Thermoelectric Generator (TEG) Market

Thermoelectric/Seebeck Generator Market Outlook - 2030

The global thermoelectric generator market size was valued at $ 472.5 million in 2020, and is forecasted to reach $1443.3 million by 2030, growing at a CAGR of 11.8% from 2021 to 2030. Thermoelectric generator is a solid-state device that converts heat into electricity. Such devices are based on thermoelectric effects involving interactions between the flow of heat and of electricity through solid bodies. P-type and n-type elements are used in thermoelectric generators to allow electrons to migrate and generate electric current. These generators have no moving parts, and are completely silent unlike conventional heat engines. These generators are a low-maintenance, renewable energy source that are simple to install, safe to store, and cost-effective.

China is one of the major producers of raw materials required for the production of thermoelectric generators. The disruptions in the supply chain due to COVID-19 induced lockdown has impacted the market negatively in 2021.

Increase in demand for fuel-efficient vehicles and implementation of stringent government regulations to curb the emission of carbon dioxide act as the key driving forces of the global thermoelectric generator market. The market for thermoelectric generators may be hampered by high cost of thermoelectric materials and lack of technological expertise. On the contrary, increased vehicle production and demand for greener energy are expected to open new avenues for the expansion of the global thermoelectric generator market. These are some of the thermoelectric generator market trends observed globally.

The global thermoelectric generator market is segmented into material, application, end-use industry, and region. On the basis of material, the market is segregated into bismuth telluride, lead telluride, and others.

The applications of thermoelectric generators include waste heat recovery, energy harvesting, direct power generation, and co-generation. Depending on end-use industry, the market is fragmented into automotive, aerospace, industrial, consumer, and healthcare. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Europe accounts for the largest share of the market, followed by North America.

The key players operating in the global thermoelectric generators industry include Gentherm, Inc., Ferrotec Holdings Corporation, Yamaha Corp., Laird Thermal Systems, Komatsu Ltd., Kyocera Corporation, Phononic Devices, Evident Thermoelectrics, and II-VI Marlow, Inc.

Thermoelectric generator market, by material

The bismuth telluride thermoelectric generators segment accounted for the largest share in 2020 and  projected to grow at the highest CAGR of 12.0% This is attributed to the fact that bismuth telluride is the most widely used material, as it has the highest figure of merit and exhibits high performance. 

Thermoelectric generator market, by application

The Waste Heat Recovery thermoelectric generators segment was the largest share in 2020 and projected to grow at highest CAGR of 12.4% owing to the increasing trend of electrification of automobiles.

Thermoelectric generator market, by end-use industry

The aerospace segment accounted for the largest share of the thermoelectric generator market in 2020 owing to increasing adoption of thermoelectric generators in space crafts and rockets for power generation 

Thermoelectric generator market, by region

The North America thermoelectric generator market is expected to grow during forecast period, owing rise in demand generators by automotive, aerospace, healthcare and others.

Key Benefits For Stakeholders

• The report provides in-depth analysis of the global thermoelectric generator market along with the current trends and future estimations. 
• This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
• Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global thermoelectric generator market for strategy building.
• A comprehensive thermoelectric generator market analysis covers the factors that drive and restrain the global thermoelectric generator market growth.
• The qualitative data about market dynamics, trends, and developments is provided in the report.

Impact Of Covid-19 On The Global Thermoelectric Generator Market

• COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020. 
• Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway. 
• In many countries, the economy has dropped due to the halt of several industries, especially transport and supply chain. Demand for the application has been hindered, as there is no development due to the lockdown. 
• The demand–supply gap, disruptions in raw material procurement, and price volatility are expected to hamper the growth of the industry during the COVID-19 pandemic.
• Due to a scarcity of resources in various parts of the world, the COVID-19 pandemic has negatively impacted the manufacturing and industrial industries. The industry's top players are concerned about the market's prospects and are rethinking their strategies to meet the challenge.

Key Market Segments

By Material

• Bismuth Telluride 
• Lead Telluride
• Others 

By Application

• Waste Heat Recovery
• Energy Harvesting
• Direct Power Generation
• Co-generation

By End-use Industry

• Automotive
• Aerospace
• Industrial
• Consumer
• Healthcare

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Spain
  • Italy
  • UK
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• LAMEA
  • Brazil
  • South Africa
  • Saudi Arabia
  • Rest of LAMEA

 Thermoelectric Generator (TEG) Market Report Highlights