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Thermo-Electric Generator Market Size, Share & Industry Analysis, By Source ( Waste Heat Recovery, Energy Harvesting, Direct Power Generation , Co-generation ), By Wattage ( Low Power (<10W), Medium Power (10W-1kW), High Power (>1kW) ), By Application ( Automobile, Aerpace & Defence, Industrial, Residential, Others ) and regional Forecast, 2024-2032

Region :Global | Report ID: FBI104022 | Status : Ongoing



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.


Up Arrow

Key Market Driver -

Paradigm Shift towards renewable energy will drive the market growth.

Down Arrow

Key Market Restraint -

Low heat to electricity efficiency can hinder the market growth of market.

Key Players Covered:

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.

Regional Analysis:

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.

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By Source

  • Waste Heat Recovery

  • Energy Harvesting

  • Direct Power Generation

  • Co-generation


By Wattage

  • Low Power (<10W)

  • Medium Power (10W-1kW)

  • High Power (>1kW)


By Application

  • Automobile

  • Aerpace & Defence

  • Industrial

  • Residential

  • Others


By Geography

  • North America (U.S. and Canada)

  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)


Key Industry Developments

  • In July 2020, the mission launch of Mars 2020 rover is scheduled and tested by NASA’s Jet Propulsion Laboratory in California, which is expected to land on Mars in the year 2021. The Multi-mission radioisotope thermoelectric generator (MMRTG) is being used to power the lander of the spacecraft.

  • In January 2019, Scientists at Osaka University developed an inexpensive large-scale flexible thermoelectric generator (FlexTEG) with high mechanical reliability for highly efficient power generation from waste. This will help in assessing the issue of waste heat.

  • Ongoing
  • 2023
  • 2019-2022

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