Thermoelectric Generators Market
PUBLISHED: 2023 ID: SMRC22684
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Thermoelectric Generators Market

Thermoelectric Generators Market Forecasts to 2028 - Global Analysis By Temperature (High Temperature (> 500-C), Low Temperature (<80-C), Medium Temperature (80-- 500-C)), Component (Electric Load, Thermoelectric Module, Cold Side, Heat Source, Other Components), Type (Solar Source Generators, Fossil Fuel Generators, Nuclear Fueled Generators, Other Types), and Others

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4.1 (31 reviews)
Published: 2023 ID: SMRC22684

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $853.08 BN

Projected Year Value (2028)

US $1,692.87 BN

CAGR (2022 - 2028)

12.1%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America


According to Stratistics MRC, the Global Thermoelectric Generators Market is accounted for $853.08 million in 2022 and is expected to reach $1692.87 million by 2028 growing at a CAGR of 12.1% during the forecast period. A solid-state semiconductor thermoelectric generator converts temperature differences and heat flow into a useful DC power source. In thermoelectric generator semiconductors, the seebeck effect is exploited to generate voltage. When applied to a load, this voltage is utilised to generate electrical current and produce useful power. These generators are cost-effective, low-maintenance, simple to construct, safe to store, and they utilise renewable energy sources.

According to Eurostat, roughly 26% of the EU's electricity, 17% of the EU heating and cooling sectors along with 6% of EU transport energy are derived from renewable energy sources.

Market Dynamics:

Driver:

High demand from remote areas of developing countries

A possible answer is to use a thermoelectric generator, which can provide these few watts of electricity for lighting, cell phone charging, and operating electric extractors. Because when involvement of the Thermoelectric Generators leads to an improvement in combustion efficiency, the poor efficiency of the thermoelectric modules is not a problem. Around 5 to 10 kilograms of wood are burned over 3 hours, producing energy of 17 to 34 kW/h. Bettering this combustion has a much greater impact on reducing global energy use than the 5–30 W produced by thermoelectric generators. Because maintenance is difficult in distant places, the main requirements for the construction of the Thermoelectric Generators in situations like these are to provide enough electricity to run extractors, maybe charge cell phones, and provide power for illumination.

Restraint:

High initial cost and lack of skilled workers

For some applications, thermoelectric generators may initially cost more per watt of electrical power production than energy conversion methods. Due to their high cost or difficult marketability, a number of high meritorious figures or ZT thermoelectric materials are difficult to use practically in thermoelectric generators. Depending on the application, the lifetime cost of a thermoelectric generator may be cheaper than that of other technologies despite the high initial cost. A thermoelectric generator's lifetime cost is further reduced by the absence of maintenance expenses. Although there is a fair amount of knowledge regarding the manufacture of thermoelectric generator modules, it is difficult to find the design and engineering experience required to effectively integrate thermoelectric generators into an application. This prevents widespread adoption, which has a negative impact on efficiency and raises costs.

Opportunity:

Demand for energy across various end-user

The market for thermoelectric generators is expanding as a result of the rising energy demand across numerous end-user industries, including automotive, aerospace, defence, industrial, and many others. Moreover, radioisotope thermoelectric generators are employed in small portable applications and as power sources in satellites and space probes. The need for this sector has also been driven by growing concerns over environmental and pollution challenges, particularly global warming.

Threat:

Availability of alternatives and complexity of the structure

The most common alternatives to thermoelectric generators are solar energy & piezoelectric power generation. Piezoelectric solid-state electronics have an effectiveness of 10-15%, while solar energy turns sunlight into electricity with 20-25% efficiency. The market for thermoelectric generators faces difficulties because the former two have much better output-to-input ratios than TEGs, and they have an average performance of 2–4%. The temperature range and necessary output power determine how well thermoelectric generators work. Manufacturers are impacted since the design needs to be adjusted based on the application. The architecture of thermoelectric generators must be modified, which costs extra money, because different industries & applications have variable energy output and temperature requirements. The commercialisation of this technology faces a lot of difficulties because of this. The efficiency of currently employed materials for the production of thermoelectric energy is constrained. This restrains the market's expansion for thermoelectric generators and is anticipated to be a key impediment going forward.

Covid-19 Impact

Using the unique COVID-19 impact evaluation by Axiom MRC, the global market for thermoelectric generators is subjected to a 360-degree examination of micro and macroeconomic aspects. Moreover, a thorough examination of the impact of economic, national, and trade policies on the demand side and supply chain of the global market for thermoelectric generators. As the government-imposed lockdown limitations, which had a detrimental impact on capital investments in numerous sectors, the COVID-19 outbreaks had an effect on all industries in the global economy. Due to falling consumer electronics demand as well as diminishing demand in a variety of other sectors, including automotive, aerospace, industrial, and many more, the thermoelectric generator market has seen a considerable decline during this time. The entire shutdown of industries like consumer electronics and manufacturing has seriously impacted the global market for thermoelectric generators. The consumption for thermoelectric generators has been directly impacted by the decrease in customer demand for manufacturing goods and consumer electronics.

