The Europe Thermophotovoltaics Market would witness market growth of 11.7% CAGR during the forecast period (2023-2030).
Researchers and private businesses have worked to examine the potential for using TPVs to generate power. In high-temperature manufacturing in the UK, the TPV system's ability to recover waste heat was discovered. the possibility of TPV heat recovery in the steel and glass manufacturing industries has been a popular research topic recently. According to estimates, a high-temperature body with a surface area of 27 m2 can use the TPV system to generate 270 kW of power in the glass manufacturing business.
As operating temperatures rise, TPV increases the application of concentrated solar power systems. TPV technology is anticipated to be advantageous for portable energy systems, which feature off-grid power and remote sensor options. These systems need dependable power sources that can sustain themselves. TPV devices are anticipated to offer a practical alternative for powering these applications in remote or challenging areas because of their small size and capacity for transforming ambient heat into energy.
The European Union is accelerating the deployment of solar PV in light of the energy crisis, with 38 GW installed in 2022. New regulations and goals outlined in the Green Deal Industrial Plan and the REPowerEU Plan are expected to have a substantial impact on solar PV investment in the coming years. Solar energy is identified as the key to the swift adoption of renewable energy in the EU Solar Energy Strategy, which was published by the European Commission in May 2022. In order to achieve a sizable portion of the global energy demand target (10 TW) set by the EU Strategic Energy Technology Plan by 2040–2050, the region is putting more emphasis on additional research and development on developing PV absorbers. This will diversify the portfolio of existing solar technologies. Hence, the increasing government support for renewable and efficient, and clean off-grid projects is aiding in the development of the regional market.
The Germany market dominated the Europe Thermophotovoltaics Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $13,506 Thousands by 2030. The UK market is exhibiting a CAGR of 10.7% during (2023 - 2030). Additionally, The France market would experience a CAGR of 12.5% during (2023 - 2030).
Based on Type, the market is segmented into Crystalline Photovoltaic Cells, Thin Film Photovoltaic Cells, Silicon Photovoltaic Cells, and Others. Based on Application, the market is segmented into Solar, Nuclear, Thermal Power Plant, Military, Off-Grid Generator, Portable Electronics, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Thermophotovoltaics Market is Projected to reach USD 247.7 Million by 2030, at a CAGR of 12.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tesla, Inc., Schott AG (Carl-Zeiss-Stiftung), Abengoa, BrightSource Energy, Inc., Spectrolab, Inc. (The Boeing Company), Acciona SA, ACWA Power (Vision Invest), Azur Space Solar Power GmbH (5N Plus, Inc.), Microlink Devices, Inc. and Alta Devices (Hanergy Hi-Tech Power Limited)
By Type
By Application
By Country
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 