Thermophotovoltaics Market Size & Share to Hit US$ 17.4 million by 2031, Garnering 6.7% CAGR: TMR Report

The thermophotovoltaics market is expanding due to increased demand for efficient and sustainable energy conversion solutions in various industries, reducing energy waste.

WILMINGTON, Del., Oct. 26, 2023 /PRNewswire/ — The thermophotovoltaics market was estimated to have acquired US$ 9.7 million in 2022.  It is anticipated to register a 12.5% CAGR from 2023 to 2031, and by 2031, the market is likely to gain US$ 17.4 million.

TPV technology is gaining traction for space missions. It can convert the intense heat generated during reentry into electricity, reducing the need for heavy and expensive power sources. This could revolutionize satellite and spacecraft design, making space exploration more cost-effective.

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Industries are increasingly focusing on energy efficiency and emissions reduction. TPV systems can capture waste heat from various processes, such as manufacturing, and convert it into electricity. This not only saves energy costs but also aligns with sustainability goals.

Miniaturized TPV devices are being explored for portable power sources. These can be used in remote locations, disaster relief efforts, or off-grid scenarios, providing a reliable source of electricity without the need for traditional power infrastructure.

TPV systems are being investigated for residential heating applications. By harnessing waste heat from furnaces, TPV could offer a clean and efficient way to supplement home heating, reducing energy bills and environmental impact. Beyond these applications, TPV is finding use in niche markets like night vision devices, ensuring a sustainable power source for military and surveillance applications.

Thermophotovoltaics Market Report Scope:

Report Coverage


Forecast Period 


Base Year 


Size in 2022

US$ 9.7 Mn

Forecast (Value) in 2031

US$ 17.4 Mn

Growth Rate (CAGR)

6.7 %

No. of Pages


355 Pages

Segments covered


Type, Fabrication Method, Application, End-use


Key Findings of the Market Report

  • Crystalline silicon photovoltaic cells lead the thermophotovoltaics market due to their proven efficiency, durability, and widespread adoption.
  • In the thermophotovoltaics market, non-epitaxial fabrication methods dominate, offering cost-effective and efficient alternatives to epitaxial techniques.
  • In the thermophotovoltaics market, space applications, specifically satellites and space missions, dominate, harnessing TPV for efficient and sustainable power generation.

Market Trends for Thermophotovoltaics

  • Thermophotovoltaics are integrated into industrial processes to capture and convert waste heat, improving energy efficiency and reducing operational costs.
  • Miniaturized TPV systems are gaining attention for use in microelectronics and sensors, providing compact and self-sustained power sources.
  • TPV combines renewable technologies like solar and wind to create hybrid energy systems, enhancing reliability and grid integration.
  • Ongoing research explores new materials and designs for TPV cells, aiming to boost efficiency and performance while reducing manufacturing costs.
  • Stricter environmental regulations and sustainability targets drive interest in TPV as an eco-friendly energy solution in various industries beyond the mentioned applications.

Global Market for Thermophotovoltaics: Regional Outlook

  • This region, led by the United States, is a TPV research and development hub. Favorable government initiatives and a strong emphasis on clean energy technologies drive TPV adoption. With a focus on industrial applications and waste heat recovery, North America showcases steady TPV growth.
  • European countries prioritize sustainable energy solutions, making TPV an attractive option. Germany and the United Kingdom have significant TPV research activities, with applications ranging from industrial processes to residential heating, aligning with ambitious climate goals.
  • The TPV market is rapidly expanding here, notably in China and Japan. Growing industrialization and a rising need for energy efficiency bolster TPV adoption, especially for power generation in remote areas. Asia Pacific’s TPV market promises substantial growth, driven by manufacturing and emerging applications.

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Global Thermophotovoltaics Market: Key Players

The competitive landscape of the thermophotovoltaics market is marked by innovation and collaboration among established players and emerging startups. Prominent companies such as JX Crystals, ThermoVoltaics, and E-Peas are driving technological advancements, focusing on increasing TPV cell efficiency and expanding applications. Collaborations with research institutions and government initiatives fuel R&D efforts.

New entrants also make their mark by introducing novel TPV designs and materials. This dynamic landscape offers diverse opportunities for niche players specializing in micro-TPV systems or custom applications. As global demand for efficient and sustainable energy solutions grows, the TPV market is poised to expand, encouraging healthy competition and innovation.

The following companies are well-known participants in the global thermophotovoltaics market:

  • Antora Energy
  • JX Crystals
  • II-VI Marlow
  • Thermo PV
  • Exide Technologies
  • Tesla Energy
  • General Electric
  • Curtiss-Wright Nuclear
  • Vattenfall

Product Portfolio

  • Antora Energy offers a cutting-edge product portfolio featuring advanced thermal energy conversion systems to revolutionize clean energy generation.
  • JX Crystals specializes in high-performance photovoltaic cells, providing efficient solutions for sustainable power generation across diverse applications.
  • II-VI Marlow is a leading provider of thermoelectric solutions, delivering innovative technology to manage heat and power in various industries efficiently.

Global Thermophotovoltaics Market Segmentation 


  • Silicon Photovoltaic Cells
  • Crystalline Silicon Photovoltaic Cells
  • Thin-film Photovoltaic Cells
  • Others

Fabrication Method

  • Non-epitaxial
    • Diffusion Method
    • Ion implantation Method
  • Epitaxial


  • Solar Photovoltaics
  • Nuclear
  • Thermal Power Plants
  • Military
  • Off-grid Generators
  • Vehicles and Submarines
  • Commercial
  • Portable Electronics
  • Satellites and Space
  • Others (Turbines, etc.)


  • Electricity Generation
  • Solar Energy
  • Mobile Power
  • Power Plants
  • Glass Industry
  • Residential
  • Commercial


  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.


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