Thermoelectric Generator Market: By Component (Heat Source, Thermoelectric Module, Cold Side, Electric Load), By Application (Waste Heat Recovery, Energy Harvesting, Direct Power Generation, Co-Generation), By End Use Industry Automotive, Aerospace, Industrial, Consumer, Healthcare), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Thermoelectric Generator Market to surpass USD 1.6 billion by 2032 from USD 0.47 billion in 2021 at a CAGR of 11.5% throughout the forecast period 2022-32
Thermoelectric generators aka Seebeck generators are the solid state devices that use the Seebeck effect to transform heat flow (temperature differential) into electrical energy (a form of thermoelectric effect). Similar in operation to heat engines, thermoelectric generators are smaller and devoid of mechanical parts. As automotive thermoelectric generators (ATGs), thermoelectric generators can be used in vehicles to improve fuel efficiency as well as in power plants to transform waste heat into additional electrical power. A thermoelectric generator turns heat energy into electricity in a relatively straightforward way. It has the ability to create an electric current that flows through a metallic surface, preventing corrosion.
The Thermoelectric Generator Market is expected to project a notable CAGR of 11.5% in 2032.
Thermoelectric Generator to surpass USD 1.6 billion by 2032 from USD 0.47 billion in 2021 at a CAGR of 11.5% in the coming years, i.e., 2022-32. The government's strict emission regulations and rising demand for fuel efficiency are boosting the Thermoelectric Generators Market. Due to the increased production of automobile units around the world, the automotive sector also holds the largest proportion of the thermoelectric generator power market, ultimately impacting the said market.
The Thermoelectric Module segment is expected to grow with a higher CAGR during 2022-32
Thermoelectric Generator Market is categorized on the basis of Component into Heat Source, Thermoelectric Module, Cold Side, and Electric Load. During the projection period, the Thermoelectric Module sector is anticipated to have the greatest CAGR. For higher thermal conductivity, these components are built of materials like bismuth telluride, lead telluride, and others. Demand is increased by the production of thermoelectric modules using more effective materials.
The Industrial segment is expected to grow with a higher CAGR during 2022-32
Thermoelectric Generator Market is categorized on the basis of End Use Industry into Automotive, Aerospace, Industrial, Consumer, and Healthcare. The Aerospace segment held the highest share of the Thermoelectric Generator Market in 2020 due to the growing use of thermoelectric generators in spacecraft and rockets for power generation. Due to the use of TEGs in smelters, blast furnaces, and other chemical processing applications, the industrial segment is expected to develop at the fastest rate over the forecast period.
High Reliability, Durability, and Eco-Friendly Nature of Thermoelectric Generators is One of the Main Attractions
The majority of power sources, including batteries and other generators, increase overall expenses since they need to be maintained. As they don't use chemical products, thermoelectric generators are not only very dependable and long-lasting but also environmentally beneficial. Since they lack mechanical components and/or moving parts, they operate quietly. They can be made from a variety of substrates, including polymers, silicon, and ceramics. Despite the possibility of mechanical or chemical degradation brought on by the creation of foreign material that impairs heat transfer, no significant degradation of TEGs has been reported. TEGs also have prolonged lifetimes, are position-independent, and may be included into bulky and flexible devices. This is gaining traction from automotive and other industries where the by-product is the heat.
Rising Adoption of Renewable Energy to Lessen Carbon Emission and Growth of Multiple Industries
The growing use of renewable energy to help combat global warming and carbon emissions is another major factor driving the global Thermoelectric Generator Market. The market will be driven by the growth of numerous end-user industries, including the automotive, aerospace, and defence sectors, where these generators are used as backup power sources. The Thermoelectric Generator Market is primarily driven by the increased commercialization of generators, the rising demand for small TEGs, and the use of decarbonization methods for the emission of greenhouse gases.
Unstable Power Output and Operating Temperature Needs Demanding High Price
The operating temperature and needed output power have a big impact on how well thermoelectric generators work. Manufacturers are impacted since the design needs to be adjusted based on the application. The design of thermoelectric generators needs to be modified, which costs extra money, since different industries and applications have variable power output and operating temperature requirements. The commercialization of this technology faces a lot of difficulties owing to this. The efficiency of currently employed materials for thermoelectric power generation is constrained. This restrains the growth of Thermoelectric Generator Market and is anticipated to be a key inhibitor in the coming years.
In March 2021, a single-channel device called the DX4091 Z-Meter was launched, which had an interior chamber where a mounted pellet sample can be placed as a test frame. When closed or opened, the chamber's cover is magnetically locked.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Thermoelectric Generator Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the global market in 2021 in terms of revenue. The growing number of technical developments in North America and the rising demand for generators across a wide range of industries, including aerospace, automotive, healthcare, and many others, are expected to drive the market demand.
The COVID-19 pandemic has impacted practically every industry and is predicted to have long-term impacts on the market for thermoelectric modules. It is an unprecedented global public health issue. The decline in aerospace, industrial, and automotive applications is the main cause of this. Due to the pandemic, the market for consumer electronics initially experienced a decline in sales in 2020 and is still struggling in 2021. Since distant communications, medicine/vaccine storage and transit, and pharmaceutical research have been given additional priority during the pandemic, the telecommunications and medical divisions have also seen a modest decline as a result of comprehensive lockdowns. As a result, the Thermoelectric Generator Market had slower growth.
Market Size Value in 2021
USD 0.47 billion
Revenue Forecast in 2032
USD 1.6 billion
CAGR of 11.5% from 2022 to 2032
Base Year for Estimation
Revenue in USD million and CAGR from 2022 to 2032
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Component, Application, End Use Industry, and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key Companies Profiled
Komatsu Ltd., Coherent Corp., Yamaha Corporation, Gentherm Inc, Ferrotec Corporation, Laird Thermal Systems, TEC Microsystems, Tellurex Corporation, Alphabet Energy, Tecteg, Evident Thermoelectrics, Everredtronics Ltd, Phononic Company, Align Sourcing LLC, Teledyne Energy Systems, and Other Prominent Players.
The Thermoelectric Generator Market size was estimated at USD 0.47 billion in 2021 and is expected to reach USD 1.6 billion in 2032.
Thermoelectric generators aka Seebeck generators are the solid state devices that use the Seebeck effect to transform heat flow (temperature differential) into electrical energy (a form of thermoelectric effect).
The Thermoelectric Module and Industrial segments accounted for the larger share of the Thermoelectric Generator Market.
Key players in the Thermoelectric Generator Market are Komatsu Ltd., Coherent Corp., Yamaha Corporation, Gentherm Inc, Ferrotec Corporation, Laird Thermal Systems, TEC Microsystems, Tellurex Corporation, Alphabet Energy, Tecteg, Evident Thermoelectrics, Everredtronics Ltd, Phononic Company, Align Sourcing LLC, Teledyne Energy Systems, and Other Prominent Players.
The government's strict emission regulations and rising demand for fuel efficiency are boosting the Thermoelectric Generators Market.
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