The system that is used to convert radiant energy from hot bodies into electric energy via photons is called as thermophotovoltaic (TPV) system. It consist of hot objects that emits thermal radiation and photovoltaic cell which is similar to solar cell.
Top Impacting Factors
The increasing adoption of TPVs conversion in space related nuclear power system is expected to propel the market growth during the forecast period. Space nuclear power system are meant to provide electricity to spacecraft and other application which are present in spacecraft. TPV cells has the conversion efficiency of upto 50% which makes TPVs an ideal technology for all space related application. Rise in demand for use of renewable source of energy to reduce the dependency on fossil fuels for electricity and power generation boosts the growth of market.
Generally, the electricity was generated by burning fossil fuels such as coal, oils, natural gas, this process produces high amount of greenhouse gasses which are harmful to environment as well as the living beings, hence it’s important to reduce the use of fossil fuels for electricity and power generation. Due to these harmful effect governments are promoting use of renewable and uncommon sources to generate electricity and power which includes TPVs energy, solar energy, wind energy, and hydroelectricity, which are environment friendly and can reduce the cost of electricity in longer period of time. Hence government promotional activities drive the growth of market during the forecast period.
Demand for TPVs is expected to take a boost during the forecast period owing to rising adoption of solar energy in residential and commercial sector. Moreover, increase in R&D to enhance the sustainability and improve the cost effectiveness to increase the market share in global market.
Factors such as high cost for installing TPVs cells and high cost for storage of energy restraints the growth of the market. Not every person can afford to install TPVs for power generation. Hence to tackle this situation governments are providing subsidies and tax reduction policies to promote the use of sustainable source of power generation. Hence supportive action of government will surely be cost effective which will elevate the market growth.
Segmental Overview
The TPV cell markets segmented on the basis of application, and region. By application, it is divided into power generation, automotive, aerospace, portable electronics, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By application: The TPV cell market is divided into power generation
automotive, aerospace, portable electronics, and others. Power generation leads the market by application and is expected to grow at a significant growth rate which drives the market growth during forecast period. The demand for photovoltaic cells is increasing in aerospace industry which is likely to propel the market growth during forecast period.
By region: The TPV cell market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific TPV cell market is anticipated to have the fastest growth during the forecast period. The major factor for growth of market in the region includes countries such as China, India, Japan, and many others which is backed by the supportive government policies and promotional activities carried to adapt efficient and sustainable resources for power generation.
In addition, the rise in population is one of the factors which indirectly boosts the growth of the market as rise in population increases demand for construction and infrastructure development which involves use of TPVs cells to reduce use of fossil fuels and save environment.
The North American market is predicted to experience stable growth with the U.S. dominating the regional market. Increasing government attention to greenhouse gas emission in Europe drives the regional market. European countries, such as France, Argentina, Germany, and others, have established their goal of becoming carbon neutral by 2050. Which will reduce the use of fossil fuels for energy generation and hence there will be rise in use of renewable and sustainable source of energy. These all factors drive the growth of crystalline solar cells in forecast period.
Competitive Analysis
Competitive analysis and profiles of the major players in the TPV cells market, such as II-VI Marlow, American Elements Co., Antora energy, Curtiss-Wright Nuclear, COMSOL, Exide Technologies, LLC, General Electric, Tesla, Thermo PV, and Vattenfall are provided in this report. Major players have adopted technological advancement & product launch, acquisition, business expansion as key developmental strategies to improve the product portfolio of the crystalline solar cells market.
For instance, in May 2022, A new TPV cells was developed by a team led by Asegun Henry and Alina LaPotin of MIT’s department of mechanical engineering, which have a maximum efficiency of 41.1% and operate at power density of 2.39 W/cm2 using a heat source emitting at 2400 °C which was fabricated by researchers at national renewable energy lab.
In January 2023, -Antora Energy, a leader in zero-carbon heat and power for the industrial sector, has built the global first dedicated manufacturing line for TPV cells, achieving a major milestone in the production and scalability of TPV technology. The company has also demonstrated an efficiency rate greater than 40% for its TPV technology, setting a new industry benchmark.
