Thermoelectric Generator Market Size, Share, Trends, Growth 2032

Thermoelectric Generator Market Insights

According to Zion Market Research, the global Thermoelectric Generator Market was worth USD 829.1 Million in 2023. The market is forecast to reach USD 1987.2 Million by 2032, growing at a compound annual growth rate (CAGR) of 10.2% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Thermoelectric Generator Market industry over the next decade.

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Thermoelectric Generator Market: Overview

The thermoelectric generator is also called as seebeck generator. It is a solid state device that converts heat into electrical energy through a phenomenon called the seebeck effect or thermoelectric effect. It is largely used as portable power source to charge and operate various pads, phones, 12v batteries, small refrigerators while traveling long distances and in remote camping sites. Thermoelectric generators are primarily used as remote and off-grid power generators for unmanned sites.

Rising government programs for the upgrading of healthcare infrastructure are powering the expansion of the thermoelectric generator market. Various product launches by the market player are additionally expected to spice up the thermoelectric generator market within the years to return. For example, in March 2018, Photonic launched its proprietary Non-Hermetic Compatible TEC (Thermoelectric Cooler) Platform developed to supply cooling performance and high reliability paired with lower consumption of power for laser packaging. Also, high job opportunities within the global thermoelectric generator market are additionally one among the main reason liable for the event of the market within the year to return.

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COVID-19 Impact Analysis

At the start of 2020, the COVID-19 disease began to spread around the world, many people worldwide were infected with COVID-19 disease, and major countries around the world have implemented foot prohibitions and strike orders. COVID-19 is an incomparable global public health emergency that has affected almost every industry, and the long-term effects are projected to impact the industry growth during the forecast period.

Thermoelectric Generator Market: Growth Factors

Increasing demand to recover the waste heat generated by various industries, owing to rising environmental concerns, the necessity to enhance the efficiency of engines is growing. Thermoelectric generators play an important role in increasing efficiency by utilizing waste heat.

Rising demand for solid state and immobile devices is expected to be the major drivers for the global thermoelectric generator market. Moreover, the requirement for durable and maintenance free power sources are also anticipated to drive the thermoelectric generator market over the forecast period. However, the high cost of thermoelectric material and low efficiency may pose the challenge to the market growth. Demand for thermoelectric in healthcare and rising demand for low-power generators in the sensor network may open potential growth opportunities for the thermoelectric generator market within the forecast period.

Thermoelectric Generator Market: Segment Analysis Preview

Based on sources, thermoelectric generator market has been segmented into waste heat recovery, energy harvesting, direct power generation, and co-generation. Thermoelectric generator market was dominated by waste heat recovery and is expected to continue its dominance in the global market over the estimated period. Energy harvesting, direct power generation, and co-generation are also expected to grow  at a significant rate during the years to come.

Automotive, aerospace & defense, industrial and others are key applications of the global thermoelectric generator market. Aerospace & defense emerged as one of the largest application segments in 2015. Automotive sector emerged as another key outlet for thermoelectric generator market in 2015 and accounted for the largest share of around 57.8% of the overall market. Industrial application segment is expected to exhibit moderate growth in the next few years due to the availability of low-cost devices.

Thermoelectric Generator Market: Report Scope

Thermoelectric Generator Market: Regional Analysis Preview

In terms of demand, the requirement for the thermoelectric generator market was uppermost in North America chased by the Asia Pacific. In terms of income, Asia Pacific was the quickest developing area for the thermoelectric generator market and added up to quite a 20% share of the whole market in 2018. Elevated industrialization in the Asia Pacific is additionally likely to reinforce the need for a thermoelectric generators market within the area. The thermoelectric generator market in Europe is probably going to develop at a moderate rate thanks to the augmented acceptance of thermoelectric gadgets for various applications.

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Key Market Players & Competitive Landscape

Some of the key players in the thermoelectric generator market include

• Alphabet Energy
• Thermo Electric Company, Inc
• Evident Thermoelectrics
• Gentherm
• green TEG AG
• II-VI Marlow, Inc
• Perpetua Power Source Technologies, Inc
• Ferrotec Corporation
• RGS Development
• B.V. Tellurex Corporation
• Romny Scientific, Inc
• Laird Technologies, Inc
• Teledyne Energy Systems, Inc
• Micropelt GmbH

The global Thermoelectric Generator Market is segmented as follows:

By Source

• Waste Heat Recovery
• Energy Harvesting
• Direct Power Generation
• Co-Generation

By Application

• Automotive
• Aerospace & Defence
• Industrial & Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa