Thermoelectric Generator

Thermoelectric Generator

Thermoelectric generators are long-wearing and very reliable, and they are environmentally friendly and do not contain chemical products. This is boosting the growth of the demand for thermoelectric generators market in different end-use sectors. In addition, governments are also implementing many severe standards for lowering carbon outputs, plus more extensive measures for checking greenhouse emissions, which are also working as driving forces to the global thermoelectric generator industry.

The Thermoelectric Generator Market is expected to grow at a significant rate of around 11.5% during the forecast period (2024-2032). Factors such as rising consciousness towards energy recovery and waste heat to improve energy utilization efficiency and minimize the emission of greenhouse gases are the key reasons behind the market growth of the TEG across the globe. Today the TEG systems are also used in automotive industries, manufacturing facilities, power plants, and other industries to use waste heat and reduce cost and effect on the environment. Furthermore, the TEG material technological developments as well as manufacturing technology have enhanced the performance and efficiency of the TEG modules for utilization in both small-scale stationary and portable power applications.

• Based on the application, the market has been segmented into waste heat recovery, energy harvesting, direct power generation, and co-generation. The waste heat recovery segment accounted for the largest share of the market. This large stake shows that TEG technology is being widely adopted in industries to capture waste heat and convert it into usable electrical power. Waste heat recovery systems provide a classic innovation strategy for upgrading energy efficiency and lowering operational costs by adopting heat that would otherwise be wasted in industrial operations, car engines, and power plants. In addition, the waste heat recovery segment is expected to demonstrate considerable growth in the coming years, owing to steady development tendencies of sustainable energy initiatives as well as the constantly increasing focus on reducing greenhouse gas emissions. Various industries around the globe are integrating thermoelectric generators and other WHR technologies to improve efficiency, meet environmental standards and requirements, and stay competitive.
• Based on Vertical, the market has been segmented into automotive, aerospace & defense, marine, industrial, consumer, healthcare, and others. The industrial segment dominated the overall market in 2023. This dominance underscores the utility of TEG technology to industries that require improvements in energy efficiency and compensate for higher costs of production and operation. The use of the thermoelectric generator is widespread across the industrial segment of manufacturing, chemical manufacturing, oil and gas, and the mining segment where a considerable amount of waste heat is produced during the processes. TEG systems make for an appealing solution that can be proposed to fully unlock this potential wastage and embrace its utilization to drive electricity generation and enhance energy efficiency as a means of supporting and contributing to environmental conservation.
• Based on type, the market has been segmented into single-stage and multi-stage. The single-stage segment holds a significant share of the market in 2023. Single-stage TEGs are relatively simple devices that are composed of just a single couple of thermoelectric modules that perfectly transform waste heat into electrical energy. This simplicity makes them suitable for different applications in different industries such as in automotive, manufacturing, and electronics industries where the main aim is to capture and utilize waste heat.
• Based on material, the market has been segmented into bismuth telluride, lead telluride, and others. The bismuth telluride segment holds a significant share of the market in 2023. The domination of bismuth telluride points to its extensive use in thermoelectric applications due to its highly efficient thermoelectric characteristics as well as being thermally stable in a broad temperature range. Over the years many industries have looked for cost-effective ways of utilizing waste heat and energy conversion and in this respect, the material of choice for thermoelectric generator modules is bismuth telluride.
• For a better understanding of the market adoption of the thermoelectric generator market, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, France, U.K., Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is expected to grow with a significant CAGR during the forecast period. This region is expected to emerge as the market leader in the present industry during the forecast period. North America remains the leader in the industry due to its enhanced industrial structure, strong focus on technologies, and the increasing interest in sustainable solutions throughout the forecast period. Trends like growing capital on renewable energy assets, higher standards for environmental care, and the rising popularity of energy efficiency technologies are anticipated to strengthen North America’s position further. There is considerable development of renewable energy systems in the U.S such as generation systems based on solar energy, wind energy, and geothermal energy. These renewable energy systems are now being complemented by TEGs to improve efficiency and make the most of generated energy.
• Some of the major players operating in the market include Gentherm, Coherent Corp, Ferrotec Holdings Corporation, Laird Thermal Systems, Inc, TECTEG MFR, Komatsu Ltd, Yamaha Corporation, Toshiba Corporation, MAHLE GmbH, and Murata Manufacturing Co, Ltd.