Thermoelectric Generators Market Forecasts to 2028 - Global Analysis By Temperature (High Temperature, Low Temperature, Medium Temperature ), Component, Type, and Others

According to Stratistics MRC, the Global Thermoelectric Generators Market is accounted for $853.08 billion in 2022 and is expected to reach $1692.87 billion 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
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • 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
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances