Thermoelectric Generators Market Growth Analysis | 2023-2028

Market Insights

The thermoelectric generators market was estimated at USD 755 million in 2022 and is likely to grow at a CAGR of 9.89% during 2023-2028 to reach USD 1333.87 million in 2028.

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What is a thermoelectric generator?

The thermoelectric generator can be defined as a solid-state device that converts heat flux directly into electrical energy through the Seebeck effect. Thermoelectric generators have no moving parts and are less bulky. The materials used in thermoelectric generators include bismuth telluride, lead telluride, and others.

COVID-19 Impact

The COVID-19 outbreak posed significant challenges to the industrial sector across geographies. It impacted the growth of the thermoelectric generators market negatively as supply chain disruptions due to trade restrictions affected the product demand.

Key Players

Key players operating in the global market are-

• Gentherm Incorporated (US)
• II-VI Incorporated (US)
• Ferrotec Holdings Corporation (Japan)
• Yamaha Corporation (Japan)
• Laird plc (UK)
• Komatsu Ltd (Japan)
• kelk Ltd (US)
• Evident Thermoelectrics (US)
• Alphabet Energy (US)
• EVERREDtronics (China)
• GreenTEG AG (Switzerland)
• Micropelt (Germany)
• Perpetua Power Source Technologies, Inc. (US)
• RedHawk Energy Systems, LLC (US)
• TECTEG MFR (US)
• Tellurex Corporation (US).

Market Dynamics

The growth of the thermoelectric generators market is primarily driven by increasing product demand in numerous end-use industries including automotive and aerospace & defense among others. Expanding industrialization in developing countries is likely to add to the market growth substantially during the review period. In addition to this, rising investment in R&D activities to develop advanced thermoelectric generators is likely to create lucrative opportunities for the players operating in the global market in the coming years.

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Segment Analysis

By End-User Type

Based on end-user, the market has been segmented into automotive, aerospace, defense, industrial, consumer, and others. The automotive segment accounted for the largest market share in 2022 and is projected to register a significant CAGR during the review period. The segment growth can be attributed to expanding automotive production across the globe.

Regional Insights

Geographically, the market in Asia-Pacific accounted for the largest market share in 2022 and is expected to register a significant CAGR during the review period. The market growth can be attributed to expanding industrialization in developing countries, particularly China and India. The market in North America and Europe is expected to be driven by the established presence of automotive, industrial, and aerospace & defense industries.

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Critical Questions Answered in the Report

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The thermoelectric generators market is segmented into the following categories.

By Material Type

• Bismuth Telluride
• Lead Telluride
• Others

By Wattage Type

• <10 W
• 10W – 1 kW
• >1kW

By Application Type

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

By End-User Type

• Automotive
• Aerospace
• Defense
• Industrial
• Consumer
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Target Audience

Here is the list of the group of customers that the thermoelectric generators market hopes to have the greatest opportunity to convert-

• Thermoelectric generators manufacturers
• Thermoelectric generators suppliers
• Thermoelectric generators distributors
• Organizations
• Government bodies

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