Thermoelectric Generator (TEG) Market by Material (Bismuth Telluride, Lead Telluride, and Others), Application (Waste Heat Recovery, Consumer Harvesting, Direct Power Generation, and Co-generation), and End-use Industry (Automotive, Aerospace, Industrial, Consumer, and Healthcare): Global Opportunity Analysis and Industry Forecast, 2021–2030
The global thermoelectric generator market size was valued at $472.5 million in 2020, and is projected to reach $1,443.3 million by 2030, growing at a CAGR of 11.8% from 2021 to 2030.
Thermoelectric generator is a solid-state semiconductor device that transforms a temperature differential and heat flow into a usable DC power source. The seebeck effect is used to produce voltage in thermoelectric generator semiconductor devices. This voltage is used to drive electrical current and provide usable power when it is applied to a load. These generators use renewable energy source, a low-maintenance, easy to install, safe to store, and are cost-effective.
With the introduction of larger automotive applications and efforts to utilize waste-heat-recovery technologies, thermoelectric generators and thermoelectric materials that were previously used exclusively in niche applications are now gaining high traction in the market. Thermoelectric generators are not only dependable and long-lasting but are also ecologically beneficial due to their lack of chemical components, which drive their demand across the globe. Thermoelectric generators are witnessing increased adoption in the oil & energy sector, owing to heat recycling property of generators. Initially, these generators were used only as heating or cooling devices; however, recent research activities have developed them as energy harvesting devices. Thermoelectric generators are gaining popularity as an upcoming clean and green technology, as they convert waste heat (zero cost) into electrical energy, thus cutting the major industrial cost of raw electric energy.
The global thermoelectric generator market is segmented into material, application, end-use industry, and region. On the basis of material, the global thermoelectric generator market is categorized into bismuth telluride, lead telluride, and others. Depending on application, it is segregated into waste heat recovery, energy harvesting, direct power generation, and co-generation. By end-use industry, it is fragmented into automotive, aerospace, industrial, consumer, and healthcare. Region wise, the global thermoelectric generator market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global thermoelectric generators industry include Gentherm, Inc., Ferrotec Holdings Corporation, Yamaha Corp., Thermo Electric Company, Inc., Laird Thermal Systems, Komatsu Ltd., Kyocera Corporation, Phononic Devices, Evident Thermoelectrics, and II-VI Marlow, Inc.
KEY BENEFITS FOR STAKEHOLDERS - The report provides in-depth analysis of the global thermoelectric generator market along with the current trends and future estimations.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global thermoelectric generators industry for strategy building.
- A comprehensive market analysis covers factors that drive and restrain the global thermoelectric generator market growth.
- The qualitative data about market dynamics, trends, and developments is provided in the report.
IMPACT OF COVID-19 ON THE GLOBAL THERMOELECTRIC GENERATOR MARKET
• COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
• Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway.
• In many countries, the economy has dropped due to the halt of several industries, especially transport and supply chain. Demand for the application has been hindered, as there is no development due to the lockdown.
• The demand–supply gap, disruptions in raw material procurement, and price volatility are expected to hamper the growth of the industry during the COVID-19 pandemic.
• Due to a scarcity of resources in various parts of the world, the COVID-19 pandemic has negatively impacted the manufacturing and industrial industries. The industry’s top players are concerned about the market’s prospects and are rethinking their strategies to meet the challenge.
KEY MARKET SEGMENTS
By Material • Bismuth Telluride
• Lead Telluride
By Application • Waste Heat Recovery
• Energy Harvesting
• Direct Power Generation
By End-use Industry • Automotive
By Region o North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Saudi Arabia
- Rest of LAMEA
KEY MARKET PLAYERS • Komatsu Ltd.
• Laird Thermal Systems
• Kyocera Corporation
• Phononic Devices
• II-VI Marlow, Inc.
• Global Power Technologies
• Ferrotec Holdings Corporation
• TEC Microsystems GmbH
• Yamaha Corp.
• Gentherm, Inc.
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