USD 584.3 million
Thermoelectric Generator Market Size, Share, Growth Analysis, By Component (Heat Source, Thermoelectric Module), by Type(Single-Stage, Multi-Stage), by Material, by Application, by Temperature, by Wattage, by End User, By Region - Industry Forecast 2025-2032.
Report ID:
SQMIG20D2264 |
Region:
Global |
Published Date: November, 2024
Pages:
198
|Tables:
94
|Figures:
71
Thermoelectric Generator Market Insights
Thermoelectric Generator Market size was valued at USD 651.5 Million in 2023 and is poised to grow from USD 726.42 Million in 2024 to USD 1735.39 Million by 2032, growing at a CAGR of 11.5% during the forecast period (2025-2032).
A thermoelectric generator is a device that is capable of directly converting heat into electrical energy. The thermoelectric generator operates on a phenomenon called the Seebeck effect. Growing focus on sustainability around the world has pushed the demand for renewable energy sources and this trend is forecasted to benefit the sales of thermoelectric generators in the future. Increasing deployment of waste-to-energy systems across different industry verticals to improve energy efficiency and reduce emissions are also forecasted to favor thermoelectric generator market growth over the coming years. Surging demand for clean energy around the world and the launch of new initiatives to promote clean energy generation are also estimated to uplift the demand for thermoelectric generators in the long run.
However, the limited power output and efficiency of thermoelectric generators is projected to be a key constraint for market growth over the coming years. High costs of manufacturing thermoelectric generators will also slow down market development potential in the long run. Thermoelectric generator manufacturers should focus on utilization of advanced technologies to overcome the aforementioned restraints and unlock the full growth potential of the market.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Bismuth Telluride
Fastest Growth
Lead Telluride
Growth Rate
11.5% CAGR
Global Thermoelectric Generator Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Thermoelectric Generator Market Segmental Analysis
Global Thermoelectric Generator Market is segmented by Component, by Type, by Material, by Temperature, by Wattage, by Application, by End User, and by Region. Based on Component, the market is segmented into Heat Source, Thermoelectric Module, Cold Side, and Electric Load. Based on Type, the market is segmented into Single-Stage, and Multi-Stage. Based on Material, the market is segmented into Bismuth Telluride, Lead Telluride, and Others. Based on Temperature, the market is segmented into Low-temperature (<80°C), Medium-temperature (80-500°C), and High-temperature (>500°C). Based on Wattage, the market is segmented into Low-power (<10 W), Medium-power (10-1 kW), and High-power (>1 kW). Based on Application, the market is segmented into Waste Heat Recovery, Energy Harvesting, Direct Power Generation, and Co-generation. Based on End User, the market is segmented into Automotive, Aerospace, Industrial, Marine, Consumer, Healthcare, Oil & Gas, Mining, Telecommunication and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Material
Bismuth telluride segment accounts for a prominent share of the global thermoelectric generator marketplace. The high market share of this segment can be attributed to the excellent thermoelectric properties of bismuth and telluride materials that allow them to increase the efficiency of thermoelectric generators. Bismuth telluride also has the highest figure of merit compared to other thermoelectric materials, which also contributes to the massive market share of this material.
Meanwhile, the demand for thermoelectric generators using lead telluride materials is projected to increase at a rapid pace over the coming years. Lead telluride components have better thermoelectric properties at elevated temperatures, and this is why they are extensively used in the making of waste-to-energy recovery systems that are being deployed in vehicles and industries.
Analysis by Application
Most thermoelectric generators are being used for waste-to-energy applications around the world and this is why this segment accounts for a large market share. Increasing emphasis on the reduction of greenhouse gas emissions and increasing focus on the optimization of energy generation processes around the world is forecasted to bolster the demand for thermoelectric generators in waste-to-energy applications. The imposition of stringent regulations by governments necessitating the installation of new waste-to-energy systems is also slated to favor thermoelectric generator sales in the future.
Meanwhile, the use of thermoelectric generators for energy harvesting applications is forecasted to surge at a rapid pace across the forecast period and beyond. Increasing awareness regarding sustainability among consumers and industries coupled with growing costs of energy have bolstered the impotence of energy harvesting. This could help thermoelectric generator companies scale their business in the future.
Global Thermoelectric Generator Market By Material
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Thermoelectric Generator Market Regional Insights
Asia Pacific holds sway over the global thermoelectric generator demand outlook. The presence of a robust electronics manufacturing industry in this region is forecasted to create new opportunities for thermoelectric generator suppliers going forward. Thermoelectric generators are being used to power wearable technologies and increasing consumer awareness regarding sustainability is slated to bolster the demand for thermoelectric generators in this region. Moreover, the increasing efforts of governments to minimize energy waste in this region will also boost sales of thermoelectric generators in the future.
