New York, NY, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Cadmium Telluride Photovoltaic Market by Application (Residential, Commercial, and Industrial & Utility): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, global cadmium telluride photovoltaic market was valued at USD 6.07 billion in 2018 and is expected to reach USD 13.84 billion by 2025, at a CAGR of 12.5% between 2019 and 2025.
Cadmium telluride photovoltaic is a device that produces electricity from light by using a cadmium telluride thin-film. In a multi-kilowatt system, cadmium telluride photovoltaic is the only thin-film technology that is inexpensive than any other conventional solar cells made of crystalline silicon. These types of photovoltaic are widely used in commercial and residential applications globally.
Browse through 45 Tables & 33 Figures spread over 110 Pages and in-depth TOC on “Global Cadmium Telluride Photovoltaic Market: By Type, Size, Share, Industry Applications, Trends, Analysis and Forecast, 2018–2025”.
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The global cadmium telluride photovoltaic market is expected to grow considerably over the forecast time period, owing to favorable government initiatives to promote the adoption of renewable energy across the world. Moreover, the growing adoption of cadmium telluride photovoltaic in various countries is likely to have a major impact on the global cadmium telluride photovoltaic market in the years ahead. Furthermore, the rising energy consumption globally has further increased the demand for renewable sources of energy, which, in turn, is anticipated to propel the global cadmium telluride photovoltaic market growth in the future. Additionally, in several countries, such as the U.S., UK, and China, the demand for energy efficient buildings is increasing, which is anticipated to further fuel the cadmium telluride photovoltaic market growth in the future. However, the high manufacturing cost and the complexity of technology might restrain the expansion of the cadmium telluride photovoltaic market in the future. On the other hand, the increasing research and development and technological advancements related to cadmium telluride photovoltaic are projected to offer lucrative growth opportunities in the cadmium telluride photovoltaic market.
The global cadmium telluride photovoltaic market is segmented on the basis of the application. The application segment of the global cadmium telluride photovoltaic includes residential, commercial, and industrial and utility. The commercial segment of the cadmium telluride photovoltaic market is projected to grow rapidly in the upcoming years. Moreover, in 2018, the residential application segment of the cadmium telluride photovoltaic market globally held the largest market share and is projected to dominate the market in the future. This can be attributed to the rising awareness regarding the cost-efficient energy and the growing demand for cadmium telluride photovoltaic.
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In 2017, Europe dominated the cadmium telluride photovoltaic market globally, owing to the rising government focus toward the adoption of sustainable energy. European countries, such as Iceland, Sweden, and Norway, depend on renewable sources of energy. Due to the implementation of stringent emission norms in European countries, the dependence on renewable sources is rising for the production of electricity. Additionally, the emerging research activities in the field of thin-film solar cells are projected to open up new avenues for the cadmium telluride photovoltaic market growth in the upcoming years.
The North American cadmium telluride photovoltaic market is predicted to grow substantially over the forecast time period, owing to the emerging energy efficient buildings. At the country level, the U.S. is the most dominating due to the growing demand for photovoltaic installation in the residential sector. Moreover, Mexico and Canada are expected to contribute significantly toward this regional market’s growth in the upcoming years.
Browse the full “Cadmium Telluride Photovoltaic Market by Application (Residential, Commercial, and Industrial & Utility): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”Report at https://www.zionmarketresearch.com/report/cadmium-telluride-photovoltaic-market
The Asia Pacific cadmium telluride photovoltaic industry is expected to grow remarkably over the next few years, owing to the growing demand for photovoltaics for industrial applications. Furthermore, the flourishing commercial sector in China, Japan, Thailand, Taiwan, and India is predicted to further fuel the demand for renewable energy sources. This, in turn, is projected to expand the application of cadmium telluride photovoltaic in these countries, thereby, propelling this regional market’s growth.
The Latin American cadmium telluride photovoltaic market is projected to register the highest rate of growth in the upcoming years, owing to the rising industrialization in the region and the increased usage of renewable energy. Brazil is estimated to be the leading consumer of cadmium telluride photovoltaic in Latin America. The increasing investments made in solar and wind sectors are expected to further drive this regional market over the estimated timeframe.
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The Middle Eastern and African cadmium telluride photovoltaic market are anticipated to grow significantly in the –future, owing to the growing demand for cadmium telluride photovoltaic for industrial and utility applications.
Some key manufacturers of the global cadmium telluride photovoltaic market include First Solar, Advanced Solar Power, Antec Solar, Calyxo, CNBM (Chengdu) Optoelectronic Materials, CTF Solar, D2solar, Dmsolar, RSI, UPT Solar, and Willard & Kelsey (WK) Solar, among others.
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This report segments the global cadmium telluride photovoltaic market into:
Global Cadmium Telluride Photovoltaic Market: Application Analysis
- Residential
- Commercial
- Industrial and Utility
Global Cadmium Telluride Photovoltaic Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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