Thermoelectric Generator Market: Trends, Opportunities and Competitive Analysis [2023-2028]

Thermoelectric Generator Market Trends and Forecast

The future of the global thermoelectric generator market looks promising with opportunities in the automotive, aerospace & defense, marine, industrial, consumer electronic, healthcare, oil & gas, mining, and telecommunication markets. The global thermoelectric generator market is expected to reach an estimated $1,002.6 million by 2028 with a CAGR of 9.8% from 2023 to 2028. The major drivers for this market are growing demand for waste heat recovery systems, rising number of research & development activities for upgrading the performance of thermoelectric generators, and increasing demand for fuel-efficient vehicles.

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Thermoelectric Generator Market by Segment

The study includes trends and forecast for the global thermoelectric generator market by component, wattage, application, end use industry, and region, as follows:

Thermoelectric Generator Market by Component [Value ($B) Shipment Analysis from 2017 to 2028]:

• Heat Source
• Thermoelectric Module
• Cold Side
• Electric Load

Thermoelectric Generator Market by Wattage [Value ($B) Shipment Analysis from 2017 to 2028]:

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

Thermoelectric Generator Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:

• Waste Heat Recovery
• Energy Harvesting
• Direct Power Generation
• Co-generation

Thermoelectric Generator Market by End Use Industry [Value ($B) Shipment Analysis from 2017 to 2028]:

• Automotive
• Aerospace & Defense
• Marine
• Industrial
• Consumer Electronics
• Healthcare
• Oil & Gas
• Mining
• Telecommunications

Thermoelectric Generator Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Thermoelectric Generator Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies, thermoelectric generator companies in the global automotive market cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the thermoelectric generator companies in the global market profiled in this report include:

• Gentherm
• Ferrotec Holdings
• Yamaha Corp.
• Thermo Electric Company
• Laird Thermal Systems
• Komatsu
• Kyocera Corporation
• Phononic Devices
• II-VI Marlow

Thermoelectric Generator Market Insights

• Lucintel forecasts that heat source will remain the largest segment over the forecast period due to its increasing usage in the automotive sector owing to its capability to convert heat flux into electrical energy and also helps in reducing carbon emissions from vehicles.
• Within this market, aerospace & defense is expected to remain the largest segment due to increasing penetration of thermoelectric generators in space crafts and rockets for power generation.
• North America will remain the largest region during the forecast period due to rapid industrialization, growing demand for generators in the automotive industries to enhance the fuel efficiency, and increasing number of technological developments in the region.

Features of the Thermoelectric Generator Market

• Market Size Estimates: Thermoelectric Generator market size estimation in terms of value ($B)
• Trend and Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
• Segmentation Analysis: Thermoelectric Generator market size by various segments, such as by component, wattage, application, end use industry, and region
• Regional Analysis: Thermoelectric Generator market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis on growth opportunities in different by f component, wattage, application, end use industry, and regions for the thermoelectric generator market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the thermoelectric generator market.
• Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

• Q1. What is the thermoelectric generator market size?
• Answer: The global thermoelectric generator market is expected to reach an estimated $1,002.6 million by 2028.
• Q2. What is the growth forecast for thermoelectric generator market?
• Answer: The global thermoelectric generator market is expected to grow with a CAGR of 9.8% from 2023 to 2028.
• Q3. What are the major drivers influencing the growth of the thermoelectric generator market?
• Answer: The major drivers for this market are growing demand for waste heat recovery systems, rising number of research & development activities for upgrading the performance of thermoelectric generators, and increasing demand for fuel efficient vehicles.
• Q4. What are the major segments for thermoelectric generator market?
• Answer: The future of the global thermoelectric generator market looks promising with opportunities in the automotive, aerospace & defense, marine, industrial, consumer electronic, healthcare, oil & gas, mining, and telecommunication markets.
• Q5. Who are the key thermoelectric generator companies?
• Answer: Some of the key thermoelectric generator companies are as follows:
  • Gentherm
  • Ferrotec Holdings
  • Yamaha Corp.
  • Thermo Electric Company
  • Laird Thermal Systems
  • Komatsu
  • Kyocera Corporation
  • Phononic Devices
  • II-VI Marlow
• Q6. Which thermoelectric generator segment will be the largest in future?
• Answer:Lucintel forecasts that heat source will remain the largest segment over the forecast period due to its increasing usage in the automotive sector owing to its capability to convert heat flux into electrical energy and also helps in reducing carbon emissions from vehicles.
• Q7. In thermoelectric generator market, which region is expected to be the largest in next 5 years?
• Answer: North America will remain the largest region during the forecast period due to rapid industrialization, growing demand for generators in the automotive industries to enhance the fuel efficiency, and increasing number of technological developments in the region.
• Q8. Do we receive customization in this report?
• Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the thermoelectric generator market by component (heat source, thermoelectric module, cold side, and electric load), wattage (low power (<10W), medium power (10-1 kW), and high power (>1 kW)), application (waste heat recovery, energy harvesting, direct power generation, and co-generation), end use industry (automotive, aerospace & defense, marine, industrial, consumer electronics, healthcare, oil & gas, mining, and telecommunications), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity did occur in the last five years and how did they impact the industry?