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Increasing demand for solid-state energy converters are expected to drive market growth
The thermoelectric generators market size is expected to grow from USD 460 million in 2019 to USD 741 million by 2025, at a CAGR of 8.3% during the forecast period. The major factors driving the Increasing demand for energy converters for thermoelectric generators in automobiles and recovering the waste heat generated by various industries.
The Medium power (10-1KW) wattage segment is projected to lead the market during the forecast period
Based on wattage, the thermoelectric generators market has been segmented into the Low power (<10 W), Medium power (10-1KW), and High power (> 1KW). Medium power (10-1KW) wattage play a significant role in cogeneration plants and industrial applications for steam turbines. This steam turbine work as generator drives or as mechanical drives for compressors or pumps. Steam turbines are also often applied in the renewable energy sector. Such advancements are driving the demand for thermoelectric generators.
Automotive is projected to lead the thermoelectric generators market during the forecast period
Based on vertical, the automotive is expected to be the leading segment during the forecast period. A thermoelectric generator can substitute batteries to power various electronic equipment inside the car. Since these generators require very less maintenance, and there has been an increasing adoption of its vehicles, the market for thermoelectric generators is expected to grow in all regions. However, advancements in thin-film and quantum well technologies could increase efficiency in the future. With the developments in technology, the automotive segment is expected to grow in coming years.
The Europe, thermoelectric generators market, is projected to grow at the highest CAGR during the forecast period
The thermoelectric generators market in the Europe region is expected to grow at the highest CAGR during the forecast period. Major factors which are expected to drive the growth of European thermoelectric generators market include increasing concerns of European government towards the greenhouse gas emissions and new, stringent legislations related to the C02 emission from the vehicles registered in Europe. Europe also has the highest number of cars users per 1000 people with a large volume of automotive. The increasing trend for electrification and hybridization in automotive and rising interest from automotive OEM’s in TEG technology is expected to increase the demand for thermoelectric generators.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation & technology directors, and executives from various key organizations operating in the thermoelectric generators marketplace.
- By Company Type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
- By Designation: C-level Executives: 35%, Directors: 25%, and Others 40%
- By Region: North America: 45%, Europe: 20%, Asia Pacific: 30%, and RoW: 5%
The thermoelectric generators market comprises major solution providers, such as Gentherm, Inc. (US), II-VI Marlow, Inc. (US), Ferrotec Corporation (Japan), Laird plc (UK), Komatsu Ltd. (Japan). The study includes an in-depth competitive analysis of these key players in the thermoelectric generators market, with their company profiles, recent developments, and key market strategies.
The study covers the thermoelectric generators market and aims at estimating the market size and growth potential across different segments, such as application, component, vertical, wattage, temperature, material, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will provide market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall thermoelectric generators market and its 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 will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.