Global Thermoelectric Generators Market Report 2021: Winners of the Market are Gentherm, II-VI, Ferrotec, Laird Thermal System, Komatsu, and TEC Microsystems

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).

Premium Insights

• 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

Market Dynamics

Drivers

• Rising Demand for Fuel Efficiency Amidst Stringent Emission Control Norms

• Increasing Demand in Remote Areas of Developing Countries

• Durable and Maintenance-Free Power Sources

Restraints

• Low Efficiency of Tegs

• High Initial Cost and Lack of Skilled Personnel

Opportunities

• Ongoing Research & Development to Upgrade Teg Performance

• Adoption of Thermoelectric Generators Across Various Sectors

Challenges

• Existence of Prominent Substitutes and Structural Complexity

• Impact of COVID-19 on Thermoelectric Generators Market

Range/Scenarios

• 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

Industry Trends

Technology Trends

• 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

Technology Analysis

• 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

Thermoelectric Coolers

• Uses of Thermoelectric Coolers Across Verticals

Companies Mentioned

• Align Sourcing LLC

• Analog Devices

• Brimrose Corporation

• Cui Devices

• Everredtronics Ltd.

• Faurecia

• Ferrotec Corporation

• Gentherm, Inc.

• Hi-Z Technology

• Ii-Vi Incorporated

• Kelk Ltd.

• Komatsu Ltd.

• Kryotherm

• Kyocera Corporation

• Laird Thermal System

• Mahle Group

• Micropelt

• Murata Manufacturing Co. Ltd

• Novus Energy Technologies, Inc.

• P&N Technology (Xiamen) Co., Ltd.

• Perpetua Power Source Technologies, Inc.

• Phononic Inc.

• Pl Engineering

• Rgs Development

• Rif Corporation

• Rmt Ltd

• Sheetak

• Te Technology, Inc.

• Tec Microsystems

• Tecteg Mfr

• Teledyne Energy Systems, Inc.

• Thermoaura

• Toshiba Corporation

• Wellen Technology Co., Ltd.

• Yamaha Corporation

For more information about this report visit https://www.researchandmarkets.com/r/yn8foh

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