MarketsandMarkets expects the Thermoelectric Generators Market to grow from USD 460 million in 2019 to USD 741 million by 2025, at a CAGR of 8.3% from 2019 to 2025. Factors, such as advancements of thermoelectric generators technology and usage of thermoelectric generators for energy harvesting and electricity generation through the utilization of industrial waste heat.
Thermoelectric generators market includes products which are used for power generation in various industries such as automotive, aerospace & defense, consumer electronics, healthcare, oil & gas mining, and telecommunication. These thermoelectric generators are used for various application such as waste heat recovery, energy harvesting, direct power generation, co-generation. The thermoelectric market is also being studied based on the wattage level such as Low power (<10 Watts), Medium power (10-1KW), High Power (Greater than 1 KW. Various materials such as Bismuth Telluride, Lead Telluride, and other material types are studied. Thermoelectric generators market is studied across various geographies such as North America, Europe, Asia Pacific, and Rest of the World.
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Based on the component, the thermoelectric module segment of the market is projected to grow at the highest CAGR during the forecast period. The thermoelectric module is a material used for power conversion. The thermoelectric module is made up of materials such as Bismuth Telluride, Lead Telluride, or others. Specialized thermoelectric modules are used in spacecraft, as the heat source is radioisotope. Thermoelectric module segment is projected to grow at the highest CAGR due to the affordability of materials for manufacturing thermoelectric modules is increasing the demand for TEG’s.
Based on the application, the energy harvesting segment is projected to grow at the highest CAGR during the forecast period. Energy harvesting from heat generated from human temperature can be used for powering such electrical devices. With the increasing development of thermoelectric generators powered wearables, the demand for energy harvesting for thermoelectric generators may increase.
In terms of geographic coverage, the thermoelectric generators market has been segmented into four regions, namely, North America, Europe, Asia Pacific, and Rest of the World (RoW). The market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. Major factors which are expected to drive the growth of European thermoelectric generators market include increasing concerns of European government towards the greenhouse gas emissions and new, stringent legislations related to the C02 emission from the vehicles registered in Europe. Europe also has the highest number of cars users per 1000 people with a large volume of automotive. The increasing trend for electrification and hybridization in automotive and rising interest from automotive OEM’s in TEG technology is expected to increase the demand for thermoelectric generators.
Key Market Players:
Major vendors in the thermoelectric generators market include Gentherm, Inc. (US), II-VI Marlow, Inc. (US), Ferrotec Corporation (Japan), Laird plc (UK), Komatsu Ltd. (Japan). These players have adopted contracts, agreements, acquisitions, and new product launches as their primary growth strategies from 2014 to 2019, to expand their presence in the global thermoelectric generators market further.
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