Thermophotovoltaics Market Size & Share to Hit US$ 17.4 million by 2031, Garnering 6.7% CAGR: TMR Report
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.
- 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.
- Thermophotovoltaics are integrated into industrial processes to capture and convert waste heat, improving energy efficiency and reducing operational costs.
- As global demand for efficient and sustainable energy solutions grows, the TPV market is poised to expand, encouraging healthy competition and innovation.