Global Cadmium Telluride Photovoltaic Market to Grow at a CAGR of 12.3% During the Period 2024-2032, Driven by Demand for Sustainable Energy

The demand for sustainable and cost-effective energy sources is likely to boost the global market for cadmium telluride photovoltaics (CdTe PVs). The primary markets are projected to be North America and Asia. During the period 2010-2018, over 33% of all manufactured PV modules in the U.S.A. were thin film CdTe PV modules. It is expected that with the growth of the cadmium telluride photovoltaic (CdTe PV) industry, solar energy will continue to positively impact the U.S. economy and society, and significantly contribute to the U.S. energy transition.

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. In the midst of strong competition among global PV manufacturers, U.S. PV production has remained relatively moderate. Historically, Chinese producers have been able to achieve cost advantages driven by scale and supply chain development.

Photovoltaic (PV) technologies harnessing solar energy are transforming global energy systems at a rapid pace. Solar energy is nearly carbon-free, making it an ideal approach to fight climate change. It is expected that production of new solar panels would become a carbon-neutral process in years to come with overall carbon intensity of the electricity grid getting lower. Further, solar energy has become very inexpensive due to advancements in technology and manufacturing. It is projected that in future, solar energy could account for nearly 50%, or even more, of the world’s energy demand because of cost-effectiveness and low carbon footprint. This growth may, in part, occur due to synergies between electric utilities and high rates of penetration of solar PV on the grid.

The need for low-carbon transportation alternatives is pushing innovation in battery-electric vehicles, hydrogen fuel cell cars, and other technologies, all of which have the ability to absorb and store significant amounts of abundant, low-cost solar electrons created under the shining sun. Over the next several decades, the power and transportation industries may jointly account for several terawatts of solar panel manufacturing capacity and deployment.

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Market Analysis by Type, Application, and Region:

• By type, the market is segmented into Single Crystals, Large Grains, and Standard Cells.

• By application, the market is classified into Residential, Commercial, and Industrial and Utility.

• By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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