Cadmium Telluride Solar Panel Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By End Use (Residential, Commercial, Industrial, Utility), By Application (Cell Efficiency, Process Optimization, Ambient Temperature, Solar Tracking), By Material (Cadmium, Telluride), By Region

Global cadmium telluride solar panel market is anticipated to grow with an impressive CAGR in the forecast period, 2023-2027 on account of growing usage of cadmium telluride based solar panel in end use application. Moreover, surge in demand for renewable energy sources along with the adoption of renewable sources to maximize the energy output through these methods and products, is further driving the growth of the global cadmium telluride solar panel market in the upcoming five years.

Cadmium telluride solar panels are photovoltaic devices that utilize solar energy and convert it into electronic energy. A thin layer of cadmium telluride performs the function of energy conversion. Other crystalline silicon based devices may be more efficient than cadmium telluride solar panels but are more expensive to produce. But the advancing technology of cadmium telluride solar panels may generate higher capacity as compared to silicon based solar panels. CdTe, Cadmium Telluride is a commonly used material in thin film solar panels. Though cadmium is a toxic heavy metal and extremely dangerous. Cadmium is a waste byproduct of mining, smelting and refining sulfidic ores of zinc refining.

Technological Advancement Drives Market Growth

Rapidly increasing demand for cadmium telluride in the electro-optic modulator owing to the high electro-optic coefficient of the material is driving the growth of the global cadmium telluride solar panel market. Also, increasing demand for renewable sources of energy for the utilization of the solar energy for generation of the electric energy is supporting the growth of the global cadmium telluride solar panel market in the next five years.

According to IRENA 2021, total renewable energy production in the year 2020 was recorded to be 2,799,094 MW globally. In the US alone, 292,065 MW of renewable energy production was recorded. Increasing demand for generation of electric energy from solar energy is further substantiating the growth of the global cadmium telluride solar panel market in the future five years.

Market Segmentation

The global cadmium telluride solar panel market is segmented based on end use, application, material, regional distribution, and competitive landscape. Based on end use, the market is segmented into residential, commercial, industrial, and utility.

Company Profile

First Solar, Toledo Solar, Calyxo GmbH, Advanced Solar Power, Antec Solar GmbH, Dmsolar LLC, Nexcis, Reel Solar, Lucintech Inc., are enlisted in a partial list of major market players of the global cadmium telluride solar panel market.