbH
• Dmsolar, LLC 
• Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report