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.
Concentrated solar power (CSP) technologies are used to provide direct sunlight onto a receiver, such as solar power towers, parabolic troughs, or dish concentrators. The two primary categories of solar TPVs on the market are solar TPVs and hybrid TPVs. Hence, the solar segment will register more than 50% share in the market by 2030. High-temperature heat, typically between 1,000 and 2,500 degrees Celsius, is produced in TPV systems using concentrated solar radiation. A thermal emitter is then the target of this focused heat, which releases heat in the form of photons. This heat radiation is directed toward photovoltaic cells that are designed to produce electricity at particular wavelengths. Some of the factors impacting the market are rising demand for electricity worldwide, growing government support for thin-film solar cells, and the high cost of manufacturing thermophotovoltaics.
The rate of industrialization and urbanization has quickened recently, increasing the need for power. The demand for energy will rise globally in 2023, predicts the International Energy Agency's Energy Market Report 2023. Demand will rise by 2,500 terawatt hours (TWh) by 2025, with most of the growth occurring in Asia. The entire demand would rise by 9%, reaching 29,281TWh. By 2025, China's share of global electricity demand will increase from 5% in 1990 to 25% in 2015. Due to strong expansion in surrounding Asia Pacific nations, the region will also supply more than half of the world's electrical consumption. Furthermore, to provide grid connections for photovoltaic projects that are convenient, governments in various locations are constantly developing new laws. Among the countries promoting solar energy use aggressively are China, Canada, France, and the US. For instance, China's 14th Five-Year Plan, which was just released, sets a high objective for producing electricity from renewable sources by 2025. The latest statistics provided by the government show that at the end of March, installed solar capacity had grown 33.7 percent annually to more than 430 million kilowatts. The market is growing as a result of grid construction and increasing electricity demand, and rising initiatives and the installation of solar cells.
However, finding cheaper commercially available TPV cells is one of the main obstacles to TPV application. A costly growth process, like molecular beam epitaxy (MBE), is used to create some of the TPV structures. Additionally, front and rear surface field layers are necessary for the majority of TPV cells to maximize cell performance. These layers improve the assortment of lengthy and concise photogenerated carriers. Therefore, the high manufacturing cost of TPV may hamper the growth of the market throughout the forecast period.
On the basis of application, the market is classified into solar, nuclear, thermal power plant, military, off-grid generator, portable electronics, and others. The off-grid generator segment witnessed a promising growth rate in the market in 2022. A fascinating and promising technology, thermophotovoltaics (TPV), can have a number of advantages in off-grid generation systems. Fossil fuels, waste heat from industrial operations, biomass, solar energy, and other sources of heat can all be used in TPV systems. It is suited for a variety of off-grid situations where various heat sources might be accessible because of their adaptability.
Based on type, the market is characterized into silicon photovoltaic cells, crystalline photovoltaic cells, thin film photovoltaic cells, and others. The silicon photovoltaic cells segment procured a considerable growth rate in the market in 2022. Over time, silicon photovoltaic cells have become extremely popular for a variety of factors. Its energy efficiency is greater than 20%. It is an inert substance. Consequently, it does not harm the environment. The silicon photovoltaic cells can be utilized in solar panels for industrial, commercial, and residential purposes. It delivers good photoconductivity and is a reasonably priced choice.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 100.8 Million |
| Market size forecast in 2030 | USD 247.7 Million |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 12.2% from 2023 to 2030 |
| Number of Pages | 224 |
| Number of Table | 310 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment garnered the maximum revenue share in the market in 2022. India and China are significantly responsible for the market's growth in the Asia Pacific region. These nations are expanding rapidly in the photovoltaics sector. The market is growing as a result of advantageous government policies throughout Asia and the Pacific. Solar energy usage has increased as a result of countries like China, India, and Australia accelerating the deployment of renewable energy to achieve their emission targets.
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)
Free Valuable Insights: Global Thermophotovoltaics Market size to reach USD 247.7 Million by 2030
By Type
By Application
By Geography
The Market size is projected to reach USD 247.7 million by 2030.
Growing government support for thin-film solar cells are driving the Market in coming years, however, High cost of manufacturing thermophotovoltaics restraints the growth of the Market.
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)
The Crystalline Photovoltaic Cells segment is leading the Market by Type in 2022; thereby, achieving a market value of $122.3 million by 2030.
The Asia Pacific region dominated the 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.
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