The overall Thermoelectric Generator Market is projected to grow from USD 406 million in 2021 to USD 635 million by 2026, at a CAGR of 9.4% from 2021 to 2026. North America is estimated to account for the largest share of the thermoelectric generator market from 2021 to 2026. North America is estimated to account for the largest share of the thermoelectric generator market from 2021 to 2026. Thermoelectric generators and thermoelectric materials that were previously utilized primarily in niche applications are now becoming more popular with the introduction of wider automotive applications and the efforts to exploit waste-heat-recovery technologies. Thermoelectric generators are not only highly reliable and durable, but they are also environmentally friendly because they do not include chemical products. These reasons are boosting their demand further.

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Key Market Players

Key players operating in the TEG market include Gentherm, Inc (US), II-VI Incorporated (US), Ferrotec Corporation (Japan), Laird Thermal Systems (UK), Komatsu Ltd. (Japan), and TEC Microsystems (Germany).

“By wattage, low power (<10 W) sub-segment of TEG Market would have the highest CAGR during the forecast period”

Based on wattage, the thermoelectric generators market is segmented into low power (<10 W), medium power (10-1 kW), and high power (> 1 kW). The power produced by thermoelectric generators is highly dependent upon the temperature applied to their plates. The low power (<10 W) segment of the thermoelectric generators market is projected to grow at the highest CAGR during the forecast period. The increased use of wearables and handheld consumer electronic devices is the major driver for the growth of the low power segment

“By type, the single stage segment is estimated to lead the TEG market”

Based on type, considering the flow and heat transfer process of the heat source along with the cold source, TEGs are categorized into single stage and multistage. The single stage segment held the major share of the global TEG market in 2020 and multi stage segment is going to have the highest CAGR during the forecast period.

“By temperature, the low temperature segment is projected to register the highest CAGR during the forecast period”

Based on temperature, the thermoelectric generators market is segmented into low temperature (<80°C), medium temperature (80°-500°C), and high temperature (>500°C). These temperature ranges depend upon the application that the thermoelectric generators are used in. By temperature, the low (<80°C) segment of the thermoelectric generator (TEG) market is projected to register the highest CAGR of 11.2% during the forecast period. Stringent laws to reduce CO2 emission have led to the increasing application of thermoelectric generators.

“By material, Bismuth Telluride segment is estimated to account for the largest market share of TEG market during the forecast period”

Based on material, the thermoelectric generators market is segmented into bismuth telluride, lead telluride, and others. The selection of the thermoelectric material is dependent on the temperature range at which the material is used. Currently, bismuth telluride is the most widely used material as it has the highest figure of merit and exhibits high performance across applications. The Bismuth Telluride segment of the thermoelectric generators (TEG) market is projected to register the highest CAGR during the forecast period.

“By component, the thermoelectric module segment is projected to register the highest CAGR during the forecast period”

Based on component, the thermoelectric generators market is segmented into heat source, thermoelectric module, cold side, and electric load. These components are made of materials such as bismuth telluride, lead telluride, and others for better thermal conductivity. The thermoelectric module segment is projected to have the highest CAGR during the forecast period. Increasing use of efficient materials for manufacturing thermoelectric modules boosts demand.

“By vertical, the industrial segment is estimated to account for the largest market share of TEG market during the forecast period”

Based on vertical, the thermoelectric generators market is segmented into automotive, aerospace & defense, marine, industrial, consumer, healthcare, oil & gas, mining, and telecommunications. The industrial segment is projected to record the highest growth during the forecast period owing to the adoption of TEGs in smelters & blast furnaces, and other chemical processing applications.

“By application, the waste heat recovery segment is projected to register the highest CAGR during the forecast period”

Based on application, the thermoelectric generators market is segmented into energy harvesting, waste heat recovery, direct power generation, and co-generation. The waste heat recovery application is expected to lead the market for TEGs during the forecast period driven by the increasing trend of electrification of automobiles. This trend will help increase the demand for TEGs, which produce electricity from the waste heat from automobiles.

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