Thermoelectric Generators Market Size, Growth Opportunities, Trends Analysis & Global Industry Forecast Report, 2023-2030
Thermoelectric Generators Market size reached USD 766 million in 2022 and is estimated to reach USD 1,630 million in 2030 and the market is estimated to grow at a CAGR of 9.9% from 2023-2030
Thermoelectric Generators Market Overview
A thermoelectric generator (TEG) or seebeck generator, is a solid state device that directly converts heat into electricity using seebeck effect. It also converts electrical energy into thermal power for heating or cooling. Thus generator is made up of several connected thermopiles which helps to increase the output power. TEG is used in power plant to transform waste heat into electrical energy, whereas in automobiles it is used to increase fuel efficiency. TEG offers various benefits such as simple design, no moving parts, longer lifespan, requires less maintenance and is highly environment friendly.
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Thermoelectric Generators Market Key Drivers
The major factors which are driving the Global Thermoelectric Generators Market include the growing need for solid-state energy convertor, increasing need for low maintenance and the rising adoption of renewable energy across power sector. The rapid increase in demand for waste heat recovery systems along with the growing global warming is further expected to fuel the growth of the market. In addition to this, the surging adoption of industrial automation across several vertical such as automotive, energy, and consumer goods are also propelling the demand for thermoelectric generators during the forecast period. However, the high cost and complex design modification may hamper the growth of the market during the forecast period.
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Based on the Vertical, the industrial segment is expected to grow at a higher CAGR during the forecast period owing to the increasing efficiency of the industries, strict regulations for environmental conservations, and advantages of carbon credits of the countries across the globe as TEG is gaining traction among both developed and developing countries.
Based on the Temperature, the Low Temperature (<80°C) temperature segment is projected to grow at a higher CAGR in the market during the forecast period owing to the growing usage of low temperature applications such as sensors, powering watches and others consumer electronics. This segment comprises of ultra-low-power mobile consumer electronics, and wearable, and other related devices. The output heat of low temperature producing applications is used by the thermoelectric system to produce electricity.
Based on the Material, the bismuth telluride material segment is projected grow at a higher CAGR in the market during the forecast period owing to its high efficiency as compared to the other materials.
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Regional – Segment Analysis
Based on the region, North America is projected to grow at a higher CAGR in the global Thermoelectric Generators Market during the forecast period owing to the increasing usage of advanced thermoelectric generator technology for powering various industries devices and equipment. In addition to this, high disposable income, rapid industrialization, and growing demand for cleaner energy in this region will further boost the demand of the market.
Top Market Players
The major key players in the market include Gentherm, Inc., Laird, PLC., Ferrotec Corporation, Yamaha Corporation, Tecteg, II-VI Incorporated, Komatsu Ltd., Kryotherm, Rmt Ltd., Hi-Z Technology, Everredtronics Ltd. among others.
Segments covered in the Report:
The Global Thermoelectric Generators Market has been segmented based on the Application, Temperature, Wattage, Material, Temperature, Component, and key region. Based on Application, the market is segmented into Waste Heat Recovery, Energy Harvesting, Direct Power Generation, and Co-Generation. Based on Temperature, the market is segmented into Low Temperature (<80°C), Medium Temperature (80°- 500°C), and High Temperature (> 500°C). Based on Wattage, the market is segmented into Low Power (<10 W), Medium Power (10-1kW), and High Power (> 1kW). Based on Material, the market is segmented into Bismuth Telluride, Lead Telluride, and Others. Based on Vertical, the market is further segmented into Automotive, Defense, Industrial, Consumer, Healthcare, Oil & Gas, Mining, and Telecommunications. Automotive segment is further segmented into Heating & Cooling. Aerospace is further segmented into Spacecraft Power System, and Aircraft Environment Monitoring Sensors. Defense segment is further segmented into Military Avionics, Infrared Detectors, and Missile Testing Systems. Industrial segment is further segmented into Manufacturing, and Chemical Processing. Consumer is further segmented into Wearable and Consumer Electronics. Healthcare is further segmented into Implantable Medical Devices, and Wearable Medical Devices. Oil & gas is further segmented into Condition Monitoring Sensors and Meters & Gauges. Mining is further segmented into Down-Hole Drilling and Process Monitoring. Telecommunication is further segmented into Navigational Aids and Telecommunication Systems. Based on Component, the market is segmented into Heat Source, Thermoelectric Module, Cold Side, and Electric Load.
