Thermophotovoltaics Market Size & Share, by Type (Silicon Photovoltaic Cells, Crystalline Silicon Photovoltaic Cells, Thin-Film Photovoltaics Cells); Fabrication Method (Non-Epitaxial, Epitaxial); Application (Solar Photovoltaic, Nuclear, Thermal Power Plants, Off-Grid Generators, Vehicles & Submarines, Commercial, Portable Electronics, Satellites & Space) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4987
  • Published Date: Jun 02, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Thermophotovoltaics Market size is expected to reach USD 20 Billion by 2035, observing nearly 7% CAGR from 2023 to 2035. In the year 2022, the industry size of thermophotovoltaics was USD 10 Billion. This growth of the market is anticipated to be influenced by the growing consumption of energy. An estimated about 579 million terajoules of energy are consumed worldwide each year. The larger part of the energy people utilizes, approximately 82%, is derived from fossil fuels. Hence, this has shortened the life span of fossil fuels. Therefore, the demand for thermophotovoltaics is predicted to have risen, since thermophotovoltaics (TPV) generators convert heat into electricity by utilizing the photovoltaic effect.

Furthermore, owing to the excessive use of fossil fuels the emission of greenhouse gases is also growing. Hence, there has been rising encouragement by the government for the adoption of clean energy in various countries. Therefore, the market demand for thermophotovoltaics is poised to have significant growth.

Thermophotovoltaics Market-min
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Global Thermophotovoltaics Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Hybrid Vehicles In order to keep batteries at a constant state of charge, hybrid vehicles require electrical energy. The electric motor then uses the energy from these batteries to move the car forward. Hence, the electrical energy requires to keep constant the functioning of hybrid vehicles, thermophotovoltaics is used. Therefore, with the growing demand for hybrid vehicles, the market is also projected to grow.
  • Rise in Space Activities The number of satellites orbiting the Earth as of January 2022 was about 8,260 satellites. Moreover, with about 179 successful rocket launches into orbit, 2022 set a record for space travel and was approximately 43 more successful than 2021. Solar PV is being used for missions that are close to the sun (in Earth orbit or closer), allowing for power levels of several kWs and mission durations of many years. However, solar thermal generators, which allow for extremely high energetically dense thermal storage, is projected to replace solar PV.
  • Surge in Number of People with No Electricity About 19 million of people all around the world lived without electricity in 2022. Therefore, a large number of off-grid is estimated to be constructed further boosting the market growth for thermophotovoltaics.


  • High Cost of Thermophotovoltaics – The cost of various materials used in this system such as selective emitters, and photovoltaics cells is poised to carry huge price. Hence, this also makes the manufacturing process of this system costly. Therefore, this factor is anticipated to hinder thermophotovoltaics market growth.
  • Complexity in Integrating TPV System
  • Lack of Efficiency

Global Thermophotovoltaics Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

~ USD 10 Billion

Forecast Year Market Size (2035)

~ USD 20 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Thermophotovoltaics Market Segmentation

Application (Solar Photovoltaic, Nuclear, Thermal Power Plants, Off-Grid Generators, Vehicles & Submarines, Commercial, Portable Electronics, Satellites & Space)

The thermophotovoltaics market from satellites & space segment is expected to generate the highest revenue by the end of 2035. This growth in the segment can be ascribed to its growing application in space nuclear power systems. The electricity for spacecraft is provided by space nuclear power systems. Hence, thermophotovoltaics is used to convert nuclear reactor heat into electricity.

Type (Silicon Photovoltaic Cells, Crystalline Silicon Photovoltaic Cells, Thin-Film Photovoltaics Cells)

The crystalline silicon photovoltaics cells segment is poised to have significant growth over the forecast period. Crystalline silicon photovoltaic cells are the most common type of film which is commercially available. Crystalline silicon photovoltaic cells cost less than thin film PV since the production process is simpler.

Our in-depth analysis of the Thermophotovoltaics Market includes the following segments:



  • Silicon Photovoltaic Cells
  • Crystalline Silicon Photovoltaic Cells
  • Thin-Film Photovoltaics Cells

     Fabrication Method

  • Non-Epitaxial
  • Epitaxial





  • Solar Photovoltaic
  • Nuclear
  • Thermal Power Plants
  • Off-Grid Generators
  • Vehicles & Submarines
  • Commercial
  • Portable Electronics
  • Satellites & Space

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Thermophotovoltaics Industry - Regional Synopsis

APAC Market Statistics

The Asia Pacific thermophotovoltaics market is projected to have the highest growth by the end of 2035, backed by the growing population in this region that is increasing the demand for energy. About 4.3 billion people live in the Asia and Pacific region, which also has the world's two most populous nations, China and India. This region is home to 60% of the population of the world.

North America Market Forecast

The thermophotovoltaics market in Asia Pacific is set to have the significant growth over the forecast period. In North America, the focus to reduce the use of fossil fuels is growing which has boosted the demand for renewable energy. Hence, TPV technology is considered to be one of the most sustainable energy sources. This is why this technology is in high demand in this region.

Research Nester
Thermophotovoltaics Market Size-min
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Companies Dominating the Thermophotovoltaics Landscape

    • Curtiss-Wright Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Antora Energy
    • MIT Energy Initiative
    • COMSOL
    • General Electric
    • Coherent Corporation
    • Tesla
    • Vattenfall AB
    • Exide Technologies
    • American Elements


In The News

  • The world's first thermophotovoltaic (TPV) cell manufacturing line has been created by Antora Energy, a pioneer in low-carbon heat and electricity for the industrial sector. This marks a significant advancement in the production and scalability of TPV technology. Additionally, the business has established a new standard for the sector by demonstrating a TPV efficiency rate of more than 40%. With these significant accomplishments, Antora is ready to revolutionize energy storage and conversion, two processes essential for industrial decarbonization and achieving net zero.
  • A heat engine without moving parts that functions similarly to the photovoltaic cells in a solar panel has been created by engineers from MIT and the National Renewable Energy Laboratory. A grid-scale thermal battery might include the engine.

Author Credits:  Smruti Ranjan, Rajrani Baghel

  • Report ID: 4987
  • Published Date: Jun 02, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are the growing demand for hybrid vehicles, a rise in space activities, and a surge in the number of people with no electricity.

The market size of thermophotovoltaics is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Curtiss-Wright Corporation, Antora Energy, MIT Energy Initiative, COMSOL, and more.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, fabrication method, application and by region.

The crystalline silicon photovoltaics cells segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

High cost of thermophotovoltaics, the complexity of integrating TPV systems, and the lack of efficiency are estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Thermophotovoltaics Market Report Scope

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