According to a new report, published by KBV research, The Global Thermophotovoltaics Market size is expected to reach $247.7 million by 2030, rising at a market growth of 12.2% CAGR during the forecast period.
The Crystalline Photovoltaic Cells segment is leading the Global Thermophotovoltaics Market by Type in 2022; thereby, achieving a market value of $122.3 million by 2030.The most prevalent solar cells found in commercially accessible solar panels are crystalline silicon PV cells. Currently, industrially made solar modules have efficiencies that fall between 18% and 22% under typical test settings. Compared to alternative single-junction devices that are made in large quantities, ordinary industrial silicon cells have better efficiencies.
The Military segment is registering a CAGR of 14.9% during (2023 - 2030). Compact and effective power sources are needed for the development of cutting-edge military technologies, such as unmanned surveillance systems (USS) and remote sensing equipment. TPV systems provide a number of options by harnessing the waste heat produced by military equipment and capturing thermal energy from the surrounding environment, allowing for longer operation and increased mission capabilities.
The Asia Pacific region dominated the Global Thermophotovoltaics Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $103 million by 2030. The Europe market is poised to grow at a CAGR of 11.7% during (2023 - 2030). Additionally, The North America market would witness a CAGR of 11.4% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/thermophotovoltaics-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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