Thermoelectric Generator Market Expected to Dominate Worldwide by 2027

Author: Pradnya Kulkarni

Over the years, increasing concerns over emissions and environmental issues, particularly global warming have resulted in exhaustive research into novel technologies for electrical power generation. Moreover, the increase in demand from industrial sectors and immobile devices has led to a rise in the demand for generators. Thermoelectric generators are solid state devices that help convert heat into electrical energy. As the temperature difference on the sides increases, the performance of a thermoelectric generator also increase. It is assumed that when more heat is enforced through thermo electric legs, their performance increases. Therefore, these generators help minimize heat losses and confine the heat transport through thermoelectric legs.

Thermoelectric generators are generally used as waste heat recovery systems for solar thermoelectric power generators and the automobile industry. In the automotive industry, seventy percent of heat energy released from a car’s engine is lost, generally in the form of heat. Therefore, thermoelectric generators act as a unique solution for this energy loss problem. Similarly, the U.S. manufacturing industry discharges nearly one-third of the energy consumed as thermal losses to the atmosphere or to cooling systems. Frequently, thermoelectric generators are used for low power remote applications or where the use of bulky heat engines is not possible.

Thermoelectric Generator Market: Dynamics

Burgeoning demand for waste heat recovery systems, coupled with the rise in global warming is expected to fuel demand for the thermoelectric generator market. Moreover, stringent government regulations and increasing industrial automation across the world are further projected to drive the demand for the thermoelectric generator market during the forecast market.

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However, the cost associated to install this system is expected to hamper the growth of the market during the forecast period. Additionally, inefficiency to generate high output power is further expected to restrict the growth of the market.

Thermoelectric Generator Market: Regional Outlook

Geographically, North America is estimated to be the primary revenue generating region in the global thermoelectric generator market. The rise in demand for cleaner energy is expected to upsurge the demand for thermoelectric generators in North America. Europe is anticipated to show relatively fast growth over the forecast period. In APAC, India and China are expected to grow at a significant rate, owing to the increase in demand for vehicles, which in turn drives growth of the thermoelectric generator market.

Thermoelectric Generator Market: Trends

Low power thermoelectric generators (100 watt) are generally used for hiking, mountaineering, camping, and as a backup in homes during power cuts, primarily to charge Ipads, phones and lighting devices. Many big manufacturers are investing in R&D to upgrade the technology for high power thermoelectric generators to further improve the efficiency of heat exchangers and deal with the stress of higher temperature gradients. Moreover, current research also focuses on developing thermoelectric generators with lightweight materials. Institutes are working on research study to bring down the cost of thermoelectric generators and increase their efficiency. With the increase in research & development activities, the demand for thermoelectric generators is also expected to increase over the forecast period.

Thermoelectric Generator Market: Segmentation

The thermoelectric generator market can be segmented in a number of ways, of which the more prominent ones are one the basis of industry, source, temperature, and material.

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On the basis of industry, the thermoelectric generator market can be segmented into:

  • Automotive

  • Aerospace & Defence

  • Marine

  • Others

On the basis of source, the thermoelectric generator market can be segmented into:

  • Waste Heat Recovery

  • Direct Power Generation

  • Energy Harvesting

  • Cogeneration

On the basis of temperature, the thermoelectric generator market can be segmented into:

  • Less than 75 degree

  • 75 to 500 degree

  • More than 500 degree

On the basis of material, the thermoelectric generator market can be segmented into:

  • Bismuth or Lead Telluride

  • Calcium Manganese Oxide

  • Others

Thermoelectric Generators Market: Market Participants

Examples of some of the market participants in the global thermoelectric generator market, identified across the value chain include:

  • Komatsu Limited

  • Gentherm Inc.

  • II-VI Inc.

  • Ferrotec Corporation

  • Laird PLC

  • Yamaha Corporation

  • Tellurex Corporation

  • Tecteg

  • Alphabet Energy

  • Evident Thermoelectrics