Pune, May 05, 2023 (GLOBE NEWSWIRE) -- "The Thermoelectric Generators Market had a valuation of USD 779 million in 2022, and it is projected to reach USD 1633.76 million by 2030, exhibiting a CAGR of 9.7% during the forecast period from 2023 to 2030, As per the SNS Insider research."
Market Overview
Thermoelectric generators (TEGs) are devices that convert heat energy into electrical energy, providing a reliable and independent power source for various applications. These devices work on the principle of the Seebeck effect, where a temperature difference between two materials creates an electric potential across them. TEGs are an attractive option for power generation in various industries, as they can convert waste heat into electricity, making them an energy-efficient and eco-friendly solution.
Thermoelectric Generators Market Analysis
There are several growth factors driving the thermoelectric generator market. These include increasing demand for waste heat recovery systems, growing emphasis on reducing greenhouse gas emissions and promoting sustainable energy sources, rising adoption of thermoelectric generators in automotive and aerospace industries, and advancements in thermoelectric materials and technologies. Additionally, the increasing demand for portable and wearable devices that require efficient power sources is also expected to contribute to the growth of the market in the coming years. The development of new and more efficient thermoelectric materials and technologies is driving the growth of the market.
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Key Company Profiles Listed in this Report Are:
The Key Players are Gentherm, Inc., II-VI Incorporated, Ferrotec Corporation, Laird PLC, Komatsu Limited, Yamaha Corporation, Evident Thermoelectrics, Tecteg, Alphabet Energy, and Tellurex Corporation. & more
Impact of Recession on the Thermoelectric Generators Industry
A recession can have a significant impact on the thermoelectric generators (TEG) market, which are devices that convert heat energy into electrical energy. The thermoelectric generators market may experience reduced demand during a recession, as many industries may experience a decrease in production and consumption, resulting in a reduced need for power generation. However, there are also potential opportunities for the TEG market during a recession. TEGs can be a cost-effective and efficient solution for generating power in remote locations, where access to the grid is limited or nonexistent. This could lead to increased demand for TEGs in such locations.
Thermoelectric Generators Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 779 Million |
| Market Size by 2030 | US$ 1633.76 Million |
| CAGR | CAGR of 9.7% From 2022 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Thermoelectric Generators Market: Key Segmentation | • By Component (Heat Source, Thermoelectric Module, Cold Side, Electric Load) • By Wattage (Low Power (<10W>1 kW) • By Application (Waste Heat Recovery, Energy Harvesting, Direct Power Generation, Co-generation) • By Temperature (Low (<80> 500°C)) • By Vertical (Automotive, Aerospace &Defense, Marine, Industrial, Consumer, Healthcare, Oil & Gas, Mining, Telecommunications) • By Material (Bismuth Telluride, Lead Telluride, Others) • By Type (Single Stage, Multistage) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
North America has emerged as a major player in the global thermoelectric generators market, accounting for the largest revenue share. The region's dominance in the market is attributed to the increasing number of technological advancements in the field of TEGs, coupled with the rising demand for generators in various segments, including aerospace, automotive, and healthcare. The increasing need for power generation in various industries is driving the demand for TEGs in North America.
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Key Takeaway from Thermoelectric Generators Market Study
- The waste heat recovery segment is set to dominate the market, driven by the increasing demand for energy efficiency and sustainability in various industries. With the use of thermoelectric generators in waste heat recovery systems, businesses can not only reduce their carbon footprint but also generate valuable electricity from what was once considered a waste product.
- The market is set to be dominated by the automotive segment in the near future. The growing demand for electric and hybrid vehicles, coupled with the increasing emphasis on sustainability, is driving the adoption of thermoelectric generators in the automotive industry.
Recent Developments Related to Thermoelectric Generators Market
- A team of researchers from the United States has developed a more efficient and flexible thermoelectric generator (TEG). This breakthrough is expected to open up new possibilities for the use of TEGs in various applications, such as wearable electronics, remote sensors, and energy harvesting from waste heat.
- Sage Geosystems, a provider of subsurface imaging solutions, has collaborated with Metamaterial Inc. to develop subsurface thermo-electric generation as a sustainable solution for energy generation. The collaboration aims to leverage Sage Geosystems' expertise in subsurface imaging and Metamaterial's expertise in advanced materials science to develop a novel approach to energy generation.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value chain analysis
6. Porter’s 5 forces model
7. PEST analysis
8. Global Thermoelectric Generators Market Segmentation, By Component
9. Global Thermoelectric Generators Market Segmentation, By Wattage
10. Global Thermoelectric Generators Market Segmentation, By Application
11. Global Thermoelectric Generators Market Segmentation, By Temperature
12. Global Thermoelectric Generators Market Segmentation, By Vertical
13. Global Thermoelectric Generators Market Segmentation, By Material
14. Global Thermoelectric Generators Market Segmentation, By Type
15. Global Thermoelectric Generators Market, by region/ country
16. Company profiles
17. Competitive Landscape
18. Conclusion
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