"Actionable Insights to Fuel Your Growth"
Thermoelectric generators (TEG) are solid-state semiconductor device which generates electrical energy through thermal energy (heat) using Seebeck effect. The various operational advantages of this generator include Its working hours, which last for more than 100,000 hours of continuous operation. They are environment friendly in nature as they do not contain any harmful emissions like other generators in the market. Further, the market for thermoelectric generators is expected to gain pace in the coming years following the steps to reduce carbon emissions in aid to lower the global warming effect. Also, thermal energy is one of the most abundant energy available it can be used in various sectors like construction, mining, rubber, automobile, and many more. Furthermore, the adoption of renewable energy sources is also fueling market growth. Therefore, new opportunities and growth are expected in the TEG market.
Based on the source, the global thermo-electric market is segmented into waste heat recovery, energy harvesting, direct power generation, and co-generation. Energy harvesting is expected to witness rapid growth in the coming years owing to rising demand for back up power. Heavy investments are being made to ensure continuous power supply at residential, commercial, and industrial locations, which hold growth opportunities for these generators.
Based on wattage, the market is segmented into low power (<10W), medium power(10W-1kW) and high power (>1kW). The low power thermoelectric generators hold the larger market as they are used as a source of backup energy in residential locations during power cuts, and also help in powering phones and lighting devices.
On the basis of application, the market is segmented into automobile, aerospace and defense, industrial, residential, and others. The industrial segment has witnessed the maximum installations of these generators to date due to the reason being the rise in industrialization and technology development.
The key market driver for the global thermoelectric generator market is the rising adoption of renewable energy in aid to reduce carbon emissions and global warming. Also, the expansion of various end-user industries such as automobile, and aerospace & defence will drive the market, as these generators are being deployed in these sectors for back up power. Lately, the thermoelectric generators are also being used as power sources in satellites and space probes(radioisotope thermoelectric generator), which acts as a growth opportunity for the market.
The key market restraint for the global thermoelectric generator market is its low efficiency in conversion from heat to electricity, which can lead to users preferring other available options. Another factor that can restrain the market is its high installation cost and high production costs.
Key Market Driver -
Paradigm Shift towards renewable energy will drive the market growth.
Key Market Restraint -
Low heat to electricity efficiency can hinder the market growth of market.
Some of the major companies of Thermo-electric generator manufacturing are Gentherm, KELK Ltd, Yamaha Corporation, Alphabet Energy, Thermo Electric Company, II-VI Incorporated, KRYOTHERM, Laird Connectivity, Brimrose, Align Sourcing LLC, Everredtronics Ltd., Ferrotec, Hi-Z Technology, Novus Energy Technologies INC., Tecteg, and Phononic Devices, Inc.
The Thermo-electric generator market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is leading the thermoelectric generator market with heavy production of these generators in recent years owing to increased disposable income, heavy industrialization, and an increase in demand for cleaner energy. Asia-Pacific region is expected to grow at a healthy rate due to the presence of many industries in the region, and a huge amount of waste heat generation. Also, the number of residential and commercial power consumers demanding continuous power supply has increased in the region, which can fuel the adoption of these generators. The increased population has been the major reason behind this increased demand for energy. The development and increasing focus towards alternatives of conventional fuel will drive the manufacturing of the thermoelectric generator market in Europe, as the European Union is focused on achieving its 2030 green energy target. The Middle East and Africa and Latin America market for TEG hold immense opportunity for growth in the coming years owing to the adoption of new technologies and arising need for continuous power supply. Brazil, Mexico, and GCC countries are taking steps towards the adoption of renewable sources of energy, which is expected to drive the adoption of thermoelectric generators.
To gain extensive insights into the market, Request for Customization
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- Global hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry