Thermophotovoltaics Market Size

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

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 Size