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.
- 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
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
Global Thermoradiative Photovoltaic Cell Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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