Thermophotovoltaics Market Trends

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