The global cadmium telluride market is expected to witness significant growth over the upcoming years owing to its increasing use for making infrared optical windows & lenses and thin-film solar cells. Increasing global demand for renewable energy on account of depletion of conventional sources is expected to serve as the key driver for the cadmium telluride (CdTe) market growth over the forecast period. Moreover, rising demand for CdTe alloys as detector material in x-ray, gamma-ray, and infrared ray is expected to propel market growth. In addition, lower cost of cadmium telluride photovoltaic along with simplified manufacturing processes as compared to the conventional crystalline silicon solar cells is expected to gain market share over the next seven years. Increasing government support in the renewable sector is anticipated to act as a major growth opportunity for market expansion. In addition, its better performance over the wide range of temperatures coupled with low cost of manufacturing in thin films as compared to a-Si and CIGS is further expected to boost the market demand. Furthermore, various factors including low carbon footprint, low amount of water consumption, and short energy payback time is expected to drive its demand over the upcoming years. Furthermore, its performance advantage over conventional crystalline silicon cells owing to spectral response and superior temperature coefficient is further expected to augment CdTe market growth.
Increasing consumer awareness along with huge government investment in renewable energy, especially solar energy is expected to spur CdTe demand to a greater extent over the forecast period. Introduction of Feed-in Tariff (FIT) by various countries including China and India is expected to increase demand for cadmium telluride in solar cells over the next seven years. Additionally, CdTe does not vaporize during fire which is expected to serve as a cadmium telluride market growth factor over the upcoming years. However, toxicity of cadmium, shortage of tellurium, lower efficiency levels of cadmium telluride solar cells is expected to restrict market growth. Moreover, increasing mining cost of tellurium is anticipated to pose a challenge for the market growth over the forecast period.
Cadmium telluride finds various applications in solar PV, optical lenses & windows, electro-optic modulator, and nuclear spectroscopy. Rising usage in electro-optic modulator owing to its high electro-optic coefficient is expected to fuel cadmium telluride market growth. Growing usage for constructing compact detectors in nuclear spectroscopy is expected to fuel demand over the upcoming years. Furthermore, growing demand for piezoelectric semiconductors and electroluminescent diodes is expected to propel market growth over the next seven years. In addition, increasing applications in thin-film structures, catalysts, infrared & laser windows is further anticipated to serve as a driving force for the market growth. Asia Pacific is expected to witness significant CdTe market growth over the upcoming years on account of technological advancements in China, India, and Japan. China has emerged as a major market owing to surging demand for solar PV followed by Japan and India. Europe is expected to witness steady growth on account of increasing solar PV coupled with nuclear reduction goal mainly in Germany. North America is anticipated to witness lucrative market growth owing to expansion in the solar energy sector and infrared optical material mainly in U.S. MEA is expected to show substantial growth on account of growing demand for solar PV mainly in Saudi Arabia and Israel.
Global key players of cadmium telluride market include First Solar Inc., Calyxo GmbH, Advanced Solar Power, Antec Solar GmbH, General Electric, Dmsolar LLC, Nexcis, Reel Solar and Lucintech. CdTe photovoltaics are used in the world’s largest solar power stations including Topaz Solar Farm. The CdTe photovoltaic market is dominated by First Solar based in Arizona, U.S. First Solar tested and verified a record efficiency of 21.5% for a laboratory CdTe solar cell, whereas the commercial efficiency was recorded to be 14.7%. First Solar offers cadmium telluride (CdTe) thin-film technology which provides high-performance efficiency coupled with high yield as compared to monocrystalline and polycrystalline and modules. Ongoing product development along with increasing research and development activities by various manufacturers is expected to open new market avenues for the CdTe market. In addition, increasing conversion efficiency by companies is expected to drive market growth over the next seven years.
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