New York, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The global thermophotovoltaics market size is expected to expand at ~7% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 20 Billion by the end of 2035, up from a revenue of ~USD 10 Billion in the year 2022. This growth is set to be dominated by growing demand for energy. 580 million terajoules of energy are utilized globally every year, according to estimates. This is set to influence the market for thermophotovoltaics.
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Additionally, large number of people across the world have lack of availability of electricity. By 2022, there is expected to be approximately 774 million people without access to electricity worldwide, an increase of nearly 19 million. Moreover, the adoption of solar energy is not possible in rural region since it usually carries huge price. As a result, the dependence on thermophotovoltaics is growing. Thermophotovoltaics (TPVs) have the capacity to store and convert energy using higher temperature heat sources compared to the turbines which are now used extensively in the production of electricity. TPVs primarily convert infrared wavelength light to electricity via the photovoltaic effect.
Thermophotovoltaics Market: Key Takeaways
- Market in Asia Pacific market to propel the highest growth
- Satellite & space segment to garner the highest growth
- Market in North America to grow at the highest rate
Growing Demand for Hybrid Vehicles to Boost the Growth of Global Thermophotovoltaics Market
In 2022, there were approximately 3 million new plug-in hybrid electric vehicle sales globally. Thermophotovoltaic (TPV) generators function by directly converting heat energy in the form of infrared radiation into electricity using photovoltaic cells, as opposed to turning heat energy into mechanical power in a combustion engine and then converting mechanical energy into electrical energy in a magnetic field. This electrical energy is used by a series hybrid car to maintain the batteries' level of charge. The electric motor, which moves the car forward, is then powered by these batteries.
Thermophotovoltaics Market: Regional Overview
The global thermophotovoltaics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Urban Population to Dominate the Growth of the Market in Asia Pacific
The market in Asia Pacific for thermophotovoltaics is projected to generate the largest revenue by the end of 2035. The major element to influence the growth of the market in this region is growing urban population. More over 2.2 billion people, or 54% of the world's metropolitan population, reside in Asia. Asia's urban population is projected to increase by 50% by 2050, or by an additional 1.2 billion people. Hence, with this the demand for electricity is also projected to grow which would also dominate the market expansion.
Rising Need to Eliminate the Usage of Fossil Fuel to Influence the Market Expansion in North America
The market for thermophotovoltaics in North America is also estimated to have noteworthy growth over the coming years. This growth is estimated to be dominated by growing need to eliminate fossil fuel. 73% of all GHG emissions and 92% of all anthropogenic CO2 emissions in the United States in 2021 were caused by the combustion (burning) of fossil fuels for energy. Hence, thermophotovoltaics is emerging as a increasing preferred renewable source of energy in this region.
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Thermophotovoltaics, Segmentation by Application
- Solar Photovoltaic
- Nuclear
- Thermal Power Plants
- Off-Grid Generators
- Vehicles & Submarines
- Commercial
- Portable Electronics
- Satellite & Space
The satellite & space segment is predicted to generate the largest revenue by the end of 2035. The main factor for its growth is rising space activities. The total amount of orbital space launches globally set a new peak in 2022, with about 173 launches, the most since the Space Race began in 1957.
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Thermophotovoltaics, Segmentation by Type
- Silicon Photovoltaic Cells
- Crystalline Silicon Photovoltaic Cells
- Thin-Film Photovoltaics Cells
The crystalline silicon photovoltaics segment is poised to have significant growth in the market over the coming years. The growth of the segment could be influenced by growing production of solar cells. Around 240 gigawatts of solar module output were produced globally in 2021.
Thermophotovoltaics, Segmentation by Fabrication Method
- Non-Epitaxial
- Epitaxial
A few of the well-known market leaders in the global thermophotovoltaics market that are profiled by Research Nester are Curtiss-Wright Corporation, Antora Energy, MIT Energy Initiative, COMSOL, General Electric, Coherent Corporation, Tesla, Vattenfall AB, Exide Technologies, American Elements, and others.
Recent Development in the Market
- Antora Energy, a leader in low-carbon heat and power for the industrial sector, has developed the first thermophotovoltaic (TPV) cell manufacturing line in the world. This represents a considerable improvement in the production and scalability of TPV technology. By proving a TPV efficiency rate of greater than 40%, the company has also raised the bar for the industry. With these noteworthy achievements, Antora is prepared to revolutionize energy storage and conversion, two procedures crucial for industrial decarbonization and achieving net zero.
- Engineers from MIT and the National Renewable Energy Laboratory have developed a heat engine without moving parts that performs similarly to the photovoltaic cells in a solar panel. The engine can be a part of a thermal battery for the grid.
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