Press release
Thermoelectric Generators Market to Grow at 12.64% CAGR, Valued at US$ 648.81 Mn in 2023
๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ: ๐๐ง ๐๐ง-๐๐๐ฉ๐ญ๐ก ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐จ๐ ๐๐ซ๐๐ง๐๐ฌ, ๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ, ๐๐ง๐ ๐ ๐ฎ๐ญ๐ฎ๐ซ๐ ๐๐ซ๐จ๐ฐ๐ญ๐กThe global thermoelectric generators (TEG) market has been experiencing steady growth due to advancements in clean energy technologies and the increasing demand for sustainable power solutions. The market, which reached a valuation of USD 648.81 million in 2023, is projected to expand at a CAGR of 12.64% from 2024 to 2030, reaching USD 1492.69 million by the end of the forecast period.
Thermoelectric generators harness heat to generate electricity by utilizing the Seebeck effect, making them ideal for applications in remote areas, waste heat recovery, and other industrial sectors where sustainable and efficient energy conversion is crucial. As global energy needs evolve, TEG technology has gained traction across multiple industries, including automotive, aerospace, consumer electronics, and renewable energy, positioning itself as an essential player in the global energy transition.
๐๐๐๐๐ฌ๐ฌ ๐ฒ๐จ๐ฎ๐ซ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ซ๐ข๐ ๐ก๐ญ ๐ง๐จ๐ฐ: https://www.maximizemarketresearch.com/request-sample/29591/
๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ:
The thermoelectric generators market is segmented by application, type, and region. The primary drivers for market growth include:
๐ฐ๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐: Governments worldwide are investing in clean technologies and energy recovery systems, supporting the demand for TEGs.
๐น๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐๐: The integration of thermoelectric generators into industries such as automotive, aerospace, and manufacturing is driving growth.
๐พ๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐๐: Industrial facilities are increasingly adopting TEGs to capture and convert waste heat into usable power.
๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐จ๐ฎ๐ง๐ญ๐ซ๐ฒ-๐๐ฉ๐๐๐ข๐๐ข๐ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ ๐๐จ๐ซ ๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ๐ฌ ๐ข๐ง ๐๐ข๐๐ญ๐ง๐๐ฆ:
The thermoelectric generators market in Vietnam is experiencing significant growth due to the country's commitment to transitioning to renewable energy and reducing carbon emissions. Government initiatives supporting energy efficiency in industrial operations and the growing demand for power in remote areas are key factors boosting market demand. Companies like Vinh Phuc Thermoelectric Co., Ltd. are increasingly focusing on providing energy-efficient solutions, positioning the country as an emerging player in Southeast Asia's TEG market.
๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐ฆ๐๐ซ๐ ๐ข๐ง๐ ๐๐ซ๐๐ง๐๐ฌ ๐ข๐ง ๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ ๐ข๐ง ๐๐ก๐๐ข๐ฅ๐๐ง๐:
Thailand's thermoelectric generator market is growing steadily, driven by the country's burgeoning industrial sector and the government's push for cleaner energy alternatives. The use of thermoelectric generators in industrial applications such as waste heat recovery and energy management is gaining traction. Thai Thermoelectric Energy Solutions Co. is at the forefront of integrating TEG solutions into Thailand's energy grid, offering vast potential for market expansion.
๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐จ๐ง๐ฌ๐จ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง ๐ข๐ง ๐๐๐ฉ๐๐ง:
Japan is witnessing significant consolidation within its thermoelectric generator sector, as major players seek to capitalize on the growing demand for high-efficiency energy solutions. The Japanese government's strong push for green energy technologies and sustainability has led to strategic partnerships and mergers between established companies. Kyocera Corporation and Toyota Tsusho Corporation are among the leading companies investing in the development of advanced thermoelectric generators for use in automotive and industrial applications.
๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐๐ง๐๐ฌ ๐ข๐ง ๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐ง๐๐ซ๐ ๐ฒ ๐๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐ข๐ง ๐๐จ๐ฎ๐ญ๐ก ๐๐จ๐ซ๐๐:
South Korea is becoming a hub for thermoelectric energy solutions due to its strong focus on technological innovation and environmental sustainability. The country's advanced manufacturing capabilities and high-energy demand are key drivers for the adoption of thermoelectric generators. Samsung Engineering and Hyundai Engineering are leading the development of TEG technologies in South Korea, with a focus on integrating these systems into their manufacturing plants to reduce energy costs and improve efficiency.
๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ ๐๐ฉ๐๐๐ญ๐ข๐จ๐ง ๐ข๐ง ๐๐ซ๐๐๐ง ๐๐ง๐๐ซ๐๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ฎ๐ซ๐ ๐ข๐ง ๐๐ข๐ง๐ ๐๐ฉ๐จ๐ซ๐:
Singapore, with its emphasis on smart cities and sustainable urban infrastructure, presents significant opportunities for thermoelectric generators. The updation of Singapore's energy grid to include more renewable and energy-efficient technologies is driving the market for TEGs. ST Engineering, one of Singapore's largest engineering companies, is spearheading efforts to integrate thermoelectric generation into the country's growing network of smart cities and green buildings.
๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐ข๐ง ๐ญ๐ก๐ ๐๐ง๐๐ซ๐ ๐ฒ ๐๐๐๐ญ๐จ๐ซ ๐ข๐ง ๐๐ง๐ข๐ญ๐๐ ๐๐ญ๐๐ญ๐๐ฌ:
In the United States, the thermoelectric generator market is seeing remarkable growth. The U.S. has long been a leader in the adoption of clean energy technologies, and thermoelectric generators are no exception. The market is expanding rapidly as industries seek innovative ways to convert waste heat into usable energy. Companies like NextEra Energy and Teledyne Energy Systems are at the forefront of deploying thermoelectric generators for power generation, waste heat recovery, and industrial applications, creating significant growth opportunities in the North American market.
๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ ๐๐ง๐ ๐๐๐ฏ๐๐ง๐๐๐ฆ๐๐ง๐ญ๐ฌ ๐ข๐ง ๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ๐ฌ ๐ข๐ง ๐๐ฎ๐ซ๐จ๐ฉ๐:
Europe is a key region for the advancement and adoption of thermoelectric generators, driven by stringent environmental regulations and a strong push towards energy efficiency. Countries like Germany, France, and the UK are seeing growing demand for TEGs, especially in the automotive and industrial sectors. Major companies such as Bosch and Siemens are integrating thermoelectric generator technologies into their products, further driving market growth. Additionally, European Union policies supporting green technologies are encouraging the rapid development of energy-efficient solutions.
๐๐จ ๐๐๐๐๐ฌ๐ฌ ๐ฆ๐จ๐ซ๐ ๐๐๐ญ๐๐ข๐ฅ๐ฌ ๐ซ๐๐ ๐๐ซ๐๐ข๐ง๐ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฌ๐๐๐ซ๐๐ก, ๐ฏ๐ข๐ฌ๐ข๐ญ ๐ญ๐ก๐ ๐๐จ๐ฅ๐ฅ๐จ๐ฐ๐ข๐ง๐ ๐ฐ๐๐๐ฉ๐๐ ๐: https://www.maximizemarketresearch.com/request-sample/29591/
๐๐๐๐๐ง๐ญ ๐๐๐ซ๐ ๐๐ซ๐ฌ ๐๐ง๐ ๐๐๐ช๐ฎ๐ข๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ:
The thermoelectric generators market has seen an uptick in mergers and acquisitions, with companies striving to consolidate their positions in the growing energy sector. Key recent developments include:
๐๐๐ช๐ฎ๐ข๐ฌ๐ข๐ญ๐ข๐จ๐ง ๐จ๐ ๐๐๐ฏ๐๐ง๐๐๐ ๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ข๐๐ฌ by ๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐จ๐ฐ๐๐ซ ๐๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ: This acquisition strengthens the company's capabilities in providing highly efficient waste heat recovery solutions for industrial and automotive applications.
