Thermophotovoltaics Market Size

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. In the year 2024, the industry size of thermophotovoltaics is estimated at USD 11.41 Billion. This growth of the market is anticipated to be influenced by the growing consumption of energy. An estimated about 579 million terajoules of energy are consumed worldwide each year. The larger part of the energy people utilizes, approximately 82%, is derived from fossil fuels. Hence, this has shortened the life span of fossil fuels. Therefore, the demand for thermophotovoltaics is predicted to have risen, since thermophotovoltaics (TPV) generators convert heat into electricity by utilizing the photovoltaic effect.

Furthermore, owing to the excessive use of fossil fuels the emission of greenhouse gases is also growing. Hence, there has been rising encouragement by the government for the adoption of clean energy in various countries. Therefore, the market demand for thermophotovoltaics is poised to have significant growth.