The North America Thermophotovoltaics Market would witness market growth of 11.4% CAGR during the forecast period (2023-2030).
Thermophotovoltaics (TPV) is a new technology that uses photovoltaic cells to turn thermal radiation into power. It answers several uses, such as solar power generation, waste heat recovery, and portable energy systems. Due to the demand for effective energy conversion and consumption, the popularity of TPV has sparked considerable improvements in this field. The industrial sector has acknowledged the advantages of TPV for waste heat recovery (WHR), which makes it possible to convert extra heat into usable energy.
The production of cement, steel, and glass are just a few examples of sectors where this use is especially pertinent. The overall energy efficiency of TPV systems is improved by capturing and converting this waste heat. Another application for TPV is the creation of solar power. Using the sun's thermal radiation, thermophotovoltaics technology converts solar heat into energy and supplements conventional photovoltaic systems. When there is little direct sunlight available, as there is when it is foggy or shaded, this method has advantages.
Canada invests heavily in nuclear energy research and development in order to use it to eliminate carbon from the energy system. Atomic energy is used to provide low-emission power for users in New Brunswick and Ontario. The nation's favorable nuclear energy development environment puts the thermal power industry in a better position than other low-carbon emission technologies. Nuclear energy is anticipated to stay the most significant source of energy in the nation, owing to initiatives to repair aging reactors. Therefore, the region presents lucrative growth prospects for the market throughout the forecast period.
The US market dominated the North America Thermophotovoltaics Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $46,713.6 Thousands by 2030. The Canada market is experiencing a CAGR of 13.9% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 12.9% 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 U.S., Mexico, Canada, and Rest of North America.
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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