Cadmium Telluride Photovoltaic Market Expected To See Significant Growth As Solar Demand Rises

The global cadmium telluride market is expected to witness significant growth over the upcoming years owing to its increasing use for making infrared optical windows & lenses and thin-film solar cells, according to a report from Grand View Research. The report said that “the increasing global demand for renewable energy on account of depletion of conventional sources is expected to serve as the key driver for the cadmium telluride (CdTe) market growth over the forecast period. Moreover, the rising demand for CdTe alloys as detector material in x-ray, gamma-ray, and infrared rays is expected to propel market growth. In addition, the lower cost of cadmium telluride photovoltaic along with simplified manufacturing processes as compared to the conventional crystalline silicon solar cells is expected to gain market share over the next seven years.  Increasing government support in the renewable sector is anticipated to act as a major growth opportunity for market expansion. In addition, its better performance over the wide range of temperatures coupled with the low cost of manufacturing in thin films as compared to a-Si and CIGS is further expected to boost the market demand. Furthermore, various factors including low carbon footprint, low amount of water consumption, and short energy payback time are expected to drive its demand over the upcoming years. Furthermore, its performance advantage over conventional crystalline silicon cells owing to spectral response and superior temperature coefficient is further expected to augment CdTe market growth.” 

Active Companies in the markets today include First Tellurium Corp. (CSE: FTEL) (OTCPK: GODYF), Canadian Solar Inc. (NASDAQ: CSIQ), Enphase Energy, Inc. (NASDAQ: ENPH), First Solar, Inc. (NASDAQ: FSLR), NextEra Energy, Inc. (NYSE: NEE).

Grand View added: “Increasing consumer awareness along with huge government investment in renewable energy, especially solar energy is expected to spur CdTe demand to a greater extent over the forecast period (2025). The introduction of Feed-in Tariff (FIT) by various countries including China and India is expected to increase demand for cadmium telluride in solar cells over the next seven years. Additionally, CdTe does not vaporize during the fire which is expected to serve as a cadmium telluride market growth factor over the upcoming years. However, the toxicity of cadmium, shortage of tellurium, lower efficiency levels of cadmium telluride solar cells is expected to restrict the market growth. Moreover, the increasing mining cost of tellurium is anticipated to pose a challenge for the market growth over the forecast period.  Cadmium telluride finds various applications in solar PV, optical lenses & windows, electro-optic modulators, and nuclear spectroscopy. Rising usage in electro-optic modulators owing to its high electro-optic coefficient is expected to fuel cadmium telluride market growth. Growing usage for constructing compact detectors in nuclear spectroscopy is expected to fuel demand over the upcoming years. Furthermore, the growing demand for piezoelectric semiconductors and electroluminescent diodes is expected to propel market growth over the next seven years.  In addition, increasing applications in thin-film structures, catalysts, infrared & laser windows are further anticipated to serve as a driving force for the market growth.”


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