Thermoelectric Generators Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The report on the thermoelectric generators market provides an analysis of the market from 2019 to 2027. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market. The thermoelectric generator 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.

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Thermoelectric generators (TEG) are used for power generation across automotive, aerospace & defense, industrial, consumer electronics, healthcare, oil & gas mining, and telecommunications industries. Though initially used only as heating or cooling devices, recent research has led to them being used as energy harvesting devices. Increasing demand for renewable energy sources has fueled research and development in the field of TEGs. The adoption of these generators has increased in the domestic and oil & energy sector, owing to their heat recycling and self-powering properties. They are used for waste heat recovery, energy harvesting, direct power generation, and co-generation applications.

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.

Solar energy and piezoelectric power generation are the most prominent substitutes for thermoelectric generators. Solar energy converts light into electricity with an efficiency of 20-25%, and piezoelectric solid-state devices have an efficiency of 10-15%. Compared to thermoelectric generators, which have an average efficiency of 2-4%, the former two are far better in output-to-input ratio and pose challenges for the TEGs market.

Based on wattage, the thermoelectric generators market is segmented into low-power (less than 10 W), medium-power (10-1 kW), and high-power (greater than 1 kW). The power produced by thermoelectric generators is highly dependent upon the temperature applied to their plates. These generators are used across applications such as wearables devices and electric vehicles. They are also used to power monitoring sensors for remote assets like windmills, aircraft engines, and ship engines. Increased adoption of wearable technology for remote health monitoring, navigation, tracking, and other related applications is increasing. Thermoelectric generators are useful for low and medium-power applications as they are compact and provide a secure renewable power alternative.

Based on material, the thermoelectric generators market is segmented into bismuth telluride, lead telluride, and other materials. The selection of the thermoelectric material depends 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.

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Based on component, the thermoelectric generators market is segmented into heat source, thermoelectric module, cold side, and electric load. These components are commonly made of bismuth telluride, lead telluride, and other materials for better thermal conductivity.

News also Covered: https://finance.yahoo.com/news/thermoelectric-generators-market-worth-1-163000810.html

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This release was published on openPR.