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Thermophotovoltaics Market Size and Forecast, 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) - Growth Trends, Key Players, Regional Analysis 2026-2035

  • Report ID: 4987
  • Published Date: Nov 24, 2025
  • Report Format: PDF, PPT

Thermophotovoltaics Market Outlook:

Thermophotovoltaics Market size was valued at USD 12.88 billion in 2025 and is likely to cross USD 26.06 billion by 2035, expanding at more than 7.3% CAGR during the forecast period i.e., between 2026-2035. In the year 2026, the industry size of thermophotovoltaics is assessed at USD 13.73 billion.

Thermophotovoltaics
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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.

Key Thermophotovoltaics Market Insights Summary:

  • Regional Insights:

    • The Asia Pacific region is projected to command a 48% revenue share by 2035 in the thermophotovoltaics market, supported by rising regional energy demand.
    • North America is anticipated to witness strong expansion through 2026–2035, fuelled by intensifying efforts to curb fossil-fuel dependence and adopt renewable energy.

  • Segment Insights:

    • The satellites & space segment is expected to generate the highest revenue by 2035 in the thermophotovoltaics market, propelled by its growing application in space nuclear power systems.
    • The crystalline silicon photovoltaics cells segment is set to achieve substantial growth during 2026–2035, owing to its simpler and more economical production process compared to thin-film PV.

  • Key Growth Trends:

    • Growing Demand for Hybrid Vehicles
    • Rise in Space Activities

  • Major Challenges:

    • High Cost of Thermophotovoltaics
    • Complexity in Integrating TPV System

  • Key Players: Curtiss-Wright Corporation, Antora Energy, MIT Energy Initiative, COMSOL, General Electric, Coherent Corporation, Tesla, Vattenfall AB, Exide Technologies, American Elements.

Global Thermophotovoltaics Market Forecast and Regional Outlook:

  • Market Size & Growth Projections:

    • 2025 Market Size: USD 12.88 billion
    • 2026 Market Size: USD 13.73 billion
    • Projected Market Size: USD 26.06 billion by 2035
    • Growth Forecasts: 7.3%

  • Key Regional Dynamics:

    • Largest Region: Asia Pacific (48% Share by 2035)
    • Fastest Growing Region: Asia Pacific
    • Dominating Countries: United States, China, Germany, Japan, South Korea
    • Emerging Countries: India, Brazil, UAE, Australia, Singapore

    • Last updated on : 24 November, 2025

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.

Challenges

  • 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

Thermophotovoltaics Market Size and Forecast:

Report Attribute Details

Base Year

2025

Forecast Year

2026-2035

CAGR

7.3%

Base Year Market Size (2025)

USD 12.88 billion

Forecast Year Market Size (2035)

USD 26.06 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • 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 Segment Analysis

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 Segment Analysis

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:

 

     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
Vishnu Nair
Vishnu Nair
Head - Global Business Development

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Thermophotovoltaics Market - Regional Analysis

APAC Market Insights

 Asia Pacific industry is predicted to dominate majority revenue share of 48% by 2035, backed by increasing the demand for energy in the region. 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 Insights

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.

Thermophotovoltaics Market Demand
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Thermophotovoltaics Market Players:

    • 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

Recent Developments

  • 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.
  • Report ID: 4987
  • Published Date: Nov 24, 2025
  • Report Format: PDF, PPT
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Frequently Asked Questions (FAQ)

In the year 2026, the industry size of thermophotovoltaics is assessed at USD 13.73 billion.

The global thermophotovoltaics market size was valued at over USD 12.88 billion in 2025 and is expected to expand at a CAGR of around 7.3%, surpassing USD 26.06 billion revenue by 2035.

Key players in the market include Curtiss-Wright Corporation, Antora Energy, MIT Energy Initiative, COMSOL, General Electric, Coherent Corporation, Tesla, Vattenfall AB, Exide Technologies, American Elements.

Thermophotovoltaics Market Report Scope

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