Luton, Bedfordshire, United Kingdom, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Thermoelectric Generator Market.
The global thermoelectric generators market size is projected to reach USD 804.90 Million by 2029 from USD 367.55 Million in 2022, at a CAGR of 9.1% from 2023 to 2029. The thermoelectric generator (TEG) market refers to the global market for devices that convert heat energy into electrical energy using the See beck effect, a phenomenon where a temperature difference between two dissimilar conductors creates an electrical voltage. These devices are used in a wide range of applications, including waste heat recovery, power generation for remote or off-grid locations, and energy harvesting from sources such as body heat or ambient temperature differences.
The global thermoelectric generator market is expected to grow at a steady rate in the coming years, driven by factors such as increasing demand for clean energy sources, rising energy costs, and the need for efficient waste heat recovery systems. The market is highly competitive, with a large number of players offering a wide range of products. Some of the key players in the market include Gentherm Global Power Technologies, Ferrotec Corporation, Laird Thermal Systems, and II-VI Incorporated.
Industry Developments
- In April 2021, Laird Thermal Systems launched the PCX Thermoelectric Cooler Series to increase the reliability of PCR cycling. It is used for Analytical, Medical, Medical Diagnostics, DNA Amplification and is available as thermoelectric coolers, PowerCycling PCX Series.
- In March 2021, DX4091 Z-Meter is a single-channel device that has an internal chamber for test frame placement containing a mounted pellet sample. The chamber’s cover is magnetically locked when being closed or opened.
- In April 2018, Gentherm Inc. launched a thermoelectric based solution for 48-volt lithium-ion battery thermal management for the automotive industry. This thermoelectric technology is fully integrated into the battery housing and is able to heat and cool the lithium-ion battery cells.
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Drivers:
- Growing demand for clean energy sources: The demand for clean and sustainable energy sources is increasing globally due to concerns about climate change and energy security. Thermoelectric generators provide a clean energy solution as they generate electricity without any emissions.
- Increasing energy costs: As energy costs continue to rise, there is a growing demand for alternative sources of energy. Thermoelectric generators provide a cost-effective solution for power generation in remote or off-grid locations.
- Efficient waste heat recovery: Thermoelectric generators are being used in various industries for waste heat recovery. This helps in reducing energy waste and increasing energy efficiency.
- Increasing demand for portable power sources: With the rise in demand for portable devices such as smartphones, laptops, and tablets, there is a growing demand for portable power sources. Thermoelectric generators can be used to power these devices, making them an attractive option for consumers.
Restraints:
- High initial cost: The initial cost of thermoelectric generators is high compared to other power generation technologies. This makes it difficult for some consumers and businesses to adopt this technology.
- Low efficiency: The efficiency of thermoelectric generators is lower compared to other power generation technologies such as solar or wind power. This limits their potential for widespread adoption.
- Limited applications: The applications of thermoelectric generators are limited to specific use cases such as waste heat recovery and remote power generation. This limits their potential market size.
- Material limitations: The efficiency of thermoelectric generators is limited by the properties of the materials used. Improvements in materials science will be required to increase the efficiency of thermoelectric generators.
| Report Attribute | Details |
| Thermoelectric Generator Market size value in 2022 | USD 367.55 Million |
| Revenue forecast in 2029 | USD 804.90 Million |
| Market Growth rate | CAGR of 9.1% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2020 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Revenue in USD Million, volume in units, CAGR from 2022 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, trends |
| Segments covered | By Component; Wattage; Temperature; Material; Type and By Region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; France; Italy; U.K.; China; India; Japan; Brazil; Saudi Arabia |
| Key companies profiled | Gentherm, KELK Ltd, Yamaha Corporation, Alphabet Energy, Thermo Electric Company, KRYOTHERM, Laird Connectivity, Brimrose, Align Sourcing LLC, Everredtronics Ltd., Ferrotec, Hi-Z Technology, Novus Energy Technologies INC., Tecteg, and Phononic Devices, Inc |
| Customization scope | Free report customization with purchase. Addition or alteration to country, regional & segment scope. |
Companies Covered in Thermoelectric Generator Market Report:
- Gentherm, KELK Ltd
- Yamaha Corporation
- Alphabet Energy
- Thermo Electric Company
- KRYOTHERM
- Laird Connectivity
- Brimrose
- Align Sourcing LLC
- Everredtronics Ltd.
- Ferrotec, Hi-Z Technology
- Novus Energy Technologies INC.
- Tecteg
- Phononic Devices, Inc
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Report Benefits
- Develop business strategies by understanding the trends shaping and driving the Market.
- Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Thermoelectric Generator Market in the future.
- Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Thermoelectric Generator Market leaders.
- Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
- Track sales in the global and country-specific Market.
- Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
Key Benefits
- 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 generator market for strategy building.
- A comprehensive thermoelectric generator market analysis covers the 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.
Key Market Segments: Thermoelectric Generator Market
By Component
- Heat Source
- Thermoelectric Module
- Cold Side
- Electric Load
By Wattage
- Low Power <10w
- Medium Power 10-1kw
- High Power >1kw
By Temperature
- Low <80c
- Medium 80-500c
- High >500c
By Material
- Bismuth Telluride
- Lead Telluride
By Type
- Single Stage
- Multistage
By Application
- Waste Heat Recovery
- Energy Harvesting
- Direct Power Generation
- Co-Generation
By Regions
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Frequently Asked Questions About This Report
- How big is the Thermoelectric Generator Market?
- What is the Thermoelectric Generator Market growth?
- Which segment accounted for the largest Thermoelectric Generator Market share?
- Who are the key players in the Thermoelectric Generator Market?
- What are the factors driving the Thermoelectric Generator Market?
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