Thermoelectric Generators Market

Thermoelectric Generator Market Size (2024-2029):

The Global Thermoelectric Generator Market was worth USD 480 million in 2023 and is anticipated to reach USD 890 million by 2029 and is predicted to register a CAGR of 13.03% during the foreseen period 2024-2029.

Thermoelectric generators could be used in power plants to convert waste heat into electrical energy, which is driving the growth of the thermoelectric generator market. Thermoelectric generators are gaining popularity because they are environmentally friendly and produce electric power at zero cost. In addition, the growing concern about renewable energy sources is driving the market demand for thermoelectric generators. However, the high cost of the generator and the low efficiency may slow the market growth.

The growing demand for waste heat recovery systems, along with increasing global warming, is expected to drive the market demand for thermoelectric generators. In addition, strict government regulations and increasing industrial automation around the world are supposed to fuel the market demand for thermoelectric generators during the forecast period.

Market Growth and Trends:

Over the years, growing concerns about emissions and environmental issues, particularly global warming, have led to extensive research into new technologies for producing electric power. In addition, increased demand from industrial sectors and stationary appliances has led to augmented demand for generators. Thermoelectric generators are semiconductor devices that help convert heat into electrical energy. As the temperature difference on the sides increases, so does the performance of a thermoelectric generator. It is assumed that when more heat is applied through the thermoelectric legs, their performance increases. Therefore, these generators help to minimize heat loss and confine heat transport through the thermoelectric legs.

Low-wattage (100-watt) thermoelectric generators are typically used for hiking, mountaineering, camping, and as home relief during power outages, primarily for charging iPads, phones, and lighting devices. Many large manufacturers are investing in R&D to upgrade the technology of high-power thermoelectric generators to further improve the efficiency of heat exchangers and cope with the stress of higher temperature gradients. In addition, current research is also focusing on the development of thermoelectric generators with lightweight materials. The institutes are working on a research study to reduce the cost of thermoelectric generators and increase their efficiency. With the rising research and development activities, the call for thermoelectric generators is also predicted to increase during the outlook period.

Market Drivers and Restraints:

The growing demand for solid-state and stationary devices is expected to be the main driver of the global thermoelectric generator market. Also, the requirement for durable and maintenance-free power sources is supposed to drive the market for thermoelectric generators during the conjecture period. However, the high cost of thermoelectric material and low efficiency can be a challenge to market growth. The demand for thermoelectrics in healthcare and the growing need for low-power generators in the sensor array may open up potential growth opportunities for the global thermoelectric generator market during the envisioned period.

THERMOELECTRIC GENERATOR MARKET REPORT COVERAGE:

Market segmentation:

Thermoelectric Generator Market - By Application:

• Heat Recovery
• Energy Harvesting
• Direct Power Generation
• Co-Generation.

Thermoelectric Generator Market - By Temperature:

• Low Temperature (<80 ° C)
• Medium Temperature (80 ° - 500 ° C)
• High temperature (> 500 ° C)

Thermoelectric Generator Market - By Power:

• Low Power (<10 W)
• Medium Power (10-1 kW)
• High Power (> 1 kW)

Thermoelectric Generator Market - By Material:

Bismuth Telluride

Lead Telluride

Thermoelectric Generator Market - By Vertical:

• Automotive
• Defense
• Industrial
• Consumer
• Healthcare
• Oil and Gas
• Mining and Telecommunications

Thermoelectric Generator Market - By Component:

• Heat Source
• Thermoelectric Module
• Cold Side
• Electrical Load

Market Regional Analysis:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

The global thermoelectric generator market is spread across Europe, the Asia Pacific, the Middle East, Africa, North America, and Latin America. Of these, North America accounts for a significant portion of the worldwide market, with a major contribution from the United States of America. The Asia Pacific region is estimated to develop with a notable CAGR in the coming years, owing to the increasing investments from governments in countries like India, China, etc.

Key market players:

Some of the main players operating in the global thermoelectric generators market are

1. Gentherm, Inc.
2. II-VI Marlow, Inc.
3. Ferrotec Holdings Corporation
4. Laird plc
5. KELK Ltd.
6. Yamaha Corp
7. Evident Thermoelectrics
8. Alphabet Energy
9. Phononic Devices
10. Thermo Electric Company, Inc.

Market Recent Developments:

• In March 2014, Gentherm, Inc. announced the launch of a new thermal air conditioning system, as well as an air conditioning system for beds and household furniture.
• In December 2014, TECTEG MFR, the other manufacturer of thermoelectric generators, signed an agreement with TKB Industrial, to develop maximum power tracking and an intelligent charge controller for the thermoelectric generator battery system to achieve better performance. Energetic.