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 2024-2031.

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.