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Report Coverage |
Details |
Market Revenues (2022) |
USD 766 million |
Market Base Year |
2022 |
Market Forecast Period |
2023-2030 |
Base Year & Forecast Units |
Value (USD Million) |
Market Segment | By Application, By Temperature, By Wattage, By Material, By Vertical, By Component, By Key Region Region |
Regional Coverage | Asia Pacific, Europe, North America, and RoW |
Companies Profiled | Gentherm, Inc., Laird, PLC., Ferrotec Corporation, Yamaha Corporation, Tecteg, II-VI Incorporated, a total of 11 companies covered. |
25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation:
Global Thermoelectric Generators Market by Application
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- Waste Heat Recovery
- Energy Harvesting
- Direct Power Generation
- Co-Generation
Global Thermoelectric Generators Market by Temperature
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- Low Temperature (<80°C)
- Medium Temperature (80°- 500°C)
- High Temperature (> 500°C)
Global Thermoelectric Generators Market by Wattage
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- Low Power (<10 W)
- Medium Power (10-1kW)
- High Power (> 1kW)
Global Thermoelectric Generators Market by Material
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- Bismuth Telluride
- Lead Telluride
- Others
Global Thermoelectric Generators Market by Vertical
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- Automotive
- Heating & Cooling
- Aerospace
- Spacecraft Power System
- Aircraft Environment Monitoring Sensors
- Defense
- Military Avionics
- Infrared Detectors
- Missile Testing Systems
- Industrial
- Manufacturing
- Chemical Processing
- Consumer
- Wearable
- Consumer Electronics
- Healthcare
- Implantable Medical Devices
- Wearable Medical Devices
- Oil & Gas
- Condition Monitoring Sensors
- Meters & Gauges
- Mining
- Down-Hole Drilling
- Process Monitoring
- Telecommunications
- Navigational Aids
- Telecommunication Systems
- Automotive
Global Thermoelectric Generators Market by Component
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- Heat Source
- Thermoelectric Module
- Cold Side
- Electric Load
Global Thermoelectric Generators Market by Region
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-
North America Thermoelectric Generators Market Option 1: As a part of the free 25% customization
- By Application
- By Temperature
- By Wattage
- By Material
- By Vertical
- By Component
- United States of America (US) Market All-Up
- Canada Market All-Up
-
Europe Thermoelectric Generators Market Option 2: As a part of the free 25% customization
- By Application
- By Temperature
- By Wattage
- By Material
- By Vertical
- By Component
- United Kingdom (UK) Market All-Up
- Germany All-Up Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
-
Asia-Pacific Thermoelectric Generators Market Option 3: As a part of the free 25% customization
- By Application
- By Temperature
- By Wattage
- By Material
- By Vertical
- By Component
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
-
ROW Thermoelectric Generators Market Option 4: As a part of the free 25% customization
- By Application
- By Temperature
- By Wattage
- By Material
- By Vertical
- By Component
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) Market All-Up
-
Leading Market Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)
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- Gentherm, Inc.
- Laird, PLC
- Ferrotec Corporation
- Yamaha Corporation
- Tecteg
- II-VI Incorporated
- Komatsu Ltd.
- Kryotherm
- Rmt Ltd.
- Hi-Z Technology
- Everredtronics Ltd.
- Published Date: Jun-2023
- Report Format: Excel/PPT
- Report Code: UP693A-00-0620
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Report is shared with unlimited user (employees) of the purchasing corporation only
Thermoelectric Generators Market Size, Growth Opportunities, Trends Analysis & Global Industry Forecast Report, 2023-2030
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