Thermophotovoltaics Market Analysis

  • Report ID: 4987
  • Published Date: Nov 24, 2025
  • Report Format: PDF, PPT

Thermophotovoltaics Market Segmentation:

Application Segment Analysis

The thermophotovoltaics market from satellites & space segment is expected to generate the highest revenue by the end of 2035. 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 Segment Analysis

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

Browse key industry insights with market data tables & charts from the report:

Frequently Asked Questions (FAQ)

In the year 2026, the industry size of thermophotovoltaics is assessed at USD 13.73 billion.

The global thermophotovoltaics market size was valued at over USD 12.88 billion in 2025 and is expected to expand at a CAGR of around 7.3%, surpassing USD 26.06 billion revenue by 2035.

The Asia Pacific region is projected to command a 48% revenue share by 2035 in the thermophotovoltaics market, supported by rising regional energy demand.

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