Top Impacting Factors
The increasing adoption of TPVs conversion in space related nuclear power system is expected to propel the market growth during the forecast period. Space nuclear power system are meant to provide electricity to spacecraft and other application which are present in spacecraft. TPV cells has the conversion efficiency of upto 50% which makes TPVs an ideal technology for all space related application. Rise in demand for use of renewable source of energy to reduce the dependency on fossil fuels for electricity and power generation boosts the growth of market.
Generally, the electricity was generated by burning fossil fuels such as coal, oils, natural gas, this process produces high amount of greenhouse gasses which are harmful to environment as well as the living beings, hence it’s important to reduce the use of fossil fuels for electricity and power generation. Due to these harmful effect governments are promoting use of renewable and uncommon sources to generate electricity and power which includes TPVs energy, solar energy, wind energy, and hydroelectricity, which are environment friendly and can reduce the cost of electricity in longer period of time. Hence government promotional activities drive the growth of market during the forecast period.
Demand for TPVs is expected to take a boost during the forecast period owing to rising adoption of solar energy in residential and commercial sector. Moreover, increase in R&D to enhance the sustainability and improve the cost effectiveness to increase the market share in global market.
Factors such as high cost for installing TPVs cells and high cost for storage of energy restraints the growth of the market. Not every person can afford to install TPVs for power generation. Hence to tackle this situation governments are providing subsidies and tax reduction policies to promote the use of sustainable source of power generation. Hence supportive action of government will surely be cost effective which will elevate the market growth.
Segmental Overview
The TPV cell markets segmented on the basis of application, and region. By application, it is divided into power generation, automotive, aerospace, portable electronics, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By application: The TPV cell market is divided into power generation
automotive, aerospace, portable electronics, and others. Power generation leads the market by application and is expected to grow at a significant growth rate which drives the market growth during forecast period. The demand for photovoltaic cells is increasing in aerospace industry which is likely to propel the market growth during forecast period.
By region: The TPV cell market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific TPV cell market is anticipated to have the fastest growth during the forecast period. The major factor for growth of market in the region includes countries such as China, India, Japan, and many others which is backed by the supportive government policies and promotional activities carried to adapt efficient and sustainable resources for power generation.
In addition, the rise in population is one of the factors which indirectly boosts the growth of the market as rise in population increases demand for construction and infrastructure development which involves use of TPVs cells to reduce use of fossil fuels and save environment.
The North American market is predicted to experience stable growth with the U.S. dominating the regional market. Increasing government attention to greenhouse gas emission in Europe drives the regional market. European countries, such as France, Argentina, Germany, and others, have established their goal of becoming carbon neutral by 2050. Which will reduce the use of fossil fuels for energy generation and hence there will be rise in use of renewable and sustainable source of energy. These all factors drive the growth of crystalline solar cells in forecast period.
Competitive Analysis
Competitive analysis and profiles of the major players in the TPV cells market, such as II-VI Marlow, American Elements Co., Antora energy, Curtiss-Wright Nuclear, COMSOL, Exide Technologies, LLC, General Electric, Tesla, Thermo PV, and Vattenfall are provided in this report. Major players have adopted technological advancement & product launch, acquisition, business expansion as key developmental strategies to improve the product portfolio of the crystalline solar cells market.
For instance, in May 2022, A new TPV cells was developed by a team led by Asegun Henry and Alina LaPotin of MIT’s department of mechanical engineering, which have a maximum efficiency of 41.1% and operate at power density of 2.39 W/cm2 using a heat source emitting at 2400 °C which was fabricated by researchers at national renewable energy lab.
In January 2023, -Antora Energy, a leader in zero-carbon heat and power for the industrial sector, has built the global first dedicated manufacturing line for TPV cells, achieving a major milestone in the production and scalability of TPV technology. The company has also demonstrated an efficiency rate greater than 40% for its TPV technology, setting a new industry benchmark.
Global Thermophotovoltaic Cells Market Report Highlights
| Aspects | Details |
 By Application |
|
 By Region |
|
 Key Market Players | Thermo PV, Curtiss-Wright Nuclear, Vattenfall, Tesla, American Elements, Exide Technologies, LLC, COMSOL, General Electric, II-VI Marlow |
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