Partnership between ๐๐ฒ๐จ๐๐๐ซ๐ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง and ๐๐จ๐ฒ๐จ๐ญ๐ ๐๐ฌ๐ฎ๐ฌ๐ก๐จ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง: Both companies are collaborating to enhance thermoelectric generator technology for the automotive sector, particularly focusing on electric vehicle applications.
๐๐๐ช๐ฎ๐ข๐ฌ๐ข๐ญ๐ข๐จ๐ง ๐จ๐ ๐๐จ๐ฐ๐๐ซ ๐๐ก๐๐ซ๐ฆ๐จ๐๐๐๐ก by ๐๐ข๐๐ฆ๐๐ง๐ฌ ๐๐: Siemens' acquisition of Power ThermoTech marks a significant step towards expanding their thermoelectric product line, with an emphasis on integrating TEG solutions in smart cities and sustainable energy systems.
๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง:
๐๐ ๐ด๐๐๐๐๐๐๐
Bismuth Telluride
Lead Telluride
Others
๐๐ ๐จ๐๐๐๐๐๐๐๐๐๐
Waste Heat Recovery
Energy Harvesting
Direct Power Generation
Co-generation
๐๐ ๐ฌ๐๐ -๐๐๐ ๐ฐ๐๐ ๐๐๐๐๐
Automotive
Aerospace
Industrial
Consumer
Healthcare
The bismuth telluride category is projected to expand at the highest CAGR of 13.05% over the projection period. This is related to the fact that bismuth telluride, which has the greatest merit score and performs well, is the most commonly used material.
๐๐จ ๐๐ข๐ง๐ ๐ฆ๐จ๐ซ๐ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐๐จ๐ฎ๐ญ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฌ๐๐๐ซ๐๐ก, ๐ฉ๐ฅ๐๐๐ฌ๐ ๐ฏ๐ข๐ฌ๐ข๐ญ: https://www.maximizemarketresearch.com/request-sample/29591/
๐๐ก๐๐ซ๐ฆ๐จ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ, ๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ:
1. GENTHERM, INC.
2. II-VI INCORPORATED
3. FERROTEC CORPORATION
4. LAIRD THERMAL SYSTEM
5. TECTEG MFR
6. KOMATSU LTD.
7. YAMAHA CORPORATION
8. TOSHIBA CORPORATION
9. MAHLE GROUP
10.MURATA MANUFACTURING CO. LTD
11.CUI DEVICES
12.ANALOG DEVICES
13.FAURECIA
14.KYOCERA CORPORATION
15.TEC MICROSYSTEMS
16.RIF CORPORATION
17.PHONONIC INC.
18.RMT LTD
19.KRYOTHERM
20.EVERREDTRONICS LTD.
21.HI-Z TECHNOLOGY
22.KELK LTD.
23.PERPETUA POWER SOURCE TECHNOLOGIES, INC.
24.PRODUCT/SOLUTIONS/SERVICES OFFERED
25.ALIGN SOURCING LLC
26.TELEDYNE ENERGY SYSTEMS, INC.
๐๐ญ๐๐ฒ ๐๐ก๐๐๐ ๐จ๐ ๐ญ๐ก๐ ๐๐ฎ๐ซ๐ฏ๐ ๐ฐ๐ข๐ญ๐ก ๐ญ๐ก๐ ๐ญ๐ซ๐๐ง๐๐ข๐ง๐ ๐ซ๐๐ฌ๐๐๐ซ๐๐ก ๐๐ซ๐จ๐ฆ ๐๐๐ฑ๐ข๐ฆ๐ข๐ณ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก.
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