The new report by Expert Market Research titled, ‘Global Cadmium Telluride Photovoltaic Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global cadmium telluride photovoltaic market, assessing the market based on its segments like types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 3%
The market growth is being invigorated by factors such as the increasing demand for electricity from various end use industries, rapid urbanisation, and shift towards clean and cost-effective sources of energy. In the manufacturing sector, cadmium telluride photovoltaic offers significant cost-cuttings, and helps conserve electricity.
In addition to this, the favourable government policies aimed towards encouraging the adoption of renewable energy sources are likely to aid the market in the forecast period. In terms of region, the Asia Pacific accounts for a significant share of the market owing to the strong foot hold of major market players in the region, and the growing awareness pertaining to the advantages of photovoltaic equipment among the end users.
Industry Definition and Major Segments
Cadmium telluride photovoltaic, which is also known as cadmium telluride solar cell or cadmium telluride thin film, is defined as a photovoltaic equipment in which a thin film of cadmium telluride uses the radiant energy of the sun to produce electricity. The technologies used in the production of electricity include solar thermal energy, solar architecture, and solar heating, among others.
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By type, the market can be segmented into:
- Single Crystals
- Large Grains
- Standard Cells
Based on application, the market is segmented into:
- Industrial and Utility
The regional markets for cadmium telluride photovoltaic include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The increased funding in the cadmium telluride photovoltaic research projects is likely to be a major trend in the market. This can be attributed to the growing demand for sustainable and clean energy sources in various sectors, coupled with the global increase in the demand for electricity. In addition to this, the increasing shift from using amorphous silicon to cadmium telluride for electricity generation, owing to the cost-effectiveness and greater efficiency of the product is anticipated to be another key trend in the market. Furthermore, the stringent government regulations aimed towards conserving electricity in order to meet the sustainable development goals are likely to aid the market in the forecast period.
Key Market Players
The major players in the market are First Solar, Inc., Advanced Solar Power (Hangzhou) Inc., Calyxo GmbH, CTF Solar GmbH, and Dmsolar, LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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