The global thermoelectric generators market size is expected to reach USD 864.8 million by 2030 according to a new study by Polaris Market Research. The report “Thermoelectric Generators Market Share, Size, Trends, Industry Analysis Report, By Components (Heat Source, Thermoelectric Module, Cold Side, Electric Load), By Wattage, By Application, By Vertical; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The thermoelectric generators industry is projected to grow owing to the factors such as the rising demand for maintenance-free and durable power sources, as well as the growing need to reduce carbon emissions is stimulating industry demand. In addition, the imposition of various stringent government policies, coupled with rising incidences of global warming, is also accelerating industry growth.
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Moreover, rising investment by the chief market players and continuous technological advancements is further creating various growth prospects for the industry development across the globe. Based on application, the waste heat recovery segment is dominating the global market and is anticipated to lead the market over the forecasting period. The rising inclination towards the adoption of electrification for automobiles is fostering segment demand.
In addition, the development of the global economy and the growing trend consumption of energy resources will further aid in propelling the demand for TEGs, which generate electricity from the waste heat of automobiles. The growing demand for durable and maintenance-free power sources is the primary factor for industry growth across the globe. These generators are highly reliable and durable. These are also environmentally friendly as it does not comprise any kind of chemical substances.
Various types of power sources like batteries and generators include additional costs for constant maintenance, while thermoelectric generators work efficiently without the need for constant maintenance. They work noiselessly as they do not have any moving parts or mechanical structures and can be produced by the usage of various forms of substrates such as ceramics, polymers, and silicon.
Furthermore, TEGs are position-independent and present a better lifetime (nearly 25 years), along with they are also appropriate for incorporating into flexible and bulk devices. Thereby, this is gaining a large consumer base from automotive and other industries where heat is a by-product. Hence, these factors are likely to spur the industry demand in the forecasting years.
Market participants such as Tec Microsystems, CUI Devices, Komatsu Ltd., Faurecia, Ferrotec Corporation, Gentherm, Inc., II-VI Incorporated, Analog Devices, Kyocera Corporation, Laird Thermal System, MAHLE Group, Tecteg, Toshiba Corporation, Murata Manufacturing Co. Ltd, and Yamaha Corporation are some of the key players operating in the global market.
Polaris Market Research has segmented the thermoelectric generators market report on the basis of component, wattage, application, vertical, and region:
Thermoelectric Generators, Component Outlook (Revenue - USD Million, 2018 - 2030)
Thermoelectric Generators, Wattage Outlook (Revenue - USD Million, 2018 - 2030)
Thermoelectric Generators, Application Outlook (Revenue - USD Million, 2018 - 2030)
Thermoelectric Generators, Vertical Outlook (Revenue - USD Million, 2018 - 2030)
Thermoelectric Generators, Regional Outlook (Revenue - USD Million, 2018 - 2030)