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 2036. 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 2024, the industry size of thermophotovoltaics is estimated at USD 11.41 Billion.

The thermophotovoltaics market size was valued at USD 10.72 Billion in 2023 and is set to cross USD 26.47 Billion by the end of 2036, registering more than 7.2% CAGR during the forecast period i.e., between 2024-2036. The major factors driving the growth of the market are the 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 slated to have the highest growth by 2036, backed by increasing the demand for energy in the region.

Curtiss-Wright Corporation, Antora Energy, MIT Energy Initiative, COMSOL, General Electric, Coherent Corporation, Tesla, Vattenfall AB, Exide Technologies, American Elements

Thermophotovoltaics Market Analysis