Growth opportunities in the thermoelectric generators market look promising over the next six years. This is mainly due to the increasing need for low maintenance of generators, growing global warming, rapid increase in demand for waste heat recovery systems, and the expanding demand for solid-state energy convertors.
Thermoelectric Generators Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The factors contributing to the growth of the global thermoelectric generators market include the surging demand for solid-state energy convertors, the rising adoption of renewable energy in the power sector, and the growing demand for low- maintenance of generators. The prompt expansion in waste heat recovery systems demand coupled with the increasing global warming are further anticipated to boost the market growth. Moreover, the rising adoption of industrial automation across different verticals such as energy, consumer goods, and automotive is fuelling the demand for thermoelectric generators during the forecast period.
However, the complicated design modification and huge cost may constrain the market’s growth over the forecast period.
Temperature Segment Drivers
Based on the temperature, the low-temperature segment is expected to expand at a higher CAGR in the market during the forecast period due to the augmented usage of low-temperature applications like sensors, powering watches, etc. This segment consists of wearable and ultra-low-power mobile consumer electronics. The thermoelectric system uses the heat produced by the applications of low temperature to produce electricity.
Regional Drivers
On the basis of region, the North American region is predicted to grow at a faster CAGR throughout the global thermoelectric generators market over the forecast period because of the growing usage of advanced thermoelectric generator technology to power several industrial devices and equipment. In addition to this, increasing disposable income, rapid industrialization, and rising demand for cleaner energy in this region will further propel the market’s demand.
Thermoelectric Generators Market’s leading Manufacturers:
- Everredtronics Ltd.
- Komatsu Ltd.
- Yamaha Corporation
- Gentherm, Inc.
- Kryotherm
- Ferrotec Corporation
- Laird
- Tecteg
- Hi-Z Technology
- II-VI Incorporated
- Rmt Ltd.
Thermoelectric Generators Market Segmentation:
Segmentation by Application:
- Waste Heat Recovery
- Energy Harvesting
- Direct Power Generation
- Co-Generation
Segmentation by Temperature:
- Low Temperature (<80°C)
- Medium Temperature (80°- 500°C)
- High Temperature (> 500°C)
Segmentation by Material:
- Bismuth Telluride
- Lead Telluride
- Others
Segmentation by Vertical:
- Automotive
- Heating & Cooling
- Aerospace
- Spacecraft Power System
- Aircraft Environment Monitoring Sensors
- Defense
- Military Avionics
- Infrared Detectors
- Missile Testing Systems
- Industrial
- Manufacturing
- Chemical Processing
- Consumer
- Wearable
- Consumer Electronics
- Healthcare
- Implantable Medical Devices
- Wearable Medical Devices
- Oil & Gas
- Condition Monitoring Sensors
- Meters & Gauges
- Mining
- Down-Hole Drilling
- Process Monitoring
- Telecommunications
- Navigational Aids
- Telecommunication Systems
Segmentation by Wattage:
- Low Power (<10 W)
- Medium Power (10-1kW)
- High Power (> 1kW)
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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