Direct Energy Conversion Device Market Size, Share, Opportunities And Trends By Device Type (Battery, Solar Cells, Fuel Cells, Thermoelectric Device), By Energy Type (Optical, Kinetic, Potential, Others), By End-user (Space & Aerospace, Automotive, Power & Energy, Others), And By Geography - Forecasts From 2023 To 2028

  • Published : Feb 2023
  • Report Code : KSI061614441
  • Pages : 138

A direct energy conversion gadget or device transforms one kind of energy into another. One type of direct energy converter is the solar cell, which turns optical electromagnetic radiation into electricity. Electrical, magnetic, kinetic, potential, optical, chemical, radioactive, and other forms of energy can all be converted via energy conversion devices. Direct energy conversion devices, which transform electrical energy into a different form, are especially helpful in isolated areas or in portable electronic equipment when connecting to the power grid is difficult. In a similar vein, satellites, rovers, and other aerospace equipment are powered by direct energy conversion technologies like fuel cells and thermoelectric devices.

The direct energy conversion technologies is seen in autos include batteries, optical cameras, pressure sensors, Hall effect sensors in tachometers used to calculate rotation speed, and batteries.

The increasing focus on renewable energy will drive market growth

The market is expected to increase as a result of rising power consumption and the increasing usage of renewable energy sources such as solar energy where solar cells are used which is a direct energy convertor device due to which there are environmental benefits. As a consequence of technical advancements targeted at reducing production costs and improving performance effectiveness, demand is expected to rise. Growth is predicted to be propelled during the following seven years by rising demand for dependable, clean, and environmentally friendly energy sources that will aid in reducing dependency on fossil fuels. According to the Statistical Review of World Energy 2022 solar energy has continued to expand quickly and now generates 13% of all electricity. An increase in renewable energy production of about 17% in 2021 was responsible for more than half of the growth in the world's power output during the previous two years. According to the Statistical Review of World Energy 2022 solar capacity increased by 226 GW in 2021, nearly matching the record increase of 236 GW achieved in 2020. This maintained the fast growth of solar cells to be used in direct energy which has propelled the market growth for the direct energy conversion device market

Also, the number of regulations and incentives offered by various governments are expected to increase the use of solar cells and solar energy, which is a direct energy conversion device, during the course of the projected period.

The increase in demand for fuel cells will boost direct energy conversion device market growth.

The demand for hydrogen power plants has driven the use of fuel cells over the predicted period by encouraging legislation by the governing bodies in developed economies and eco-friendly ambitions to reduce emission rates. Increased focus on electric grid replacement by governments of major countries like Europe and the U.S. and technology improvements are expected to support fuel cells, direct energy converter devices, and even more. Because more research and development are being put into creating hydrogen-powered cars, the application of fuel cell technology in many forms of transportation is expanding quickly.

Applications based on hydrogen are adopted more quickly when government-private collaborations increase the use of fuel cells which led to the market growth of the direct energy conversion devices market. In March 2022 The green Toyota Mirai advanced fuel cell electric car (FCEV) was unveiled by Union Minister Nitin Gadkari. He said this was a first-of-its-kind effort in India that aimed to develop an ecosystem for such vehicles.

In Feb 2023 the Honda CR-V-based hydrogen fuel cell EV is scheduled to launch in 2024 it will continue to develop its jointly created fuel cell technology with General Motors. This shows that the market will certainly grow in the coming years this shows the use of fuel cells will increase which in turn will increase the growth of the direct energy conversion devices market.

During the forecast period, Asia pacific tends to grow in the Direct Energy Conversion Device Market

The Asia Pacific market is expected to grow in the forecasted period in the direct energy conversion device market. In the automobile sector, Thermoelectric devices such as generators are used to convert waste heat into electricity in engines, so the increase in the production of automobiles will increase the direct energy conversion device market rapidly. According to the OICA data, the amount of production for China in 2021 for commercial vehicles was around 4674258 units, and for cars around 21407962 units which in total is around 26082220 units which is around 3% more than the production from 2020. This shows the use of direct energy devices is huge and will grow year-on-year in China and thus in the Asia-pacific market.

Solar cells energy which is a direct energy conversion device is widely used in Asia and the Pacific region to generate power for stand-alone systems and rural electrification. Also, the Asia-Pacific area is using more PV energy because of the expansion of the aerospace and military industries. In the Asia-Pacific region, countries like India, China, and Thailand have experienced rapid industrialization and urbanization, which has increased infrastructure development activities. According to the Statistical Review of World Energy 2022, the consumption of solar energy in the Asia-pacific region has increased from 466.7 TWh in 2020 to 582 TWh in 2021 which has been the highest around the world shows the use of direct energy conversion devices is huge in Asia Pacific region and will grow as the population rise and which is expected to increase demand for the direct energy conversion market

Market Key Developments.

  • In Jan 2023, MG Motor India displayed new energy vehicles (NEVs) using its third-generation hydrogen fuel cell technology at the Auto Expo 2023, showcasing the future of transportation in India with a stronger focus on sustainability which will be using fuel cells as direct energy convertors.

Direct Energy Conversion Device Market Scope:


Report Metric Details
 Growth Rate  CAGR during the forecast period
 Base Year  2021
 Forecast Period  2023 – 2028
 Forecast Unit (Value)  USD Billion
 Segments Covered  Device Type, Energy Type, End-User, And Geography
 Regions Covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies Covered Teledyne Technologies Incorporated, Global Power Technologies, Kryotherm, TECTEG MFR
 Customization Scope  Free report customization with purchase



  • By Device Type
    • Battery
    • Solar Cells
    • Fuel Cells
    • Thermoelectric Device
  • By Energy type
    • Optical
    • Kinetic
    • Potential
    • Others
  • By End-user
    • Space & Aerospace
    • Automotive
    • Power & Energy
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      •  Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • UK
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Suadi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Australia
      • Others


1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline


2.1. Research Data

2.2. Assumptions


3.1. Research Highlights


4.1. Market Drivers

4.2. Market Restraints

4.3. Market Opportunities

4.4. Porter’s Five Force Analysis

4.4.1. Bargaining Power of Suppliers

4.4.2. Bargaining Power of Buyers

4.4.3. Threat of New Entrants

4.4.4. Threat of Substitutes

4.4.5. Competitive Rivalry in the Industry

4.5. Industry Value Chain Analysis


5.1. Introduction

5.2. Battery

5.3. Solar Cells

5.4. Fuel Cells

5.5. Thermoelectric Device


6.1. Introduction

6.2. Optical

6.3. Kinetic 

6.4. Potential

6.5. Others


7.1. Introduction

7.2. Space & Aerospace

7.3. Automotive

7.4. Power & Energy

7.5. Others


8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1.  Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. Germany

8.4.2. UK

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. Middle East and Africa

8.5.1. Suadi Arabia

8.5.2. UAE

8.5.3. Others

8.6. Asia Pacific

8.6.1. China

8.6.2. Japan

8.6.3. South Korea

8.6.4. India

8.6.5. Australia

8.6.6. Others


9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix


10.1. Teledyne Technologies Incorporated

10.2. Global Power Technologies

10.3. Kryotherm


Teledyne Technologies Incorporated

Global Power Technologies