The Thermoelectric Generators (TEG) Market was valued at US$ 511.4 Million. in 2022. The Global Thermoelectric Generators (TEG) Market Market size is estimated to grow at a CAGR of 12.64% over the forecast period 2022-2030.
Thermoelectric Generators (TEG) Market Overview:
A thermoelectric generator or TEG is a solid-state device that converts heat into electrical energy through the Seebeck effect. These generators have no moving parts and, unlike conventional heat engines, are completely silent. Growing demand for fuel-efficient vehicles and stringent government laws limiting carbon emissions are some of the major drivers responsible for the growth of this market. However, high cost of thermoelectric materials and lack of technical expertise may hamper the growth of the thermoelectric generator market. It is currently used for small applications due to its cost-effective, simple, compact and scalable operating characteristics. Their use has also emerged in new applications of energy generation by thermoelectric harvesting. The new applications are various sectors such as industrial and terrestrial applications. Additionally, increasing automobile manufacturing and increasing demand for clean energy will create new opportunities for the global thermoelectric generator market.
Thermoelectric Generators (TEG) Market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Thermoelectric Generators (TEG) Market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.
Key Market Updates:
- In April 2021, Laird Thermal Systems launched the PCX thermoelectric cooler series to increase the reliability of PCR cycling. Used in analysis, medical, medical diagnostics, DNA amplification, and offered in the PowerCycling PCX series of thermoelectric coolers.
- March 2021 The DX4091 Z-Meter is a single channel device with an internal chamber for placement of test frames containing mounted pellet samples. The lid of the chamber locks magnetically when closed or opened.
- In April 2018, Gentherm Inc. launched a thermoelectric-based solution for thermal management of 48-volt lithium-ion batteries for the automotive industry. This thermoelectric technology is fully integrated into the battery housing and can heat and cool Li-ion battery cells.
Major Market Segments Covered in Thermoelectric Generators (TEG) Market Industry Research:
Market Key Players:
Gentherm, II-VI Incorporated, Ferrotec Holdings Corporation, Yamaha Corp, Laird, Komatsu, And Others.
- Bismuth Telluride
- Lead Telluride
- Waste Heat Recovery
- Energy Harvesting
- Direct Power Generation
By End-use Industry:
North America accounted for the largest revenue share in the global market. Growing number of technology developments in North America along with growing demand for generators in aerospace, automotive, medical and many other sectors is expected to fuel the market demand.
In addition, intensifying competition among competitors and the presence of leading market players also present various growth opportunities for market development. In addition, rising interest in improving fuel efficiency along with rapid industrialization in the region is driving a surge in demand for generators in the automotive industry, which fuels the growth of market demand in the coming years.
Additionally, the European market is expected to witness the highest CAGR during the forecast period. The thriving growth of the automotive industry and the presence of a huge consumer base across the region are stimulating market demand across the region. In addition, stringent regulations regarding CO2 emissions from vehicles and increasing carbon emission reduction initiatives by various public and private companies are boosting the market growth as well.
Europe is also a leading global region with a high interest in using renewable energy. For example, according to Eurostat, nearly 17% of the EU heating and cooling sector, 26% of EU electricity and 6% of EU transport energy come from renewable sources. Europe is also making significant investments in total renewable energy, owing to burgeoning demand for renewable electrical energy in various end-use sectors and increasing adoption in the power sector and power sector. Hence, this factor is expected to propel the demand for thermoelectric generators market in the region.
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Significant Market Dynamics:
Demand for clean energy along with advances in technology and materials are thermoelectric generator market trends fueling the market size. Increasing commercialization of power generators, growing need for compact TEGs, and adoption of decarbonization technologies for greenhouse gas emissions are the major drivers for the thermoelectric market.
Rise in disposable income and rise in industrialization provide great opportunities for market growth. Many large manufacturers are increasing their opportunities by investing in R and D to upgrade their high power thermoelectric generator consumption technologies to improve the efficiency of their heat exchangers and handle the stress of high temperature gradients.
They are primarily used in low-power remote applications or where bulky heat engines are not used. The complexity of these generator designs and the existence of conspicuous alternatives is a major challenge for the industry.
Thermoelectric Generators (TEG) Market report scope:
Key Takeaways from this Thermoelectric Generators (TEG) Market Report
- Estimate Thermoelectric Generators (TEG) Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Thermoelectric Generators (TEG) Market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions-
What is the CAGR of Thermoelectric Generators (TEG) Market?
The Thermoelectric Generators (TEG) Market is growing at a CAGR of 12.64% During Forecast Period.
What are the materials of Thermoelectric Generators (TEG) Market?
Bismuth Telluride, Lead Telluride, Others
What are the key applications of Thermoelectric Generators (TEG) Market?
Waste Heat Recovery, Energy Harvesting, Direct Power Generation, Co-generation
Who are the key players in Thermoelectric Generators (TEG) Market?
Gentherm, II-VI Incorporated, Ferrotec Holdings Corporation, Yamaha Corp, Laird, Komatsu, And others.