Thermophotovoltaics Market Analysis

Thermophotovoltaics Market Segmentation

Application (Solar Photovoltaic, Nuclear, Thermal Power Plants, Off-Grid Generators, Vehicles & Submarines, Commercial, Portable Electronics, Satellites & Space)

The thermophotovoltaics market from satellites & space segment is expected to generate the highest revenue by the end of 2037. This growth in the segment can be ascribed to its growing application in space nuclear power systems. The electricity for spacecraft is provided by space nuclear power systems. Hence, thermophotovoltaics is used to convert nuclear reactor heat into electricity.

Type (Silicon Photovoltaic Cells, Crystalline Silicon Photovoltaic Cells, Thin-Film Photovoltaics Cells)

The crystalline silicon photovoltaics cells segment is poised to have significant growth over the forecast period. Crystalline silicon photovoltaic cells are the most common type of film which is commercially available. Crystalline silicon photovoltaic cells cost less than thin film PV since the production process is simpler.

Our in-depth analysis of the Thermophotovoltaics Market includes the following segments:

Type

Silicon Photovoltaic Cells
Crystalline Silicon Photovoltaic Cells
Thin-Film Photovoltaics Cells

Fabrication Method

Non-Epitaxial
Epitaxial

Application

Solar Photovoltaic
Nuclear
Thermal Power Plants
Off-Grid Generators
Vehicles & Submarines
Commercial
Portable Electronics
Satellites & Space

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of thermophotovoltaics is assessed at USD 12.88 billion.

The thermophotovoltaics market size was over USD 11.5 billion in 2024 and is projected to reach USD 28.74 billion by 2037, growing at around 7.3% CAGR during the forecast period i.e., between 2025-2037. The market growth is driven by growing demand for hybrid vehicles, a rise in space activities, and a surge in the number of people with no electricity.

Asia Pacific industry is predicted to dominate majority revenue share of 48% by 2037, backed by increasing the demand for energy in the region.

The major players in the market are Curtiss-Wright Corporation, Antora Energy, MIT Energy Initiative, COMSOL, General Electric, Coherent Corporation, Tesla, Vattenfall AB, Exide Technologies, American Elements

Thermophotovoltaics Market Analysis