Key Drivers of Global Thermoradiative Photovoltaic Cell Market

Author : aarti mule | Published On : 25 Nov 2021

Thermoradiative Photovoltaic Cell: Introduction

  • Thermoradiative photovoltaic cells are hybrid cells consisting of a thermoradiative (TR) cell and a photovoltaic (PV) cell, which is conceptually proposed, where the TR and PV cells are coupled via far-field thermal emission
  • These new cells generate electrical current, as they radiate infrared light (heat) toward the extreme cold of deep space. These cells are able to generate a significant amount of energy and help balance the power grid over the day-night cycle.
  • Thermoradiative photovoltaic cells are able to work during the day as well. These new type of solar cells could potentially operate around the clock, it is an intriguing option to balance the power grid over the day-night cycle.
  • Thermoradiative photovoltaics cell generates power by radiating heat to its surroundings. Researchers at the American Chemical Society have explored using them to capture waste heat from engines.
  • Solar cell generates power by absorbing sunlight from the sun, which in turn causes a voltage to appear across the device and for the current to flow. However, in thermoradiative photovoltaic cells, light is instead emitted and the current and voltage go in the opposite direction, while generating power.

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Key Drivers of Global Thermoradiative Photovoltaic Cell Market

  • Rise in transition toward electric vehicles is likely to offer significant opportunities to manufacturers of thermoradiative photovoltaic cell. Thermoradiative photovoltaic cells can be used to add solar-generating capacity to vehicles without hampering their esthetics. This is expected to drive the global thermoradiative photovoltaic cell market during the forecast period.
  • Introduction of government subsidies and initiatives for adoption of renewable energy across the world is boosting the usage of solar power and photovoltaic cells. This is projected to create considerable opportunities for the global thermoradiative photovoltaic cell market during the forecast period.
  • Companies are focused on the introduction of sustainable and clean sources of energy in order to limit carbon emissions. This is anticipated to augment the thermoradiative photovoltaic cell market during the forecast period.

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Restraints of Global Thermoradiative Photovoltaic Cell Market

  • The cost of implementing this technology is expected to vary according to solar cell efficiency and its application. This is another disadvantage of the thermoradiative photovoltaic cell, which is anticipated to hamper the market during the forecast period.

Major Developments

  • In November 2019, researchers at the American Chemical Society (ACS) created Nighttime Photovoltaic Cells by optically coupling with deep space to generate electricity. They considered an alternative photovoltaic concept that uses the earth as a heat source and the night sky as a heat sink in order to produce electrical power after the sun has set. This results in a nighttime photovoltaic cell, which employs thermoradiative photovoltaics and concepts from the advancing field of radiative cooling.

Europe to Hold Major Share of Global Thermoradiative Photovoltaic Cell Market

  • Based on region, the global thermoradiative photovoltaic cell market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Europe is likely to dominate the global thermoradiative photovoltaic cell market during the forecast period. High investments, especially by governments of countries such as Germany; and technological advancements, are projected to drive the market in the region during the forecast period.
  • The European Union (EU) targets to achieve 20% share of energy from renewable energy sources (RESs) in the final energy consumption by the end of 2020. This is estimated to drive the market in the region during the forecast period.
  • In North America, the size of the renewable energy industry in the U.S. is expected to double by the end of the forecast period. Renewable energy projects in the country are expected to benefit from multi-year federal tax incentives and several state-level policies that promote the use of solar energy.
  • Asia Pacific is anticipated to be a key region of the global thermoradiative photovoltaic cell market during the forecast period, led by a rise in concerns about air pollution and carbon emissions in India and China

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Key Players Operating in Global Market

The global thermoradiative photovoltaic cell market is in the nascent stage and hence, no manufacturer is currently operating in the market

Global Thermoradiative Photovoltaic Cell Market, Research Scope

Global Thermoradiative Photovoltaic Cell Market, by Application

  • Residential
  • Industrial
  • Commercial

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