CHICAGO, March 10, 2023 /PRNewswire/ -- The Thermoelectric Generators Market is projected to grow from USD 761 Million in 2022 to USD 1,233 Million by 2027, at a CAGR of 10.1% from 2022 to 2027 according to a new report by MarketsandMarkets. The market growth can be attributed to the rising demand for durable and maintenance-free power sources.
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With the rising demand for energy and accurate temperature control in microdevices, thermoelectric technology, which can transform heat into electricity and vice versa, has drawn global attention to power generation and solid-state cooling. This technology uses thermal sources to generate electrical power across various applications ranging from terrestrial to space exploration. Thermoelectric technology can be used for solid-state refrigeration or power generation applications through the large Peltier effect in thermoelectric materials. An efficient thermoelectric material must have a large Seebeck coefficient, a low resistivity, and low thermal conductivity to generate power.
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. The soaring costs of fossil fuels have prompted the creation of a program between the Energy Efficiency and Renewable Energy office of the US Department of Energy and numerous automotive manufacturers to integrate thermoelectric waste-heat-recovery technology in the design layout of heavy trucks. In fact, without such systems, greater than 60% of the primary energy of fossil fuels is lost worldwide as impractical waste energy; the loss is as great as 70% in some automobiles.
Based on application, the waste heat recovery segment to held largest share in the base year
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.
Based on vertical, automotive segment projected to lead market during forecast period
Based on vertical, the thermoelectric generators market is segmented into automotive, aerospace & defense, marine, industrial, consumer, healthcare, oil & gas, mining, and telecommunications. The automotive industry is expected to registered the largest share in the base year. This large share is due to increased adoption of automotive thermoelectric generators (ATEG). In the automotive industry, thermoelectric generators convert the waste heat from an internal combustion engine into electricity. Automotive thermoelectric generators consist of four main elements: hot side heat exchanger, cold side heat exchanger, thermoelectric materials, and compression assembly system. Thermoelectric generators can act as substitute batteries to power vehicle lights and other electronic devices, and they require minimal maintenance. With the increasing number of vehicles, the market for TEGs is expected to grow across regions. However, their high cost is a major constraint to the growth of the market. Currently, they are available in high-end cars.
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North America is expected to register largest share in 2021.
Based on geography, the thermoelectric generator market is classified into North America, Europe, Asia Pacific, and the Rest of the World. North America contributed the largest share in the thermoelectric generator market in 2021. The growth of the thermoelectric generators market in North America is primarily driven increased use of TEGs across healthcare, space, and automotive sectors.
The major players in the thermoelectric generator market are Coherent Corp. (US), Gentherm Inc. (US), Ferrotec Holdings Corporation (Japan), Laird Thermal Systems, Inc. (UK), and Komatsu Ltd. (Japan)
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