Thermophotovoltaics Market - Regional Analysis
APAC Market Insights
Asia Pacific industry is predicted to dominate majority revenue share of 48% by 2035, backed by increasing the demand for energy in the region. About 4.3 billion people live in the Asia and Pacific region, which also has the world's two most populous nations, China and India. This region is home to 60% of the population of the world.
North America Market Insights
The thermophotovoltaics market in Asia Pacific is set to have the significant growth over the forecast period. In North America, the focus to reduce the use of fossil fuels is growing which has boosted the demand for renewable energy. Hence, TPV technology is considered to be one of the most sustainable energy sources. This is why this technology is in high demand in this region.
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.
