Dublin, Aug. 30, 2021 (GLOBE NEWSWIRE) -- The "Global Thermoelectric Generators Market by Application (Waste Heat Recovery, Energy Harvesting, Direct Power Generation, Co-Generation), Temperature (<80c, 80- 500c, >500c) Wattage, Type, Material, Vertical, Component, Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The overall thermoelectric generator market is projected to grow from USD 406 million in 2021 to USD 635 million by 2026, at a CAGR of 9.4% from 2021 to 2026.
North America is estimated to account for the largest share of the thermoelectric generator market from 2021 to 2026.
Thermoelectric generators and thermoelectric materials that were previously utilized primarily in niche applications are now becoming more popular with the introduction of wider automotive applications and the efforts to exploit waste-heat-recovery technologies. Thermoelectric generators are not only highly reliable and durable, but they are also environmentally friendly because they do not include chemical products. These reasons are boosting their demand further.
Based on wattage, the thermoelectric generators market is segmented into low power (<10 W), medium power (10-1 kW), and high power (> 1 kW).
The power produced by thermoelectric generators is highly dependent upon the temperature applied to their plates. The low power (<10 W) segment of the thermoelectric generators market is projected to grow at the highest CAGR during the forecast period. The increased use of wearables and handheld consumer electronic devices is the major driver for the growth of the low power segment.
Based on type, considering the flow and heat transfer process of the heat source along with the cold source, TEGs are categorized into single stage and multistage.
The single stage segment held the major share of the global TEG market in 2020 and multi stage segment is going to have the highest CAGR during the forecast period.
Based on temperature, the thermoelectric generators market is segmented into low temperature (<80C), medium temperature (80-500C), and high temperature (>500C).
These temperature ranges depend upon the application that the thermoelectric generators are used in. By temperature, the low (<80C) segment of the thermoelectric generator (TEG) market is projected to register the highest CAGR of 11.2% during the forecast period. Stringent laws to reduce CO2 emission have led to the increasing application of thermoelectric generators.
Based on material, the thermoelectric generators market is segmented into bismuth telluride, lead telluride, and others.
The selection of the thermoelectric material is dependent on the temperature range at which the material is used. Currently, bismuth telluride is the most widely used material as it has the highest figure of merit and exhibits high performance across applications. The Bismuth Telluride segment of the thermoelectric generators (TEG) market is projected to register the highest CAGR during the forecast period.
Based on component, the thermoelectric generators market is segmented into heat source, thermoelectric module, cold side, and electric load.
These components are made of materials such as bismuth telluride, lead telluride, and others for better thermal conductivity. The thermoelectric module segment is projected to have the highest CAGR during the forecast period. Increasing use of efficient materials for manufacturing thermoelectric modules boosts demand.
Based on vertical, the thermoelectric generators market is segmented into automotive, aerospace & defense, marine, industrial, consumer, healthcare, oil & gas, mining, and telecommunications.
The industrial segment is projected to record the highest growth during the forecast period owing to the adoption of TEGs in smelters & blast furnaces, and other chemical processing applications.
Based on application, the thermoelectric generators market is segmented into energy harvesting, waste heat recovery, direct power generation, and co-generation. The waste heat recovery application is expected to lead the market for TEGs during the forecast period driven by the increasing trend of electrification of automobiles. This trend will help increase the demand for TEGs, which produce electricity from the waste heat from automobiles.
Europe is projected to grow at the highest CAGR during the forecast period.
The European region is estimated to account for the highest CAGR of thermoelectric generators market in 2021. The UK, France, Germany, Italy, Sweden, Spain, Russia, and the Rest of Europe are considered under this regional market analysis. Increasingly stringent regulations related to C02 emissions from vehicles are one of the major factors driving the market for TEGs in Europe. The EU is the world's largest region that uses renewable energy.
According to Eurostat, roughly 26% of the EU's electricity, 17% of the EU heating and cooling sector along with 6% of EU transport energy are derived from renewable energy sources. Europe invests significantly in total renewable energy, owing to its increasing use in the power sector and the growing demand for renewable electrical energy across various industries. This, in turn, is expected to fuel the demand for thermoelectric generators in the region.
Winners of TEG market are Gentherm, Inc (US), II-VI Incorporated (US), Ferrotec Corporation (Japan), Laird Thermal System (UK), Komatsu Ltd. (Japan), and TEC Microsystems (Germany).
Need for Durable & Maintenance-Free Power Sources Drives Teg Market
Multistage Segment Projected to Grow Faster During Forecast Period
Automotive Segment to Dominate Market During Forecast Period
Low Temperature Segment to Record Fastest Growth During Forecast Period
North America Estimated to Account for Largest Share of Thermoelectric Generators Market in 2021
Germany Estimated to Account for Largest Share of Market in Europe in 2021
Rising Demand for Fuel Efficiency Amidst Stringent Emission Control Norms
Increasing Demand in Remote Areas of Developing Countries
Durable and Maintenance-Free Power Sources
Low Efficiency of Tegs
High Initial Cost and Lack of Skilled Personnel
Ongoing Research & Development to Upgrade Teg Performance
Adoption of Thermoelectric Generators Across Various Sectors
Existence of Prominent Substitutes and Structural Complexity
Impact of COVID-19 on Thermoelectric Generators Market
Average Selling Price
Value Chain Analysis
Market Ecosystem Map
Trends/Disruptions Impacting Customer's Business
Revenue Shift and New Revenue Pockets for Thermoelectric Generators Market
Porter's Five Forces Analysis
Tariff and Regulatory Landscape
Automotive Exhaust Thermoelectric Generators (Aetegs)
Wearable Thermoelectric Generators
Miniature Thermoelectric Generators
Solar Thermoelectric Generator (Steg)
Radioisotope Thermoelectric Generators
Thermoelectric Generators in Aerospace Sector
Advancements in Thermoelectric Materials
Flexible Thermoelectric Materials
Self- Healing Wearable Thermoelectric Device
Use Cases of Thermoelectric Generators
Use Case of Tegs in Space Domain
Use Case of Tegs in Waste Heat Recovery in Industries and Households
Use Case of Tegs in Human Body
Use Case of Tegs in Waste Heat Recovery for Transport Systems
Impact of Megatrends
Rapid Urbanization and Advancements in Thermoelectric Materials
Boost Fuel Efficiency
Innovations & Patent Registrations
Uses of Thermoelectric Coolers Across Verticals
Align Sourcing LLC
Laird Thermal System
Murata Manufacturing Co. Ltd
Novus Energy Technologies, Inc.
P&N Technology (Xiamen) Co., Ltd.
Perpetua Power Source Technologies, Inc.
Te Technology, Inc.
Teledyne Energy Systems, Inc.
Wellen Technology Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/yn8foh
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900