(MENAFN- Comserve)
Shibuya-ku, Tokyo, Japan, Japan, Jan 18, 2022, 00:10 /Comserve / -- 'The overall thermoelectric generator market is projected to grow from USD 406 million in 2021 to USD 635 million by 2026, at a CAGR of 9.4% from 2021 to 2026.
'The overall thermoelectric generator market is projected to grow from USD 406 million in 2021 to USD 635 million by 2026, at a CAGR of 9.4% from 2021 to 2026. North America is estimated to account for the largest share of the thermoelectric generator market from 2021 to 2026. Thermoelectric generators and thermoelectric materials that were previously utilized primarily in niche applications are now becoming more popular with the introduction of wider automotive applications and the efforts to exploit waste-heat-recovery technologies. Thermoelectric generators are not only highly reliable and durable, but they are also environmentally friendly because they do not include chemical products. These reasons are boosting their demand further.
Based on wattage, the thermoelectric generators market is segmented into low power (<10 W), medium power (10-1 kW), and high power (> 1 kW). The power produced by thermoelectric generators is highly dependent upon the temperature applied to their plates. The low power (<10 W) segment of the thermoelectric generators market is projected to grow at the highest CAGR during the forecast period. The increased use of wearables and handheld consumer electronic devices is the major driver for the growth of the low power segment.
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Based on type, considering the flow and heat transfer process of the heat source along with the cold source, TEGs are categorized into single stage and multistage. The single stage segment held the major share of the global TEG market in 2020 and multi stage segment is going to have the highest CAGR during the forecast period.
Based on temperature, the thermoelectric generators market is segmented into low temperature (<80°C), medium temperature (80°-500°C), and high temperature (>500°C). These temperature ranges depend upon the application that the thermoelectric generators are used in. By temperature, the low (<80°C) segment of the thermoelectric generator (TEG) market is projected to register the highest CAGR of 11.2% during the forecast period. Stringent laws to reduce CO2 emission have led to the increasing application of thermoelectric generators.
Based on material, the thermoelectric generators market is segmented into bismuth telluride, lead telluride, and others. The selection of the thermoelectric material is dependent 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. The Bismuth Telluride segment of the thermoelectric generators (TEG) market is projected to register the highest CAGR during the forecast period.
Based on component, the thermoelectric generators market is segmented into heat source, thermoelectric module, cold side, and electric load. These components are made of materials such as bismuth telluride, lead telluride, and others for better thermal conductivity. The thermoelectric module segment is projected to have the highest CAGR during the forecast period. Increasing use of efficient materials for manufacturing thermoelectric modules boosts demand.
Based on vertical, the thermoelectric generators market is segmented into automotive, aerospace & defense, marine, industrial, consumer, healthcare, oil & gas, mining, and telecommunications. The industrial segment is projected to record the highest growth during the forecast period owing to the adoption of TEGs in smelters & blast furnaces, and other chemical processing applications.
Based on application, the thermoelectric generators market is segmented into energy harvesting, waste heat recovery, direct power generation, and co-generation. The waste heat recovery application is expected to lead the market for TEGs during the forecast period driven by the increasing trend of electrification of automobiles. This trend will help increase the demand for TEGs, which produce electricity from the waste heat from automobiles.
“ Europe is projected to grow at the highest CAGR during the forecast period.”
The European region is estimated to account for the highest CAGR of thermoelectric generators market in 2021. The UK, France, Germany, Italy, Sweden, Spain, Russia, and the Rest of Europe are considered under this regional market analysis. Increasingly stringent regulations related to C02 emissions from vehicles are one of the major factors driving the market for TEGs in Europe. The EU is the world's largest region that uses renewable energy. According to Eurostat, roughly 26% of the EU's electricity, 17% of the EU heating and cooling sector along with 6% of EU transport energy are derived from renewable energy sources. Europe invests significantly in total renewable energy, owing to its increasing use in the power sector and the growing demand for renewable electrical energy across various industries. This, in turn, is expected to fuel the demand for thermoelectric generators in the region.
The break-up of profile of primary participants in the TEG market:
- By Company Type: Tier 1 – 49%, Tier 2 – 37%, and Tier 3 – 14%
- By Designation: C Level – 55%, Director Level – 27%, and Others – 18%
- By Region: North America – 55%, Europe – 27%, Asia Pacific – 9%, RoW – 9%
Winners of TEG market are Gentherm, Inc (US), II-VI Incorporated (US), Ferrotec Corporation (Japan), Laird Thermal System (UK), Komatsu Ltd. (Japan), and TEC Microsystems (Germany). These key players offer drones applicable for various sector and have well-equipped and strong distribution networks across the North American, European, Asia Pacific, and Rest of the World (RoW).
Research Coverage:
The thermoelectric generator market has been segmented based on vertical, type, component, wattage, temperature, material, application and region. By application, the market has been segmented into waste heat recovery, energy harvesting, direct power generation, co-generation. These segments look after various ways in which TEG generate electricity from heat. The vertical segment includes various sectors in which TEGs are utilized, namely automotive, aerospace & defense, industrial, consumer, marine, healthcare, oil & gas, mining, and telecommunications. By wattage, the market has been segmented low power (<10w), medium power (10-1 kw), high power(>1 kw) depending on the type of application. By material, the market has been segmented into Bismuth Telluride, Lead Telluride, others. By temperature, the market is segmented into low (<80°C), medium (80°- 500°C), high (> 500°C). And accordingly used in various verticals. Also, the market is segmented according to various components that make up the TEGs namely Heat Source, Thermoelectric Module, Cold Side, Electric Load. The type segment includes single stage and multi stage, defined based on their design and the number of stages present.
The TEG market is segmented according to four key regions in this report, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW), along with their key countries. The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the TEG market. A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; agreements, collaborations, new product launches, contracts, expansion, acquisitions, and partnerships associated with the TEG market.
Reasons to buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall TEG market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on TEG system offered by the top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the TEG market
- Market Development: Comprehensive information about lucrative markets – the report analyzes the TEG market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the TEG market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players in the TEG market'
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