Press release
2025-2034 Cadmium Telluride Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Cadmium Telluride
What Is the Expected CAGR for the Cadmium Telluride Market Through 2025?
In recent times, the market size of cadmium telluride has seen swift growth. It's anticipated to expand from $5.41 billion in 2024 to $5.99 billion in 2025, boasting a compound annual growth rate (CAGR) of 10.9%. The previously observed growth can primarily be attributed to various factors including its early utilization in solar technology, renewable energy policies, affordable production methods, the demand in industrial automation, and emphasis on energy efficiency.
What's the Projected Size of the Global Cadmium Telluride Market by 2029?
The market size of cadmium telluride is predicted to experience accelerated expansion in the coming years, with expectations to reach a value of $8.83 billion by 2029 at a compound annual growth rate (CAGR) of 10.2%. The surge in growth during the forecast duration can be credited to the heightened emphasis on sustainable energy, the burgeoning demand for electronic devices, the advent of smart cities, escalating solar power deployments, and broadening usage in medical devices. Major shifts during the forecasting period encompass a move to sustainable energy solutions, enhanced focus on recycling technologies, incorporation into next-level electronics, a growing importance in energy storage, and increasing trends toward industry collaboration.
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Top Growth Drivers in the Cadmium Telluride Industry: What's Accelerating the Market?
The growth of the cadmium telluride market is projected to be driven by the rising adoption of renewable energy. This kind of energy originates from sources that naturally replenish themselves, like wind, sunlight, and water, promoting sustainability and environmental conservation. Cadmium telluride acts as a cost-effective and productive material in creating photovoltaic solar cells, facilitating the conversion of sunlight into electricity, thereby promoting renewable energy usage. For instance, as the Department for Energy Security and Net Zero, a UK government department, stated in its reports from December 2023, the generation of renewable electricity hit 30.1 TWh in the third quarter of 2023. This constitutes a 6.8% increase versus the corresponding period in 2022. This was bolstered by the inclusion of 2.9 GW of novel renewable capacity, comprising substantial increases in solar PV and wind installations, culminating in renewables contributing to 44.5% of total electricity generation. Hence, the escalating usage of renewable energy is spurring the growth of the cadmium telluride market.
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What Are the Key Trends Driving Cadmium Telluride Market Growth?
Major players in the Cadmium Telluride market are establishing strategic alliances to gain an upper hand. Such alliances represent a joint agreement or collaboration among stakeholders in the creation, production, or utilization of cadmium telluride solar panels. For example, in July 2022, Toledo Solar, a nanotechnology firm in the US, entered a partnership with SEDC Solar, a US-based provider of cadmium-telluride solar panels, to deliver CdTe panels. This partnership's goal is to satisfy the escalating demand for solar panels and offer first-rate, responsibly produced solar goods to local homes, churches, and businesses in the United States.
What Are the Main Segments in the Cadmium Telluride Market?
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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Which Top Companies are Driving Growth 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
Which Regions Will Dominate the Cadmium Telluride Market Through 2029?
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.
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