Thermoelectric Generator Market Projected to Reach USD 1550
New York, US, Feb. 14, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Thermoelectric Generator Market Research Report: Information by End-Use, Region, Temperature, Power, Material, and Source - Forecast till 2030”, the global thermoelectric generator market is anticipated to show considerable development during the assessment era from 2022 to 2030 at a healthy growth rate of approximately 14.4%. The reports further anticipate the market to attain a substantially larger size of around USD 1550 Million by the end of 2030.
Thermoelectric Generator Market Overview:
Thermoelectric is a blend of two words, electric and thermal, and assists in converting heat into electrical energy. The global market for thermoelectric generators has showcased immense development in recent years. The growing demand for fuel efficiency and stringent emission concerning carbon from the government is considered the prime reason behind the rise of the market for thermoelectric generators. The generators are known to have endless application areas across several end-use sectors, especially the automotive sector. Given the improvement in the manufacturing of automotive units across the globe, the automotive sector has secured the top spot among all the end-use sectors across the globe. On the other hand, the high price and low efficiency are some of the factors that are likely to impede the performance of the market over the coming years.
The catalog for the leading participants across the global thermoelectric generator market includes players such as:
- Gentherm, Inc.
- Yamaha Corporation
- II-VI Incorporated
- Evident Thermoelectrics
- Ferrotec Corporation
- Laird PLC
- Alphabet Energy
- Komatsu Limited
- Tellutex Corporation
- Among others.
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Market USP Covered
Thermoelectric Generator Market Drivers
The global market for thermoelectric generators has showcased immense development in recent years. The growing demand for fuel efficiency and stringent emission concerning carbon from the government is considered the prime reason behind the rise of the market for thermoelectric generators. The generators are known to have endless application areas across several end-use sectors, especially the automotive sector. Given the improvement in the manufacturing of automotive units across the globe, the automotive sector has secured the top spot among all the end-use sectors across the globe. Furthermore, the escalating demand for clean energy coupled with technological and material advancement is another crucial parameter supporting the global market expansion. In addition, factors such as the increase in the need for miniature TEGs, the rise in the commercialization of generators, and the adoption of decarbonization technologies for the emission of greenhouse gases are also anticipated to positively impact the development of the global market over the coming years.
In addition, the increase in industrialization and rise in disposable income across emerging economies are anticipated to offer lucrative opportunities for market growth over the coming years.
|Market Size by 2030||USD 1550 Mn|
|CAGR during 2022-2030||14.4% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||New product launches and R&D Amongst major key players|
|Key Market Drivers|| Increasing demand for fuel efficiency|
Stringent emission regarding carbon from the government
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The global health hazard in the shape of COVID-19 has had a massive impact on most industry sectors. Considering the rapid spread of the infectious disease, several governments across the globe announced partial or complete lockdowns for quite a long time. Consequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for vehicles and travel restrictions imposed, the thermoelectric generator market faced several unexpected challenges during the pandemic. On the other hand, with the rapid vaccination rates and all the global industrial operations returning to normal, the market is anticipated to experience substantial development over the forecasted timeframe.
Thermoelectric Generator Market Segment Analysis
Among all the materials, the bismuth telluride thermoelectric generators segment is anticipated to secure the top position across the global market for thermoelectric generators over the assessment period. The segment's growth is ascribed to the aspects such as the high performance of the material and the highest figure of merit.
Among all the application areas, the Waste Heat Recovery thermoelectric generators segment is projected to ensure the maximum contribution across the global market for thermoelectric generators over the assessment period. The growing trend of automobile electrification is considered the main parameter supporting the development of the segment.
Among all the end-user sectors, the aerospace segment is anticipated to ensure the top spot across the global market for thermoelectric generators over the assessment period. The rising adoption of thermoelectric generators in space crafts and rockets for power generation is the main aspect causing an upsurge in the segment's performance.
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Thermoelectric Generator Market Restraints
On the other hand, certain parameters are anticipated to limit the performance of the market. One of the primary hurdles to the market's growth is the high initial installation costs. In addition, factors such as the low-efficiency power of the generator and the complexity of the design are also likely to limit the development of the market over the coming years.
Thermoelectric Generator Market Regional Analysis
The global market for thermoelectric generators is analyzed across five major geographies: Latin America, Asia-Pacific, Europe, the Middle East & Africa, and North America.
The MRFR analysis reports suggest that the North American region is anticipated to ensure the top spot across the global market for thermoelectric generators over the assessment period. The escalating demand for generators by automotive industries is considered the main parameter supporting the regional market expansion.
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The Asia-Pacific regional market for thermoelectric generators is projected to exhibit the maximum growth rate over the coming years. the growing disposable income across emerging economies across the region is believed to be the prime aspect supporting the market's development.
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