Thermoelectric Generator Market Insights, Growth Analysis, Forecast to 2022
Market Research Future (MRFR) projects the thermoelectric generator market 2020 to advance ay an approximate rate of 14% from 2016 to 2021 (review period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the thermoelectric generator market has been carefully assessed, following which the report outlines the key developments post the coronavirus disease outbreak.
Top Drivers and Main Barriers
Given the mounting concerns with regard to the environment, the importance of renewable energy in electricity generation has multiplied significantly in recent years. Taking into account the extended life span and lower cost, the demand for renewable energy resources is soaring at a rapid pace. Thermoelectric generators make extensive use of renewable energy to generate electricity. Extensive applications of thermoelectric generators are aerospace, semiconductor networks, automotive and more, as these industries deploy power sources that are easy to maintain and are affordable.
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The rising adoption of technologies that decarbonize greenhouse gas emissions will also work in favor of the thermoelectric generators market in the approaching years. The demand for these generators is expected to be extremely high in the automotive industry, on account of the increasing worldwide automotive manufacturing. The market also benefits from the increasing commercialization of various automotive thermoelectric generators combined with the emerging trend of miniaturized or compact TEGs.
The source-wise categories include energy harvesting, waste heat recovery, co-generation and direct power generation.
The segments that are based on material include lead telluride, bismuth telluride, and others. Out of these, the highest gaining rate can be achieved by the bismuth telluride segment, on account of the better quality of these materials.
Power-based segments are <10 w, 10- 1 kw as well as >1kw.
The market segments, depending on temperature, include <100°c, 100-500°c and >500°c. Over the coming years, the Low Temperature (< 80 ° C) segment can procure the fastest CAGR, thanks to the increasing deployment of TEGs in applications like controlling watches, sensors; and various other consumer electronics.
The primary end-users in the worldwide industry are aerospace & defense, consumer, automotive, industrial, and others. The highest growth rate can be procured by the industrial segment in the next few years, as a result of the strict environmental protection rules and standards and the expanding industrial base in developing as well as developed regions.
The key regional markets for thermoelectric generator are APAC/Asia Pacific, Europe, North America, and RoW/rest of the world.
North American market is the most lucrative out of the regions, given the increase in futuristic application of the TEG technology in diverse industries to power a variety of tools and equipment. Some of the major industries in the region that are expected to make high demand for TEGs to generate power are automotive, commercial electronics, space, among others. The strong financial status, massive industrialization, and the increasing need for cleaner energy also act as significant boosters in the market.
With the fastest growth rate, the APAC market is largely bolstered by the huge demand for TEGs in the automotive industry for better fuel efficiency. Rapid surge in the industrialization rate across India and China can also boost the demand for thermoelectric generators in the market. The increasing application scope of thermoelectric generators in the healthcare industry and the soaring demand in the sensor network for low-power generators can boost the growth potential of the APAC market in the following years.
Renowned payers in the thermoelectric generator industry are Komatsu Limited, II-VI Incorporated, Tellurex Corporation, Gentherm Inc., Evident Thermoelectrics, Ferrotec Corporation, Tecteg, Yamaha Corporation, Laird PLC, Alphabet Energy, to name a few.
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