The Latin America, Middle East and Africa Thermophotovoltaics Market would witness market growth of 15.2% CAGR during the forecast period (2023-2030).
Applications of space technology will require high-efficiency TPV cells. Nuclear and solar generators are the two possible power sources for tiny spacecraft that can sustain long-term operation. The primary competing technologies for space power generation were recently compared in a critical assessment. The TPV system guarantees an efficiency of up to 40% and has the additional benefits of being lightweight, mechanically static, and producing energy directly from radiant heat in space power generation. A medium electrical system can benefit from the TPV system's high-power density per unit area compared to other technologies. With the increasing expenditure on space R&D, the demand for thermophotovoltaics can be expected to rise.
The market for thermophotovoltaics (TPV), specifically radioisotope thermophotovoltaic (RTPV) systems, has potential uses for nuclear energy. To turn the heat produced by radioactive isotopes into electricity, RTPV combines the concepts of nuclear decay heat and TPV technology. RTPV systems, in particular, offer several benefits for nuclear usage in the market prediction. RTPV systems are perfect for applications needing sustained energy generation in distant or space missions because they produce electricity with radioactive isotopes with lengthy half-lives. These devices use the radioactive isotopes' high energy density to create tiny, lightweight TPV converters that are ideal for locations with limited space.
Brazil increased its growth rate from 2021 to 2022 by installing nearly 11 GW of solar photovoltaic capacity. Deployment is expected to remain at this level in the upcoming years due to the persistent demand for renewable energy from businesses and power suppliers. In Brazil, utility-scale solar energy increased by 40.9% in 2021, compared to an 84% increase in distributed solar power. Utility-scale solar energy projects that have been approved already have more than $20 billion committed to them. With this deployment, it was promised that by 2030, the installed renewable power generation capacity in this region will increase to 80 GW. Therefore, these components will aid in the rapid expansion of the region's market.
The Brazil market dominated the LAMEA Thermophotovoltaics Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5,712.2 Thousands by 2030. The Argentina market is showcasing a CAGR of 15.7% during (2023 - 2030). Additionally, The UAE market would witness a CAGR of 14.5% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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)
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