The medium-temperature (80–500°C) segment is expected to be the largest during the forecast period

The medium-temperature (80–500°C) segment is estimated to have a lucrative growth. The Thermoelectric Principle is used by medium-temperature thermoelectric generators to create a temperature difference within the module by heating one side and cooling the other (heat elimination side). These modules have been designed specifically to function at 320 °C (for BiTe materials), though other hybrid materials like PbTe can withstand temperatures of up to 600 °C. The waste heat sources for medium-temperature thermoelectric generators include catalytic crackers, annealing boiler cooling systems, and reciprocating engine exhausts.

The medium-power (10–1 kW) segment is expected to have the highest CAGR during the forecast period

The medium-power (10–1 kW) segment is anticipated to witness the fastest CAGR growth during the forecast period. Thermoelectric generators are small, straightforward, scalable, and less expensive than conventional heat engines, which seem to be enormous. Thermoelectric systems are built to operate in the presence of heat sources and temperature variations. Steam turbines with a medium power range of 10 kW to 1,900 MW are used in cogeneration plants and other industrial settings by companies like Siemens (Germany). These steam turbines are used as mechanical drives for compressors, pumps, or generator drives. Steam turbines are frequently used in the field of renewable energy. Due to its use in the automotive, aerospace & defence, and industrial sectors, the medium-power thermoelectric generator category is expected to hold the major proportion of the thermoelectric generators market over the forecast time frame.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period. Governmental efforts to establish renewable energy sources in the region's nations can be credited with this. Additionally, the growing urbanisation, industrialization, and development of infrastructure in developing nations like China and India is fostering market expansion.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to region's growing technical advancements. Moreover, the market will expand as a result of the expanding need for generators in many industries, including healthcare, aerospace, automotive, and others. A number of potential chances for market expansion are presented by the increasing rivalry among rivals and the presence of the major market players throughout the region. Also, as the car industry works to increase fuel efficiency, there will be an increase in demand for generators, which will propel this market ahead throughout the study period.



Key players in the market

Some of the key players profiled in the Thermoelectric Generators Market include Yamaha Corporation, Marlow Industries, Inc., Ferrotec Corporation, Kryotherm Company, Komatsu Ltd., Laird plc, Thermo Electric Company, Inc., Phononic Devices, Evident Thermoelectrics, Gentherm, Inc., Toshiba Corporation and Murata Manufacturing Co. Ltd.

Key Developments:

In April 2021, Laird Thermal Systems launched the PCX Thermoelectric Cooler Series to increase the reliability of PCR cycling. It is used for Analytical, Medical, Medical Diagnostics, and DNA Amplification and is available as thermoelectric coolers, PowerCycling PCX Series.

In April 2018, Gentherm Inc. launched a thermoelectric based solution for 48-volt lithium-ion battery thermal management for the automotive industry. This thermoelectric technology is fully integrated into the battery housing and is able to heat and cool the lithium-ion battery cells.

In March 2014, Gentherm, Inc. announced the launch of a new thermal air conditioning system, as well as an air conditioning system for beds and household furniture.

Temperatures Covered:
• High Temperature (> 500°C)
• Low Temperature (<80°C)
• Medium Temperature (80°- 500°C)

Components Covered:
• Electric Load
• Thermoelectric Module
• Cold Side
• Heat Source
• Other Components

Types Covered:
• Solar Source Generators
• Fossil Fuel Generators
• Nuclear Fueled Generators
• Other Types

Wattages Covered:
• High Power (> 1kW)
• Low Power (<10 W)
• Medium Power (10-1kW)

Materials Covered:
• Lead Telluride
• Bismuth Telluride

Applications Covered:
• Radio Communication
• Electronics
• Renewable Energy Sources
• Gas Pipelines
• Space Applications
• Other Applications

End Users Covered:
• Oil and Gas
• Automotive
• Consumer
• Healthcare
• Industrial
• Mining
• Defense
• Telecommunications
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Thermoelectric Generators Market, By Temperature
5.1 Introduction
5.2 High Temperature (> 500°C)
5.3 Low Temperature (<80°C)
5.4 Medium Temperature (80°- 500°C)

6 Global Thermoelectric Generators Market, By Component
6.1 Introduction
6.2 Electric Load
6.3 Thermoelectric Module
6.4 Cold Side
6.5 Heat Source
6.6 Other Components

7 Global Thermoelectric Generators Market, By Type
7.1 Introduction
7.2 Solar Source Generators
7.3 Fossil Fuel Generators
7.4 Nuclear Fueled Generators
7.5 Other Types

8 Global Thermoelectric Generators Market, By Wattage
8.1 Introduction
8.2 High Power (> 1kW)
8.3 Low Power (<10 W)
8.4 Medium Power (10-1kW)

9 Global Thermoelectric Generators Market, By Material
9.1 Introduction
9.2 Lead Telluride
9.3 Bismuth Telluride

10 Global Thermoelectric Generators Market, By Application
10.1 Introduction
10.2 Radio Communication
10.3 Electronics
10.4 Renewable Energy Sources
10.5 Gas Pipelines
10.6 Space Applications
10.7 Other Applications

