What Fueled The Previous Growth In The Cadmium Telluride Market?
The cadmium telluride market has seen considerable growth due to a variety of factors.
• The market for cadmium telluride has witnessed a swift expansion in the recent past. The market's value is projected to increase from $5.41 billion in 2024 to $6.08 billion in 2025, indicating a compound annual growth rate (CAGR) of 12.5%.
Factors contributing to this upturn during the historical phase include earlier adoption in solar technology, regulations supporting renewable energy, affordable production methods, demands of industrial automation, and emphasis on energy efficiency.
What Can Be Expected from the Cadmium Telluride Market Size?
The cadmium telluride market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market for cadmium telluride is projected to experience swift expansion. With a compound annual growth rate (CAGR) of 10.6%, it is anticipated to reach $9.11 billion by 2029.
The surge in the predicted period is due to multiple factors such as the rising emphasis on renewable energy, burgeoning demand for electronic gadgets, the advent of intelligent cities, an incline in solar power assembly installations, and a widespread use in the medical devices industry. The expected trends for this period include a shift towards eco-friendly energy solutions, growing importance of recycling technologies, incorporation in future electronics, an enhancing role in energy reservation and an amplified industry collaboration.
What Are the Critical Driver Fuelling The Cadmium Telluride Market's Growth?
The growth of the cadmium telluride market is anticipated to be boosted by the rising utilization of renewable energy. Renewable energy is energy produced from resources that naturally regenerate like sunlight, wind, and water and is both sustainable and environmentally friendly. Cadmium telluride contributes to the enhancement of renewable energy usage by being a resourceful and inexpensive material in the creation of photovoltaic solar cells, which can transform captured sunlight into electricity. For instance, data published by the UK's Department for Energy Security and Net Zero in December 2023 indicated that renewable electricity generation achieved 30.1 TWh in the third quarter of 2023, registering a growth of 6.8% when compared to the equivalent period in 2022. This was due to the addition of 2.9 GW of new renewable capacity through a notable upswing in solar PV and wind installations, thereby increasing the percentage of total electricity generation from renewables to 44.5%. Due to these factors, the cadmium telluride market's expansion is being catalyzed by the escalating use of renewable energy.
How Is The Cadmium Telluride Market segmented?
The cadmium telluride market covered in this report is segmented –
1) By Product: Powder, Crystal, Other Products
2) By Application: Solar Battery, Semiconductor, Laboratory Equipment, Other Applications
3) By End User: Residential, Commercial, Industrial, Utility
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What Trends Are Reshaping The Future Of The Cadmium Telluride Market?
Top companies in the cadmium telluride market are entering into strategic alliances to secure a competitive advantage. These strategic collaborations involve corporations engaged in the creation, production, or implementation of solar panels that utilize cadmium telluride technology. For example, in July 2022, Toledo Solar, a nanotechnology firm based in the US, established a partnership with SEDC Solar, which focuses on delivering cadmium-telluride based solar panels. The primary reason for this alliance is to cater to the increasing market demand for solar panels and offer high-standard, morally produced solar solutions to homes, churches, and businesses in the US.
Who Are the Key Players In The Cadmium Telluride Market?
Major companies operating in the cadmium telluride market report are:
• General Electric Company
• China National Building Materials Co. Ltd
• Jinko Solar
• Hanwha Q CELLS Co. Ltd.
• Amptek Inc.
• First Solar Inc.
• National Renewable Energy Laboratory (NREL)
• China Sunergy Co. Ltd.
• Abound Solar (United Power)
• 5N Plus
• RenewSys
• Astronergy Solar
• Green-tech
• Kurt J. Lesker Company
• AVANCIS GmbH
• Janos Technology LLC
• Global Solar Energy Inc.
• Antec Solar Energy AG
• Calyxo GmbH
• Lucintech Inc.
• Advanced Solar Power (Hangzhou) Co. Ltd.
• Dmsolar LLC
• PrimeStar Solar
• D2 Solar LLC
• MaTecK GmbH
• Reel Solar
• Xunlight Corporation
• Shanghai Chaori Solar Energy Science & Technology Co. Ltd
What Is The Most Dominant Region In The Cadmium Telluride Market?
North America was the largest region in the cadmium telluride market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cadmium telluride market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
