Portland, OR, July 13, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Thermophotovoltaics Market by Type (Silicon Photovoltaic Cells, Crystalline Photovoltaic Cells, Thin Film Photovoltaic Cells, Others), by Application (Solar, Nuclear, Thermal Power Plant, Military, Off-Grid Generator, Portable Electronics, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global thermophotovoltaics market was valued at $120.3 million in 2022 and is projected to reach $400.2 million by 2032, registering a CAGR of 12.8% from 2023 to 2032.
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Prime determinants of growth
The upsurge in energy demand and advancements in TPV technology are some prime determinants that drive the growth of the global thermophotovoltaics market. However, the limited market awareness and technical complexity restrict market growth. Moreover, the rapid integration with existing technologies and emerging industrial applications presents new opportunities in the coming years.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $120.3 million |
| Market Size in 2032 | $400.2 million |
| CAGR | 12.8 % |
| No. of Pages in Report | 245 |
| Segments Covered | Type, Application, and Region |
| Drivers | Increase in demand for energy |
| Renewable energy policies | |
| Advancements in TPV technology | |
| Restraints | Limited market awareness |
| Technical complexity | |
| Opportunities | Integration with existing technologies |
| Emerging industrial applications |
The Russia-Ukraine conflict has the potential to impact the thermophotovoltaics (TPV) market in several ways.
- Disruptions in the supply chain due to trade restrictions or transportation issues could affect the production and availability of TPV systems.
- Instability in the energy markets, particularly regarding natural gas, may influence the cost-effectiveness and competitiveness of TPV technology.
- Geopolitical uncertainty due to the conflict could create caution among investors, and potentially impact decisions to invest in emerging technologies such as TPV.
- Changes in regional energy policies and priorities due to the conflict may also influence the adoption of TPV systems.
- In addition, collaborative research, and development efforts in the field of TPV between Russia, Ukraine, and other countries may be hindered if political tensions escalate.
Global Recession A global recession has significant implications for the thermophotovoltaic (TPV) market
- During economic downturns, investment in recent technologies tends to decrease as companies and investors prioritize financial stability over long-term projects.
- Furthermore, a recession often leads to decreased market demand for energy solutions, which makes it challenging for TPV systems to gain traction and widespread adoption.
- Delays or cancellations of planned TPV projects are also common during economic uncertainty, as companies prioritize cost-cutting measures.
- Government priorities may shift towards economic recovery, and potentially impact the level of support and incentives available for renewable energy technologies such as TPV.
- In addition, supply chain disruptions caused by trade restrictions and financial challenges faced by suppliers affect the availability and cost of TPV components.
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The crystalline photovoltaic cell segment maintains its leadership status throughout the forecast period
Based on type, the crystalline photovoltaic cell segment held the highest market share in 2022, accounting for nearly half of the global thermophotovoltaics market revenue, and is estimated to maintain its leadership status throughout the forecast period. The increase in demand for energy efficiency and waste heat recovery solutions in industries. TPV technology addresses the efficient conversion of waste heat into usable electricity and offers a sustainable and cost-effective solution. In addition, the rise in interest in renewable energy integration creates a favorable market environment for TPV. However, the others segment such as organic photovoltaic cells, and dye-sensitized solar cells are projected to manifest a CAGR of 13.6% from 2023 to 2032. The global shift towards clean and sustainable energy sources is driving the demand for innovative technologies such as thermophotovoltaics-based organic and dye-sensitized solar cells. Governments, organizations, and industries across the globe invest in renewable energy solutions which creates ample opportunities for the growth of the thermophotovoltaics market.
The solar application segment to maintain its leadership status throughout the forecast period
Based on application the solar segment held the highest market share in 2022, accounting for more than two-thirds of the global thermophotovoltaics market revenue, and is estimated to maintain its leadership status throughout the forecast period. The global shift towards clean and sustainable energy sources drives the demand for renewable technologies. TPV systems, particularly those that incorporate solar energy, offer a renewable solution for power generation and waste heat recovery. As governments and industries prioritize renewable energy, which has a positive impact on the thermophotovoltaics market. However, the others segment such as medical devices and industrial sensors are projected to manifest a CAGR of 14.4% from 2023 to 2032, owing to the increase in trend toward miniaturization and portability in medical devices and industrial sensors led to the demand for compact and efficient power sources.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global thermophotovoltaics market revenue, and is likely to dominate the market during the forecast period. India and China are major players in this region majorly due to their huge populations and due to their energy demands. Solar power in India is a fast-developing industry as a part of renewable energy in India. Furthermore, the Asia-Pacific region is expected to witness the fastest CAGR of 13.2% from 2023 to 2032. In addition, PV energy is widely used in the generation of electricity for standalone systems and rural electrification in Asia-Pacific. In addition, the growth of the telecommunication and aerospace & defense industry has led to an increase in usage of PV energy across the Asia-Pacific region. These factors, among others, are driving the demand for the application of thermophotovoltaics for power generation, leading to the demand for the thermophotovoltaics market in the Asia-Pacific.
Leading Market Players: -
- Microlink Devices
- Azur Space Solar Power
- Spectrolab
- Schott AG
- Alta Devices, inc.
- Tesla, Inc.
- Acciona SA
- Abengoa Solar GmbH
- Brightsource
- ACWA Power International S.A.O.C.
The report provides a detailed analysis of these key players in the global thermophotovoltaics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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