Thermophotovoltaics Market By Type, By Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

Description

List of Tables

According to a new report published by Allied Market Research, titled, "Thermophotovoltaics Market," The thermophotovoltaics market was valued at $120.3 million in 2022, and is estimated to reach $400.2 million by 2032, growing at a CAGR of 12.8% from 2023 to 2032.

Thermophotovoltaics (TPV) is an emerging technology that aims to convert heat energy into electricity by utilizing the principles of thermal radiation and photovoltaic conversion. It offers an avenue for efficient energy conversion and has the potential to revolutionize various industries, which include power generation, waste heat recovery, and space exploration.

The increase in demand for sustainable and clean energy solutions has propelled the development of TPV technology. Its ability to harness waste heat, which is abundant in industrial processes and power generation systems, makes it an attractive option to improve overall energy efficiency and reduce greenhouse gas emissions. TPV systems efficiently capture and convert waste heat into electricity, reduce reliance on fossil fuels, and mitigate environmental impact.

The power generation sector stands to benefit significantly from TPV technology. TPV cells are incorporated into existing power plants, and the efficiency of energy conversion is expected to be significantly enhanced. TPV systems tap into the waste heat generated during power generation processes, such as combustion or nuclear reactions, and convert it into electricity. This technology has the potential to improve the overall efficiency of power plants, leading to reduced fuel consumption and lower carbon dioxide emissions. Another potential application of TPV technology lies in waste heat recovery. Many industrial processes produce substantial amounts of waste heat, which is often released into the environment without being utilized.

TPV systems capture this waste heat and convert it into electricity, providing a valuable source of power for on-site use or grid integration. This has led to significant energy savings and cost reductions for industries and reduced their environmental footprint.

The space exploration sector has the potential for TPV technology. In space missions, where sunlight is limited or unavailable, TPV systems generate electricity by utilizing the heat generated from radioactive decay or other heat sources. This offers a reliable and efficient power source for long-duration space missions and enhances the capabilities of spacecraft, enabling extended exploration and scientific research.

As with any emerging technology, TPV faces certain challenges that need to be addressed for its widespread adoption. One of the primary areas of focus is to improve the efficiency of energy conversion. Researchers work on the development of advanced materials and structures that optimize the absorption and conversion of thermal radiation into electricity. An increase in the efficiency of TPV cells enhances their economic viability and competitiveness with other energy conversion technologies.

Another challenge lies in the integration of TPV systems with existing infrastructure. The design and engineering of TPV modules need to be compatible with various industrial processes and power generation systems. Efforts are being made to develop modular and flexible TPV solutions that are expected to be easily integrated into different applications to facilitate their commercialization and deployment.

Furthermore, cost reduction is a critical factor for the widespread adoption of TPV technology. R&D efforts are focused on developing cost-effective materials and manufacturing processes to bring down the overall production costs of TPV systems. Collaborative initiatives by academia, industry, and government organizations drive innovation and accelerate the commercialization of TPV technology.

The thermophotovoltaics market forecast is segmented on the basis of type, application, and region. On the basis of type, it is categorized into silicon photovoltaic cells, crystalline photovoltaic cells, thin film photovoltaic cells, and others. On the basis of application, it is classified into solar, nuclear, thermal power plant, military, off-grid generator, portable electronics, and others. On the basis of region, the thermophotovoltaics market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Impact of Russia-Ukraine on Global Thermophotovoltaics Market

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.

Impact of Global Recession on Global Thermophotovoltaics Market

A global recession has significant implications on 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. This reduced fund hinders research and development (R&D) activities in the TPV sector and slows down advancements and innovation. 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.

Competitive Landscape

The major companies profiled in this report include MicroLink Devices, Azur Space Solar Power, Spectrolab, Schott AG, Alta Devices, Tesla Energy, Acciona SA, Abengoa Solar GmbH, BrightSource, and ACWA Power. Governments across the globe have set sights on the development of renewable energy sources, which require high energy density storage batteries. Key manufacturers innovated and expanded their production capacities to meet market demand across the globe due to the rapid increase in demand for energy in recent years. Additional growth strategies such as new product developments, acquisition, and business expansion strategies, are adopted to attain key developments in the thermophotovoltaics market trends.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the thermophotovoltaics market analysis from 2022 to 2032 to identify the prevailing thermophotovoltaics market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the thermophotovoltaics market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global thermophotovoltaics market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

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

By Region

North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- Italy
- Spain
- UK
- France
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
LAMEA
- Brazil
- Chile
- South Africa
- Rest of LAMEA

Key Market Players:

Abengoa Solar GmbH
Acciona SA
ACWA Power International S.A.O.C.
Alta Devices, Inc.
Azur Space Solar Power
Brightsource
MicroLink Devices
Schott AG.
Spectrolab
Tesla, Inc.

