About Thermophotovoltaic Cells
A thermophotovoltaic cell is a new type of solar cell that converts thermal energy into electrical energy. This technology has the potential to revolutionize the way we generate electricity, making it more efficient and environmentally friendly. TPV cells consist of a thermal emitter, which emits photons when heated, and a photovoltaic cell, which absorbs these photons and converts them into electrical energy. TPVs are used in heat generators to co-generate electricity, and the efficiency is not so critical. In other cases TPVs are used as electric power sources, for example in automobiles.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to the Thermophotovoltaic Cells market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Thermophotovoltaic Cells Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Thermophotovoltaic Cells market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
General Atomics (United States), JX Crystal Inc. (United States), Vattenfall (Sweden), MIT Energy Initiative (United States), AMOSENSE (South Korea), Antora Energy (United States), General Electric (United States), Curtiss-Wright Nuclear (United States), Magaldi Power SpA (Italy), American Elements (United States), COMSOL (United States), Alberta Research Council, Inc. (Canada), Tesla Energy (United States), Exide Technologies (United States) and Trina Solar (China) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Jinko Solar (China), JA Solar (China) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Thermophotovoltaic Cells market by Type (Bulk Photovoltaic Cell, Crystalline Silicon Photovoltaic Cell, Thin-Film Photovoltaic Cell and Others), Application (Power Plants, Automobiles, Spacecraft, Battery Storage, Portable electronics and Others) and Region.
On the basis of geography, the market of Thermophotovoltaic Cells has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Material, the sub-segment i.e. Gallium Antimonide (GaSb) will boost the Thermophotovoltaic Cells market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing government support for thin-film solar cells.
Market Growth Drivers:
Growing concerns regarding energy efficiency and the utilization of waste heat. and Increasing demand for renewable and sustainable sources of energy.
Challenges:
Require a high temperature to operate efficiently. and High optical loss in concentration.
Restraints:
High initial cost and limited commercialization. and The complexity of integrating TPV systems.
Opportunities:
The increasing investment in private space technology firms in emerging countries. and The integration of TPV cells with other renewable energy sources like solar and wind power can enhance energy generation and efficiency.
Market Leaders and their expansionary development strategies
In July 2023, Vattenfall has acquired the German solar developer Solizer. The transaction includes an experienced team and a pipeline of large-scale solar projects in Germany with a volume of 4 GW. This acquisition expands Vattenfall’s German solar development portfolio to 7 GW in total. The first projects from the new portfolio can be ready for construction as early as 2024.
In September 2023, Antora Energy, a leader in zero-carbon heat and power for the industrial sector, has launched its proven, ready-to-scale thermal battery. The company revealed that it has reached the highest temperature that has been demonstrated to date for thermal batteries at full scale, storing energy above 1,800°C hot enough to address “hard-to-decarbonize” sectors like cement and steel. The landmark thermal battery system is operational at Wellhead Electric Company, Inc.'s facility near Fresno, California.
Key Target Audience
Manufacturers Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations, End-Use Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.