11 Global Thermoelectric Generators Market, By End User
11.1 Introduction
11.2 Oil and Gas
11.3 Automotive
11.4 Consumer
11.5 Healthcare
11.6 Industrial
11.7 Mining
11.8 Defense
11.9 Telecommunications
11.10 Other End Users

12 Global Thermoelectric Generators Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa

13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies

14 Company Profiling
14.1 Yamaha Corporation
14.2 Marlow Industries, Inc.
14.3 Ferrotec Corporation
14.4 Kryotherm Company
14.5 Komatsu Ltd.
14.6 Laird plc
14.7 Thermo Electric Company, Inc.
14.8 Phononic Devices
14.9 Evident Thermoelectrics
14.10 Gentherm, Inc.
14.11 Toshiba Corporation
14.12 Murata Manufacturing Co. Ltd

List of Tables
1 Global Thermoelectric Generators Market Outlook, By Region (2020-2028) ($MN)
2 Global Thermoelectric Generators Market Outlook, By Temperature (2020-2028) ($MN)
3 Global Thermoelectric Generators Market Outlook, By High Temperature (> 500°C) (2020-2028) ($MN)
4 Global Thermoelectric Generators Market Outlook, By Low Temperature (<80°C) (2020-2028) ($MN)
5 Global Thermoelectric Generators Market Outlook, By Medium Temperature (80°- 500°C) (2020-2028) ($MN)
6 Global Thermoelectric Generators Market Outlook, By Component (2020-2028) ($MN)
7 Global Thermoelectric Generators Market Outlook, By Electric Load (2020-2028) ($MN)
8 Global Thermoelectric Generators Market Outlook, By Thermoelectric Module (2020-2028) ($MN)
9 Global Thermoelectric Generators Market Outlook, By Cold Side (2020-2028) ($MN)
10 Global Thermoelectric Generators Market Outlook, By Heat Source (2020-2028) ($MN)
11 Global Thermoelectric Generators Market Outlook, By Other Components (2020-2028) ($MN)
12 Global Thermoelectric Generators Market Outlook, By Type (2020-2028) ($MN)
13 Global Thermoelectric Generators Market Outlook, By Solar Source Generators (2020-2028) ($MN)
14 Global Thermoelectric Generators Market Outlook, By Fossil Fuel Generators (2020-2028) ($MN)
15 Global Thermoelectric Generators Market Outlook, By Nuclear Fueled Generators (2020-2028) ($MN)
16 Global Thermoelectric Generators Market Outlook, By Other Types (2020-2028) ($MN)
17 Global Thermoelectric Generators Market Outlook, By Wattage (2020-2028) ($MN)
18 Global Thermoelectric Generators Market Outlook, By High Power (> 1kW) (2020-2028) ($MN)
19 Global Thermoelectric Generators Market Outlook, By Low Power (<10 W) (2020-2028) ($MN)
20 Global Thermoelectric Generators Market Outlook, By Medium Power (10-1kW) (2020-2028) ($MN)
21 Global Thermoelectric Generators Market Outlook, By Material (2020-2028) ($MN)
22 Global Thermoelectric Generators Market Outlook, By Lead Telluride (2020-2028) ($MN)
23 Global Thermoelectric Generators Market Outlook, By Bismuth Telluride (2020-2028) ($MN)
24 Global Thermoelectric Generators Market Outlook, By Application (2020-2028) ($MN)
25 Global Thermoelectric Generators Market Outlook, By Radio Communication (2020-2028) ($MN)
26 Global Thermoelectric Generators Market Outlook, By Electronics (2020-2028) ($MN)
27 Global Thermoelectric Generators Market Outlook, By Renewable Energy Sources (2020-2028) ($MN)
28 Global Thermoelectric Generators Market Outlook, By Gas Pipelines (2020-2028) ($MN)
29 Global Thermoelectric Generators Market Outlook, By Space Applications (2020-2028) ($MN)
30 Global Thermoelectric Generators Market Outlook, By Other Applications (2020-2028) ($MN)
31 Global Thermoelectric Generators Market Outlook, By End User (2020-2028) ($MN)
32 Global Thermoelectric Generators Market Outlook, By Oil and Gas (2020-2028) ($MN)
33 Global Thermoelectric Generators Market Outlook, By Automotive (2020-2028) ($MN)
34 Global Thermoelectric Generators Market Outlook, By Consumer (2020-2028) ($MN)
35 Global Thermoelectric Generators Market Outlook, By Healthcare (2020-2028) ($MN)
36 Global Thermoelectric Generators Market Outlook, By Industrial (2020-2028) ($MN)
37 Global Thermoelectric Generators Market Outlook, By Mining (2020-2028) ($MN)
38 Global Thermoelectric Generators Market Outlook, By Defense (2020-2028) ($MN)
39 Global Thermoelectric Generators Market Outlook, By Telecommunications (2020-2028) ($MN)
40 Global Thermoelectric Generators Market Outlook, By Other End Users (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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