DUBLIN, May 20, 2022 /PRNewswire/ — The “Global Cadmium Telluride Solar Panel Market, By End Use (Residential, Commercial, Industrial, Utility), By Application (Cell Efficiency, Process Optimization, Ambient Temperature, Solar Tracking), By Material, By Region, Competition Forecast and Opportunities, 2017-2027” report has been added to ResearchAndMarkets.com’s offering.
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The global cadmium telluride solar panel market is expected to grow at a significant rate during the forecast period with market growth attributed to the growing usage of cadmium telluride based solar panels in various end use applications such as automotive industries, residential complexes, etc., and increasing demand for renewable energy on account of the rapid depletion of natural resources.
Rising environmental awareness and increasing need for energy are fueling the growth of the cadmium telluride solar panel market. Cadmium telluride solar panels are photovoltaic devices with a thin layer of CdTe film, which helps produce electricity from sunlight. Cadmium telluride solar panels are less expensive to produce, and they can surpass silicon in terms of cost per kilowatt of installed capacity.
Moreover, the rising adoption of CdTe in electro-optic modulators owing to their high electro-optic coefficient and advancing technology in solar panels are driving the growth of the global cadmium telluride solar panel market. Growing awareness among consumers coupled with increased financial investments from government bodies and private investment are further contributing to the growth of the global cadmium telluride solar panel market.
The rising global population is creating a need for more energy sources with a low carbon footprint, which is anticipated to propel the growth of the global cadmium telluride solar panel market in the coming years.
However, stringent government regulations related to the negative impact of cadmium on the environment and lower productivity of the CdTe solar cells compared to other alternatives might hinder the growth of the global cadmium telluride solar panel market during the forecast period.
The residential segment is projected to register the highest growth in the global cadmium telluride solar panel market because of growing construction activities to accommodate the needs of the expanding urban population. Based on application, the market is sub-segmented into cell efficiency, process optimization, ambient temperature, and solar tracking.
The cell efficiency segment is expected to dominate the global cadmium telluride solar panel market owing to the higher efficiency and affordability of solar panels.
Major players operating in the global cadmium telluride solar panel market are First Solar, Toledo Solar, Calyxo GmbH, Advanced Solar Power, Antec Solar GmbH, Dmsolar LLC, Nexcis, Reel Solar, Lucintech Inc..
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