ID: MRFR/E&P/1313-HCR | 100 Pages | Published By Priya Nagrale on March 2023
Thermoelectric Generator Market share is projected to exceed USD 1550 Million by 2030, growing at a CAGR of 14.4% during the forecast period.
Thermoelectric generator market to grow at 14.4% CAGR during the forecast period 2022-2030, with increasing demand for fuel efficiency.
The word thermoelectric is itself the combination of two words thermal and electric and helps in converting the heat into electrical energy. The rise in demand for fuel efficiency and stringent emission concerning carbon from the government has encouraged the market for a thermoelectric generator. The automotive segment of the thermoelectric generator power market covers the largest share due to the enhancement of manufacturing of automotive units globally. Thermoelectric generator market growth is to be challenged by factors like high price and low efficiency.
It provides an analysis of market structure in the forecast period for the next five years of new market segments and sub-segments. It also provides information about the forecast revenue and gives insights into the factors affecting the market growth.
COVID 19 pandemic has affected the global economy on a huge scale. This is due to operations in various sectors. Some of the industries using this generator are the healthcare sectors, manufacturing unit, marine, and defense field.
COVID leads to the decline of electricity which has become a challenging factor in the power industry. Some companies are working at a good pace to support other companies. The government is taking steps and is put forwarding rules and regulations to compensate for the loss.
With the increase in competition, globally some of the companies give more priority to innovation and pricing structure. To achieve this the competitive players have to look for research and development, agreements, and collaborating and merging with other companies. This leads to the development of the diverse product which thus meets the customer’s demand which amplifies their share of the market and gains traction in the marketplace globally. The key players are Gentherm, Inc., II-VI Incorporated, Ferrotec Corporation, Laird PLC, Komatsu Limited, Yamaha Corporation, Evident Thermoelectrics, Tecteg, Alphabet Energy, and Tellutex Corporation.
It provides profiling of key players in the market by analyzing the competition and drawing the competitive landscape accordingly. These competitors do the country-level analysis of the market with respect to the present market size and future perspective.
The demand for clean energy along with technological and material advancement is the thermoelectric generator market trends that fuel the market size. The rise in the commercialization of generators, the increase in the need for miniature TEG’s, adoption of decarbonization technologies for the emission of greenhouse gases are the major drivers of the thermoelectric market.
Arise in disposable income and an increase in industrialization offers great opportunities for the growth of the market. Many big manufacturers are increasing the opportunities by investing in R and D to upgrade the technology for the consumption of high power thermoelectric generators to enhance the efficiency of heat exchangers and deal with the stress of high-temperature gradients.
It is majorly used for less power remote applications or where bulky heat engines are not used. Complexity in the design of these generators and the presence of prominent substitutes are the major challenges of this industry.
Using lightweight materials in the generators will increase its demand. by doing further research and development and bringing positive trends to the ongoing marketing field, the thermoelectric generator market size will foster up. These generators act as a unique solution to compensate for the energy loss problem. The rise in demand for waste heat recovery systems along with rising global warming fuels up the demand for the thermoelectric generator market size.
If the initial installation costs are high then very less companies will tend to install the generator. Market growth is also hampered if the efficiency power of the generator is very low i. E if it is inefficient to generate a high amount of output power.
The thermoelectric power market is bifurcated based on geography, vertical, watt power, and source. The watt power is segmented into medium power, low power, and high power. The industry is categorized into aerospace, defense, automotive, industrial, residential, and many others. As per the source, it is divided into waste heat recovery, energy harvesting, direct power regeneration, and cogeneration. Based on material, it is segmented into bismuth telluride, lead telluride, copper iron, and antimony bismuth.
Due to the advancement of technology, increasing concern regarding emission has a huge impact on ecological balance. With the demand of the automotive industry and the rise in need of heat waste recovery, thermoelectric generators globally have witnessed huge growth and expansion.
The company hires various supply chains which in turn reach the main unit. In this process various retailers, manufacturers, and others.
The thermoelectric generator market is divided into North America, Europe, Asia Pacific, and Latin America. The region of North America holds the largest thermoelectric generator market share followed by Asia-Pacific, which is expected to project at high CAGR in the market globally. North America also covers the highest thermoelectric generator market revenue share during the forecast period. The rise in demand for generators by automotive industries tends to enhance fuel efficiency and increases the industrialization in the market region which thus drives the automotive industries.
This dominance of North America will exist for years.
The research report regarding thermoelectric generator market trends represents a comprehensive assessment of the market and contains insights regarding industrially validated market data. It contains expectations regarding a suitable set of assumptions and methodologies. It provides analysis and information concerning market segments like geographies, applications, and industry.
The report provides an in-depth analysis of parent market trends and the governing factors which attract the market and have a qualitative impact on the major factors of the market. It also highlights the strategic products offered by the key players of major regions providing promising growth. It gives a neutral perspective about the performance of the market to attain the market footprint in the changing marketing dynamics of the industry. His report gives a clear market scenario of the thermoelectric generator market value and volume with macro-economical and governing factors of the market. Get great market insights by reading the report and analyze how this particular market is expecting to grow in near future.
|Market Size||2030: USD 1550 Mn|
|CAGR||14.4% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Source, Material, Power, Temperature and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Gentherm, Inc., II-VI Incorporated, Ferrotec Corporation, Laird PLC, Komatsu Limited, Yamaha Corporation, Evident Thermoelectrics, Tecteg, Alphabet Energy, and Tellurex Corporation|
|Key Market Opportunities||New product launches and R&D Amongst major key players|
|Key Market Drivers||Increasing demand for fuel efficiency Stringent emission regarding carbon from the government|
Between 2022 and 2030, the growth rate that the market can achieve is 14.4%.
The market for thermoelectric generator is likely to expand considerably by 2030.
Gentherm, Inc., II-VI Incorporated, Ferrotec Corporation, Laird PLC, Komatsu Limited, Yamaha Corporation, Evident Thermoelectrics, Tecteg, Alphabet Energy, and Tellurex Corporation are the renowned players in the global market.
India and China are anticipated to lead the APAC market.
The source-wise market segments are Energy Harvesting, Waste Heat Recovery, Co-generation and Direct Power Generation among others.