Product Code: A74594

CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
3.3. Porter's five forces analysis
- 3.3.1. High bargaining power of suppliers
- 3.3.2. High threat of new entrants
- 3.3.3. High threat of substitutes
- 3.3.4. High intensity of rivalry
- 3.3.5. High bargaining power of buyers
3.4. Market dynamics
- 3.4.1. Drivers
  - 3.4.1.1. Increase in demand for energy
  - 3.4.1.2. Renewable energy policies.
  - 3.4.1.3. Advancements in TPV technology.

3.4.2. Restraints
- 3.4.2.1. Limited market awareness
- 3.4.2.2. Technical complexity

3.4.3. Opportunities
- 3.4.3.1. Integration with existing technologies
- 3.4.3.2. Emerging industrial applications

3.5. COVID-19 Impact Analysis on the market
3.6. Value Chain Analysis
3.7. Key Regulation Analysis

CHAPTER 4: THERMOPHOTOVOLTAICS MARKET, BY TYPE

4.1. Overview
- 4.1.1. Market size and forecast
4.2. Silicon Photovoltaic Cells
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
4.3. Crystalline Photovoltaic Cells
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
4.4. Thin Film Photovoltaic Cells
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
4.5. Others
- 4.5.1. Key market trends, growth factors and opportunities
- 4.5.2. Market size and forecast, by region
- 4.5.3. Market share analysis by country

CHAPTER 5: THERMOPHOTOVOLTAICS MARKET, BY APPLICATION

5.1. Overview
- 5.1.1. Market size and forecast
5.2. Solar
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
5.3. Nuclear
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
5.4. Thermal Power Plant
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
5.5. Military
- 5.5.1. Key market trends, growth factors and opportunities
- 5.5.2. Market size and forecast, by region
- 5.5.3. Market share analysis by country
5.6. Off-Grid Generator
- 5.6.1. Key market trends, growth factors and opportunities
- 5.6.2. Market size and forecast, by region
- 5.6.3. Market share analysis by country
5.7. Portable Electronics
- 5.7.1. Key market trends, growth factors and opportunities
- 5.7.2. Market size and forecast, by region
- 5.7.3. Market share analysis by country
5.8. Others
- 5.8.1. Key market trends, growth factors and opportunities
- 5.8.2. Market size and forecast, by region
- 5.8.3. Market share analysis by country

CHAPTER 6: THERMOPHOTOVOLTAICS MARKET, BY REGION

6.1. Overview
- 6.1.1. Market size and forecast By Region
6.2. North America
- 6.2.1. Key trends and opportunities
- 6.2.2. Market size and forecast, by Type
- 6.2.3. Market size and forecast, by Application
- 6.2.4. Market size and forecast, by country
  - 6.2.4.1. U.S.
  - 6.2.4.1.1. Key market trends, growth factors and opportunities
  - 6.2.4.1.2. Market size and forecast, by Type
  - 6.2.4.1.3. Market size and forecast, by Application
  - 6.2.4.2. Canada
  - 6.2.4.2.1. Key market trends, growth factors and opportunities
  - 6.2.4.2.2. Market size and forecast, by Type
  - 6.2.4.2.3. Market size and forecast, by Application
  - 6.2.4.3. Mexico
  - 6.2.4.3.1. Key market trends, growth factors and opportunities
  - 6.2.4.3.2. Market size and forecast, by Type
  - 6.2.4.3.3. Market size and forecast, by Application
6.3. Europe
- 6.3.1. Key trends and opportunities
- 6.3.2. Market size and forecast, by Type
- 6.3.3. Market size and forecast, by Application
- 6.3.4. Market size and forecast, by country
  - 6.3.4.1. Germany
  - 6.3.4.1.1. Key market trends, growth factors and opportunities
  - 6.3.4.1.2. Market size and forecast, by Type
  - 6.3.4.1.3. Market size and forecast, by Application
  - 6.3.4.2. Italy
  - 6.3.4.2.1. Key market trends, growth factors and opportunities
  - 6.3.4.2.2. Market size and forecast, by Type
  - 6.3.4.2.3. Market size and forecast, by Application
  - 6.3.4.3. Spain
  - 6.3.4.3.1. Key market trends, growth factors and opportunities
  - 6.3.4.3.2. Market size and forecast, by Type
  - 6.3.4.3.3. Market size and forecast, by Application
  - 6.3.4.4. UK
  - 6.3.4.4.1. Key market trends, growth factors and opportunities
  - 6.3.4.4.2. Market size and forecast, by Type
  - 6.3.4.4.3. Market size and forecast, by Application
  - 6.3.4.5. France
  - 6.3.4.5.1. Key market trends, growth factors and opportunities
  - 6.3.4.5.2. Market size and forecast, by Type
  - 6.3.4.5.3. Market size and forecast, by Application
  - 6.3.4.6. Rest of Europe
  - 6.3.4.6.1. Key market trends, growth factors and opportunities
  - 6.3.4.6.2. Market size and forecast, by Type
  - 6.3.4.6.3. Market size and forecast, by Application
6.4. Asia-Pacific
- 6.4.1. Key trends and opportunities
- 6.4.2. Market size and forecast, by Type
- 6.4.3. Market size and forecast, by Application
- 6.4.4. Market size and forecast, by country
  - 6.4.4.1. China
  - 6.4.4.1.1. Key market trends, growth factors and opportunities
  - 6.4.4.1.2. Market size and forecast, by Type
  - 6.4.4.1.3. Market size and forecast, by Application
  - 6.4.4.2. Japan
  - 6.4.4.2.1. Key market trends, growth factors and opportunities
  - 6.4.4.2.2. Market size and forecast, by Type
  - 6.4.4.2.3. Market size and forecast, by Application
  - 6.4.4.3. India
  - 6.4.4.3.1. Key market trends, growth factors and opportunities
  - 6.4.4.3.2. Market size and forecast, by Type
  - 6.4.4.3.3. Market size and forecast, by Application
  - 6.4.4.4. South Korea
  - 6.4.4.4.1. Key market trends, growth factors and opportunities
  - 6.4.4.4.2. Market size and forecast, by Type
  - 6.4.4.4.3. Market size and forecast, by Application
  - 6.4.4.5. Rest of Asia-Pacific
  - 6.4.4.5.1. Key market trends, growth factors and opportunities
  - 6.4.4.5.2. Market size and forecast, by Type
  - 6.4.4.5.3. Market size and forecast, by Application
6.5. LAMEA
- 6.5.1. Key trends and opportunities
- 6.5.2. Market size and forecast, by Type
- 6.5.3. Market size and forecast, by Application
- 6.5.4. Market size and forecast, by country
  - 6.5.4.1. Brazil
  - 6.5.4.1.1. Key market trends, growth factors and opportunities
  - 6.5.4.1.2. Market size and forecast, by Type
  - 6.5.4.1.3. Market size and forecast, by Application
  - 6.5.4.2. Chile
  - 6.5.4.2.1. Key market trends, growth factors and opportunities
  - 6.5.4.2.2. Market size and forecast, by Type
  - 6.5.4.2.3. Market size and forecast, by Application
  - 6.5.4.3. South Africa
  - 6.5.4.3.1. Key market trends, growth factors and opportunities
  - 6.5.4.3.2. Market size and forecast, by Type
  - 6.5.4.3.3. Market size and forecast, by Application
  - 6.5.4.4. Rest of LAMEA
  - 6.5.4.4.1. Key market trends, growth factors and opportunities
  - 6.5.4.4.2. Market size and forecast, by Type
  - 6.5.4.4.3. Market size and forecast, by Application

