Cadmium Telluride Global Market Report 2024

The cadmium telluride market size has grown rapidly in recent years. It will grow from $4.79 billion in 2023 to $5.41 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth observed in the historical period can be attributed to several factors, including the early adoption of cadmium telluride in solar technology, the implementation of renewable energy policies, cost-effective manufacturing processes, the increasing demand for industrial automation, and a heightened focus on energy efficiency in various industries.

The cadmium telluride market size is expected to see rapid growth in the next few years. It will grow to $8.26 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The anticipated growth in the forecast period can be attributed to various factors, including an increased focus on sustainable energy solutions, a growing demand for electronic devices, the emergence of smart cities, an uptick in solar power installations, and expanding applications in medical devices. Key trends expected in the forecast period encompass a shift towards sustainable energy solutions, an increasing focus on recycling technologies for cadmium telluride, integration into next-generation electronics, a growing role in energy storage applications, and increased collaboration within the industry.

The escalating adoption of renewable energy sources is set to drive the expansion of the cadmium telluride market in the foreseeable future. Renewable energy, derived from naturally replenishing sources such as sunlight, wind, and water, represents a sustainable and environmentally friendly alternative to traditional energy sources. Cadmium telluride plays a pivotal role in advancing renewable energy utilization as a cost-effective and efficient material utilized in the production of photovoltaic solar cells. These cells have the capability to convert absorbed sunlight into electricity, thereby contributing to the growth of renewable energy generation. For instance, data from reports published by the Department for Energy Security and Net Zero in December 2023 revealed a substantial increase in renewable electricity generation, reaching 30.1 TWh in Quarter 3rd of 2023. This surge, representing a 6.8% uptick compared to the same period in 2022, was fueled by the addition of 2.9 GW of new renewable capacity, particularly in solar PV and wind installations. As renewables' share of total electricity generation reached 44.5%, the increasing utilization of renewable energy sources emerges as a primary driver propelling the growth of the cadmium telluride market.

Prominent entities in the cadmium telluride market are strategically forging partnerships to bolster their competitive positioning and capitalize on market opportunities. These strategic partnerships entail collaborative agreements or alliances between entities involved in the development, manufacturing, or deployment of solar panels leveraging cadmium telluride technology. For example, in July 2022, Toledo Solar, a leading nanotechnology company based in the United States, entered into a partnership with SEDC Solar, a renowned US-based company specializing in cadmium-telluride solar panels. This collaborative venture aims to address the surging market demand for solar panels and deliver high-quality, ethically manufactured solar products to local residences, churches, and businesses across the United States. By leveraging synergies through strategic partnerships, companies endeavor to enhance their market presence and drive the proliferation of cadmium telluride-based solar solutions, thereby contributing to the broader adoption of renewable energy.

In October 2021, Fortescue Future Industries, an Australian green energy company, completed the acquisition of High Yield Energy Technologies (HyET) Group, headquartered in the Netherlands, for an undisclosed sum. This strategic move is anticipated to bolster Fortescue Future Industries' capacity to produce cost-effective green hydrogen, thereby enhancing its role in advancing a renewable energy future. High Yield Energy Technologies (HyET) Group specializes in cadmium telluride-based flexible solar modules, aligning with Fortescue Future Industries' commitment to renewable energy solutions.

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.

North America was the largest region in the cadmium telluride market in 2023. 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. The countries covered in the cadmium telluride market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cadmium telluride is a stable crystalline compound formed from cadmium and tellurium, exhibiting a high melting point of 1041°C and a vapor pressure of zero at ambient temperatures. Its primary application lies in thin-film solar cell technology, providing an efficient and cost-effective means of converting sunlight into electricity.

The main types of cadmium telluride products include powder, crystal, and others. In this context, powder refers to a finely ground or pulverized substance consisting of small, individual particles. Powdered cadmium telluride finds use in the fabrication of thin-film solar cells, contributing to the production of efficient and lightweight photovoltaic devices. These applications span across solar batteries, semiconductors, laboratory equipment, and others, catering to various end-users such as residential, commercial, industrial, and utility sectors.

The cadmium telluride market research report is one of a series of new reports that provides cadmium telluride market statistics, including cadmium telluride industry global market size, regional shares, competitors with a cadmium telluride market share, detailed cadmium telluride market segments, market trends and opportunities, and any further data you may need to thrive in the cadmium telluride industry. This cadmium telluride market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cadmium telluride market consists of sales of flexible solar panels, diodes, memory chips, transistors, and thin-film solar modules. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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