Thermoelectric Generators Market is projected to grow from USD 460 million in 2019 to USD 741 million by 2025, at a CAGR of 8.3% during the forecast period.
According to the latest market research the report “Thermoelectric Generators Market by Application (Waste Heat Recovery, Energy Harvesting, Direct Power Generation, Co-generation), Wattage (<10 W, 10-1kW, >1kW), Temperature (<80°C, 80°- 500°C, >500°C, Material, Vertical, Component, Region – Global Forecast to 2025”, is projected to grow from USD 460 million in 2019 to USD 741 million by 2025, at a CAGR of 8.3% during the forecast period. Factors such as rapid commercialization of thermoelectric generators in the automotive industry and increasing demand for miniaturized TEGs. Along with the rising adoption of decarbonization technologies for greenhouse gas emissions is expected to be the primary factor driving the market.
The bismuth telluride material segment is projected to grow at the higher CAGR during the forecast period
By material, the generators market has been segmented into bismuth telluride, lead telluride and others. Among these, the bismuth telluride segment is projected to grow at the highest CAGR during the forecast period. Due to the comparatively high efficiency of bismuth telluride materials, the demand for this segment is rising.
The Low Temperature (<80°C) temperature segment is projected to grow at the highest CAGR during the forecast period
By temperature, the thermoelectric generators market has been segmented into Low Temperature (<80°C), Medium temperature (80°- 500°C) and High temperature (> 500°C). The Low Temperature (<80°C) segment is projected to grow at the highest CAGR during the forecast period. The low-temperature segment includes ultra-low-power mobile consumer electronics, and wearable, among others. These all are low temperature producing applications, and their output heat is used by the thermoelectric system to generate electricity. Due to the usage of various applications, such as sensors; powering watches, or other consumer electronics, This will help in driving this particular segment of the market.
North America is projected to lead the market for thermoelectric generators during the forecast period
North America is estimated to account for the largest share of the market in 2019. The US dominated the North America region in thermoelectric generators market in 2019 and is expected to maintain its dominance over the next five years as well. This will be due to increased futuristic usage of TEG technology for powering various equipment and devices in various industries. The prominent industries which will use TEG’s for power generation will be space, automotive, and commercial electronics. Other prominent reasons for TEG market growth are larger disposable income, huge industrialization, and an increase in demand for cleaner energy in North America.
Key Market Players
Some of the major players 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 acquisitions, new product launches, contracts, partnerships, acquisitions, and agreements as their primary growth strategies from 2014 to 2019, to expand their presence in the global thermoelectric generators market further.
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