High adoption of renewable energy sources and increasing willingness of consumers to spend more for clean energy are key factors that allow Europe to become the fastest-growing regional market in the world. Rapid adoption of renewable energy sources, increasing awareness regarding the benefits of thermoelectric generators, and efforts to reduce carbon footprint are other key factors that could benefit market growth in this region. Germany, France, and the United Kingdom are slated to be attractive markets for thermoelectric generator vendors in Europe going forward.
Global Thermoelectric Generator Market By Region
- Largest
- Fastest
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Thermoelectric Generator Market Dynamics
Drivers
Launch of Waste-to-Energy Initiatives
- As the focus on sustainability increases on a global level, it is pushing governments to launch new waste-to-energy initiatives to fulfil the demand for energy whilst eliminating waste and conserving the environment. Thermoelectric generators have proven to be excellent devices for waste-to-energy conversion and thereby this trend is driving market growth.
Growing Use of Wearables
- Wearable devices need compact sources of energy and small thermoelectric generators could be perfect for this application. This type of power source is sustainable and highly preferred for low power applications such as wearable devices and IoT devices.
Restraints
High Costs and Low Efficiency
- Thermoelectric generators are expensive to manufacture, and this is why they are not as affordable as other alternative clean energy technologies available in the marketplace. Moreover, the efficiency of thermoelectric generators is much less compared to other renewable energy sources. Both restraints slow market growth.
Limited Power Output
- Thermoelectric generators provide a relatively lower power generation output as compared to other power generation devices and technologies available in the marketplace. Hence, these devices cannot be used in high power applications which restricts thermoelectric generator market growth to a major extent.
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Thermoelectric Generator Market Competitive Landscape
Thermoelectric generator manufacturers should invest in the research and development of new products that are more efficient and affordable as compared to what’s available in the market at present. Market players can also focus on collaborations, acquisitions, partnerships, and mergers to expand their market presence and gain a competitive advantage over other thermoelectric generator suppliers going forward. Companies can also leverage the growing focus on sustainability to bolster their sales across the forecast period. Thermoelectric generator market players should target industrial establishments to expand their business scope in the long run.
Top Player’s Company Profiles
- Ferrotec Holdings Corporation
- Gentherm Inc.
- KYOCERA Corporation
- CUI Devices
- YAMAHA CORPORATION CO., LTD.
- Phononic
- Komatsu Ltd.
- II-VI MARLOW
- Laird Thermal Systems
- TEC Microsystems GmbH
- Toshiba Corporation
- MAHLE Group
- Evident Thermoelectrics
Recent Developments
- Global Power Technologies Inc., a renowned supplier of off-grid energy solutions, announced the launch of a new thermoelectric generator back in January 2023. The Sentinel is a gas-powered thermoelectric generator designed for low-maintenance use in low-power applications.
- In July 2021, Laird Thermal Systems, a leading name in the zzz marketplace, announced the launch of a new range of thermoelectric coolers. The new product line was launched specifically for optoelectronic products with high temperature applications.
Thermoelectric Generator Key Market Trends
- Rising Adoption of Renewable Energy: Growing adoption of renewable energy sources around the world could also foster the demand for thermoelectric generators as they could play a crucial role in optimizing energy generation and minimizing energy loss in solar or other types of thermal energy generation systems.
Thermoelectric Generator Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, the rapid hike in focus on sustainability around the world is projected to be the primary factor driving thermoelectric generator sales. The imposition of stringent mandates to minimize energy loss and the rising availability of new and advanced thermoelectric generators are also estimated to bolster market development over the coming years. However, the high costs of thermoelectric generators and their low efficiency could be constraints that could hurt thermoelectric generator market growth in the long run. Europe is slated to emerge as the fastest-expanding regional market for thermoelectric generator suppliers on the back of a surging focus on sustainability and high adoption of renewable energy generation. Thermoelectric generator companies can take advantage of the growing adoption of renewable energy sources and implement their products to optimize the energy generation process going in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 584.3 million |
| Market size value in 2031 | USD 1556.4 million |
| Growth Rate | 11.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Thermoelectric Generator Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Thermoelectric Generator Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Thermoelectric Generator Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Thermoelectric Generator Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Thermoelectric Generator Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Thermoelectric Generator Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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