Thermophotovoltaics Market - Growth Drivers and Challenges
Growth Drivers
- Growing Demand for Hybrid Vehicles In order to keep batteries at a constant state of charge, hybrid vehicles require electrical energy. The electric motor then uses the energy from these batteries to move the car forward. Hence, the electrical energy requires to keep constant the functioning of hybrid vehicles, thermophotovoltaics is used. Therefore, with the growing demand for hybrid vehicles, the market is also projected to grow.
- Rise in Space Activities The number of satellites orbiting the Earth as of January 2022 was about 8,260 satellites. Moreover, with about 179 successful rocket launches into orbit, 2022 set a record for space travel and was approximately 43 more successful than 2021. Solar PV is being used for missions that are close to the sun (in Earth orbit or closer), allowing for power levels of several kWs and mission durations of many years. However, solar thermal generators, which allow for extremely high energetically dense thermal storage, is projected to replace solar PV.
- Surge in Number of People with No Electricity About 19 million of people all around the world lived without electricity in 2022. Therefore, a large number of off-grid is estimated to be constructed further boosting the market growth for thermophotovoltaics.
Challenges
- High Cost of Thermophotovoltaics – The cost of various materials used in this system such as selective emitters, and photovoltaics cells is poised to carry huge price. Hence, this also makes the manufacturing process of this system costly. Therefore, this factor is anticipated to hinder thermophotovoltaics market growth.
- Complexity in Integrating TPV System
- Lack of Efficiency
Thermophotovoltaics Market Size and Forecast:
|
Base Year |
2025 |
|
Forecast Year |
2026-2035 |
|
CAGR |
7.3% |
|
Base Year Market Size (2025) |
USD 12.88 billion |
|
Forecast Year Market Size (2035) |
USD 26.06 billion |
|
Regional Scope |
|
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.
