Market Overview —
Market Research Future (MRFR), in its research report, highlights that the global thermoelectric generator market 2020 is slated to grow exponentially over the review period, ensuring substantial market valuation and a healthy 14% CAGR over the review period.
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Drivers and Restraints
Increasing fuel efficiency demand and government-led strict carbon emissions have boosted the thermoelectric generator market. Factors such as the rapid commercialization of automotive thermoelectric generators and the increasing demand for miniaturized TEGs. Rising demand to recover the waste heat generated by different industries. The need to increase engine performance is growing, due to rising environmental concerns. By using waste heat, thermoelectric generators play an important role in increasing performance. Along with the growing adoption of greenhouse gas emission decarbonisation technologies is expected to be the primary factor driving the thermoelectric generators market. The automotive segment has the largest share in the demand for thermoelectric generators, owing to an rise in global automotive manufacturing. Growth in the global market for thermoelectric generators is likely to be threatened by factors like the high price and low thermoelectric generator performance.
Thermoelectric Generator Market Key Players are - Gentherm, Inc., Laird PLC, II-VI Incorporated, Ferrotec Corporation, Komatsu Limited, Yamaha Corporation, Evident Thermoelectrics, Alphabet Energy, Tecteg, and Tellurex Corporation. Gentherm Inc. (US) is the top global player in the market for thermoelectric generators. The company's key objective is to produce creative and high-efficiency products by spending a significant amount of its R&D income. The business has a large product range for automotive, industrial and aerospace applications and is a leading player in the North American and European regions.
• By Source, the market has been segmented into waste heat recovery, energy harvesting, direct power generation and co-generation
• By Material, the market has been segmented into bi-te, pb-te and others. The market for thermoelectric generators is segmented by material into bismuth telluride, lead telluride, and others. Between these is projected to rise the bismuth telluride segment at the highest CAGR during the forecast era. The demand for this segment is increasing, due to the comparatively high quality of bismuth telluride materials.
• By Power, the market has been segmented into 1kw
• By Temperature, the market has been segmented into 500°c. Over the forecast period the segment Low Temperature (< 80 ° C) is expected to rise at the highest CAGR. Due to the use of various applications, such as sensors; controlling watches or other consumer electronics, this will help drive the thermoelectric generators market in this specific segment.
• By End-User, the market has been segmented into automotive, aerospace & defence, industrial, consumer and others. During the review period the industrial segment is projected to rise at the highest CAGR. Due to improved industry performance, stringent environmental protection standards and added benefits of carbon credits to the countries, the thermoelectric generator is expected to be common among both developing and developed countries, the industrial segment has seen significant growth in the last few years.
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Detailed Regional Analysis
The global business regional analysis was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world.
North American area, followed by the Asia-Pacific, held the largest share of global thermoelectric generators. That would be attributed to increased innovative use of TEG technology in various industries to power different equipment and tools. Room, automotive, and commercial electronics will be the prominent industries which will use TEG's for power generation. The rise in demand for cleaner energy in North America is expected to boost demand for thermoelectric generators. Other prominent factors for TEG market growth are higher disposable income, massive industrialization, and a increase in North America 's demand for cleaner electricity.
The Asia-Pacific market for thermoelectric generators is expected to rise at highest CAGR. Increased demand by the automotive industry for thermoelectric generators to increase the fuel efficiency and increased industrialization in the region is expected to drive the market for thermoelectric generators. Increased industrialisation is also expected in this region to increase market demand for thermoelectric generators.
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