Thermoelectric Generator Market Size To Grow USD 1.72 Billion By 2032 Owing To The Rising Demand For Fuel Efficient Devices SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) The U.S. Thermoelectric Generator Market was valued at USD 0.24 billion in 2024 and is projected to reach USD 0.41 billion by 2032, growing at a CAGR of 7.26% during the forecast period 2025–2032.

Austin, Sept. 26, 2025 (GLOBE NEWSWIRE) -- Thermoelectric Generator Market Size & Growth Insights:

According to the SNS Insider,“The Thermoelectric Generator Market size was valued at USD 0.96 Billion in 2024 and is projected to reach USD 1.72 Billion by 2032, growing at a CAGR of 7.66% during 2025-2032.”

Growing Demand for Effective Waste Heat Recovery Systems to Boost Market Growth

The need for efficient waste heat recovery systems is driving the growth of the thermoelectric generator market. Growth is mostly being driven by increasing use in industrial, automotive, and aerospace applications. Advances in thermoelectric material development improve generator performance, conversion efficiency, and longevity.

Market potential is being driven by growing utilization in distributed power generation and renewable energy systems. The need is being driven by the growing use of TEGs in wearable electronics and Internet of Things-based appliances. Because of their durability, these systems are frequently utilized in aerospace, defense, and surveillance. Together, these elements provide a positive long-term forecast for the growth of the thermoelectric generator industry.

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Leading Market Players with their Product Listed in this Report are:

• Gentherm Inc.
• Coherent Corp
• Ferrotec Corporation
• Tark Thermal Solutions
• Komatsu Ltd.
• Yamaha Corporation
• TEGpro
• Thermoelectric Conversion Systems (TCS)
• Alphabet Energy
• Evident Thermoelectrics
• KELK Ltd.
• Tecteg MFR
• Tellurex Corporation
• Hi-Z Technology, Inc.
• Marlow Industries, Inc.
• RMT Ltd.
• GreenTEG AG
• BorgWarner Inc.
• Z-Max Co., Ltd.
• Thermonamic Electronics (Jiangxi) Corp., Ltd.

Thermoelectric Generator Market Report Scope:

Report Attributes	Details
Market Size in 2024	USD 0.96 Billion
Market Size by 2032	USD 1.72 Billion
CAGR	CAGR of 7.66% From 2025 to 2032
Report Scope & Coverage	Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segmentation	. By Application (Waste Heat Recovery, Energy Harvesting, Direct Power Generation, and Co-Generation) . By Vertical (Automotive, Aerospace & Defense, Marine, Industrial, Consumer, Healthcare, Oil & Gas, Mining, and Telecommunication) . By Type (Single-Stage and Multi-Stage) . By Component (Heat Source, Thermoelectric Module, Cold Side, and Electric Load)

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Key Industry Segmentation

By Type

In 2024, the multistage thermoelectric generators segment had the biggest share by type, which is 54.04%, due to its greater efficiency and numerous uses in the automotive and industrial sectors. Due to their increasing use in consumer electronics, wearable technology, and portable applications, single-stage generators are anticipated to grow at the fastest rate, with a projected compound annual growth rate (CAGR) of 7.87% over the forecast period.

By Application

The waste heat recovery segment with the share of approximately 44.15% due to the growing demands in the automotive, industrial, and energy industries for enhancing fuel efficiency and minimizing energy losses. Energy harvesting segment has been anticipated to grow highest by 8.42% CAGR during the forecast period owing to the increasing use of TEGs in Internet of thing (IoT) equipment, wearable electronic devices, and wireless sensors.

By Vertical

The automotive segment held the largest share of around 28.67% in 2024. This lead is ascribed to the increasing use of TEGs in cars for fuel efficiency and waste heat recovery. The industrial application segment on the other hand is projected to register the fastest CAGR of 8.87% during the forecast period 2025-2032, on account of the growing requirement in the factories, power plants and manufacturing processes.

By Component

Based on component, the heat source segment contributed to the highest market share of the global thermoelectric generator market in 2024, accounting for 41.73%, as thermal energy (heat source) is imperative in power generation. The thermoelectric module segment, on the other hand, is anticipated to register the highest growth, at a CAGR of 8.06% over the forecast period, due to development in high performance materials and rise in demand from compact & wearable devices.

North America Led the Market with a Share of 34.56% in 2024; Asia Pacific is Expected to Witness Fastest CAGR of 8.16% in the Market During 2025-2032

In 2024 North America dominated the Thermoelectric Generator Market and accounted for 34.56% of revenue share, this leadership is due to the strong adoption in automotive, industrial, and aerospace sectors. Asia-pacific is expected to witness the fastest growth in the Thermoelectric Generator Market over 2025-2032, with a projected CAGR of 8.16% due to Rapid industrialization, growing automotive production, and rising energy infrastructure in the region.

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Recent News:

• In January 2023 , the company announced a strategic partnership to develop advanced TEG technology tailored for electric vehicles, aiming to enhance energy efficiency by converting waste heat into usable power.
• In August 2025 , Coherent Corp. (formerly II-VI Incorporated) has not publicly announced any new developments specifically introducing high-performance thermoelectric devices tailored for applications in optical transceivers, laser diodes, and medical diagnostic equipment.

Exclusive Sections of the Thermoelectric Generator Market Report (The USPs):

• MANUFACTURING YIELD & DEFECT METRICS – helps you assess production efficiency by tracking average yield rates, defect levels across fabrication techniques, and automation adoption in assembly lines.
• APPLICATION & DEPLOYMENT INSIGHTS – helps you understand the demand split across end-use segments, energy efficiency improvements enabled by TEGs, and growth potential in renewable and micro-power generation.
• MATERIAL & TECHNOLOGY ADOPTION TRENDS – helps you uncover the usage share of thermoelectric materials, penetration of eco-friendly bonding alternatives, and evolution in module size and thickness.
• RELIABILITY & PERFORMANCE BENCHMARKS – helps you evaluate long-term durability of TEGs by analyzing MTBF, thermal tolerance ranges, and failure rates under stress conditions.
• SUSTAINABILITY & COMPLIANCE FACTORS – helps you identify the role of eco-friendly/lead-free materials and temperature resilience in meeting global environmental standards and regulations.

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