Thermoelectric Generator Market Competitive landscape And Industry Expansion Strategies by 2022

Thermoelectric Generator Global Market – Overview

The global thermoelectric generator market is a very dynamic market and is expected to witness high growth over the forecast period. A thermoelectric generator (TEG) is a device that is primarily used for energy generation. It can also be used as a heat pump. As energy generators, TEGs convert waste heat into electricity. As heat pumps, they transfer heat to a device from one side to the other. Therefore, TEGs are like heat engines but are compact in size, silent, and have no moving parts. TEGs have a longer operational life and have no maintenance requirements, which makes them a preferred choice for unmanned sites like offshore gas pipelines. As per the study conducted by Market Research Future, the global market for thermoelectric generator is likely to grow at the CAGR of around 14%.

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Thermoelectric generators are the solid state devices that convert heat into electricity with the help of temperature difference. These generators do not have any moving parts and are fully silent unlike the traditional heat engines. Thermoelectric generators have been used consistently for more than 30 years with no maintenance operation in space analysis such as in the voyager missions of NASA. NASA in collaboration with the Department of Energy has been developing a new power system that could be used in various space missions. The new radioisotope thermoelectric generator (RTG), which is called a Multi-Mission RTG (MMRTG), is being designed for operating in various planetary bodies such as Mars, as well as in vacuum space. Thus, with further technology advancements, thermoelectric generators are expected to see rise in demand in the long run.

However, in large applications, thermoelectric generators have less efficiency than the traditional heat engines, which may hamper the market growth potential. Currently, they are highly preferred in small applications due to their cost effective, simple, compact as well as scalable nature. Thermoelectric phenomenon, on which these generators work, is extensively used for heating as well as cooling applications too. In recent years thermoelectric generators have also been used in various new applications of energy generation by thermoelectric harvesting. The new applications are varied which include industrial and terrestrial applications.

Thermoelectric systems can be operated with small heat sources and less temperature difference and can also be mass produced for automotive waste heat recovery or electricity and heat co-generation in homes and businesses. Among all the application areas, automotive is considered to be the high potential segment for thermoelectric generators market due to steadily increasing number of automobiles, globally. According to International Organization of Motor Vehicles Manufacturers (OICA) 2015, there is 2.8% increase in the total production of vehicles from 2013 to 2014. The car manufacturing companies, such as Volkswagen, Ford, BMW and Volvo in collaboration with NASA are developing thermoelectric waste heat recovery systems, for fuel economy purposes. Likewise, these generators (with a temperature differentials), if used for powering wireless sensors would prevent battery lifetime and reliability issues. Such developments in the thermoelectric generators and their applications increase the adoption trends among the end users. In consumer applications, the thermoelectric generators provide various benefits such as energy saving while cooking with the use of thermo-power cooking sensors, and in powering of consumer electronic devices. These generators are even used in body sensing with sensory wristbands, athletic apparel that check the heart rate and body temperature. They can be even miniaturized to gather body heat to power a wristwatch. Asia Pacific is considered to be fastest growing segment in the adoption of thermoelectric generators market. According to OICA Vehicle Production Statistics 2015, 3.5% of increase in the vehicles production had occurred from the year 2013 to 2014in Asia Pacific as compared to other regions. Increased industrialization in this region is also expected to increase the demand for thermoelectric generators in the market.

Thermoelectric Generator Global Market - Regional Analysis

Geographically, the global thermoelectric generator market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among these regions, North America is estimated to be the primary revenue generating region in the global thermoelectric generator market. The rise in demand for cleaner energy is expected to upsurge the demand for thermoelectric generators in North America. Europe is anticipated to show relatively fast growth over the forecast period. In APAC, India and China are expected to grow at a significant rate, owing to the increase in demand for vehicles, which in turn drives growth of the thermoelectric generator market.

Thermoelectric Generator Global Market – Segmentation

The scope of global thermoelectric generator market is segmented into four major segments which are explained below:

By Source - Waste Heat Recovery, Energy Harvesting, Direct Power Generation and Co-generation

By Material- Bi-Te, Pb-Te and Others

By Power - 1kW

By Temperature- 500°C

By End-User- Automotive, Aerospace & Defence, Industrial, Consumer and Others

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Key Players:

Gentherm, Inc., II-VI Incorporated, Ferrotec Corporation, Laird PLC, Komatsu Limited, Yamaha Corporation, Evident Thermoelectrics, Tecteg, Alphabet Energy, and Tellurex Corporation are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global thermoelectric generator market.

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This release was published on openPR.