CHAPTER 7: COMPETITIVE LANDSCAPE

7.1. Introduction
7.2. Top winning strategies
7.3. Product Mapping of Top 10 Player
7.4. Competitive Dashboard
7.5. Competitive Heatmap
7.6. Top player positioning, 2022

CHAPTER 8: COMPANY PROFILES

8.1. MicroLink Devices
- 8.1.1. Company overview
- 8.1.2. Key Executives
- 8.1.3. Company snapshot
- 8.1.4. Operating business segments
- 8.1.5. Product portfolio
8.2. Azur Space Solar Power
- 8.2.1. Company overview
- 8.2.2. Key Executives
- 8.2.3. Company snapshot
- 8.2.4. Operating business segments
- 8.2.5. Product portfolio
8.3. Spectrolab
- 8.3.1. Company overview
- 8.3.2. Key Executives
- 8.3.3. Company snapshot
- 8.3.4. Operating business segments
- 8.3.5. Product portfolio
- 8.3.6. Key strategic moves and developments
8.4. Schott AG.
- 8.4.1. Company overview
- 8.4.2. Key Executives
- 8.4.3. Company snapshot
- 8.4.4. Operating business segments
- 8.4.5. Product portfolio
8.5. Alta Devices, Inc.
- 8.5.1. Company overview
- 8.5.2. Key Executives
- 8.5.3. Company snapshot
- 8.5.4. Operating business segments
- 8.5.5. Product portfolio
8.6. Tesla, Inc.
- 8.6.1. Company overview
- 8.6.2. Key Executives
- 8.6.3. Company snapshot
- 8.6.4. Operating business segments
- 8.6.5. Product portfolio
- 8.6.6. Business performance
8.7. Acciona SA
- 8.7.1. Company overview
- 8.7.2. Key Executives
- 8.7.3. Company snapshot
- 8.7.4. Operating business segments
- 8.7.5. Product portfolio
- 8.7.6. Business performance
8.8. Abengoa Solar GmbH
- 8.8.1. Company overview
- 8.8.2. Key Executives
- 8.8.3. Company snapshot
- 8.8.4. Operating business segments
- 8.8.5. Product portfolio
- 8.8.6. Business performance
8.9. Brightsource
- 8.9.1. Company overview
- 8.9.2. Key Executives
- 8.9.3. Company snapshot
- 8.9.4. Operating business segments
- 8.9.5. Product portfolio
8.10. ACWA Power International S.A.O.C.
- 8.10.1. Company overview
- 8.10.2. Key Executives
- 8.10.3. Company snapshot
- 8.10.4. Operating business segments
- 8.10.5. Product portfolio
- 8.10.6. Business performance
- 8.10.7. Key strategic moves and developments