Thermoelectric Generator Market Set for Rapid Growth, to Reach around USD 610 million by 2021

Zion Market Research has published a new report titled “Thermoelectric Generator Market by Source (Waste Heat Recovery, Energy Harvesting, Direct Power Generation, And Co-Generation), and Application for (Automotive, Aerospace & Defense, Industrial and Others Applications) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021.” According to the report, global thermoelectric generator market was valued at around USD 279.3 million in 2015 and is expected to generate revenue of USD 610.0 million by end of 2021, growing at a CAGR of slightly above 13.8% between 2016 and 2021.

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Thermoelectric generators are solid-state devices that convert heat into electricity. Thermoelectric generators have been used constantly for over 30 years for maintenance free operation in space probes such as the voyager missions of NASA. Thermoelectric systems can be easily designed to operate with small heat sources and small temperature differences. Such small generators can be produced mass quantity for use in home co-generation of heat and electricity or automotive waste heat recovery. Thermoelectric devices have even been miniaturized to harvest body heat for powering a wristwatch. Nowadays, thermoelectric generators have also been used in a range of applications and for energy generation by thermoelectric harvesting such as industrial, terrestrial applications, automotive, and aerospace & defense.

Thermoelectric generator market is segmented on the basis of different sources into waste heat recovery, energy harvesting, direct power generation, and co-generation. In 2015, waste heat recovery was the largest segment of the thermoelectric generator market and accounted for largest share of the total market. aerospace & defense was one of the largest application segments in 2015. Automotive sector emerged as another key outlet for the thermoelectric generator with over 57.8% shares of the overall market in 2015. Industrial segment is expected to exhibit considerable growth in the next few years due to the availability of low-cost devices.

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Thermoelectric generator market is mainly driven by demand from industrial sectors and solid state and immobile devices. High inefficiencies of current energy transfer technologies and low maintenance requirement are expected to be the major driver for the global thermoelectric generator market. Furthermore, the requirement for durable and maintenance free power sources are also anticipated to drive the thermoelectric generator market over the forecast period. However, lack of awareness and low efficiency of thermoelectric devices may curb the demand of thermoelectric generators in the near future.

Demand for the thermoelectric generator was highest in North America followed by Asia Pacific in terms of demand. In terms of revenue, Asia Pacific was the fastest growing region and accounted for over 17% share of the overall market in 2015. Increased industrialization in Asia Pacific is also expected to increase the demand for thermoelectric generators in the region. Europe is expected to grow at a moderate rate owing to the increased adoption of thermoelectric devices for various applications.

Some of the key players in the global 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.,Romny Scientific, Inc., Laird Technologies, Inc., Ferrotec Corporation, RGS Development, B.V. Tellurex Corporation, Teledyne Energy Systems, Inc., and Micropelt GmbH.

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