Thermoelectric Generator Market to Note Revenue Loss following COVID-19 Outbreak

Pune, India, June 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Thermoelectric Generator Market.

Market Overview

Market Research Future (MRFR) projects the thermoelectric generator market 2020 to advance ay an approximate rate of 14.4% from 2022 to 2030 (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.

Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of Thermoelectric Generator Market Trends

COVID-19 Analysis

The COVID-19 outbreak has left the thermoelectric generator market high and dry, in conjunction with the falling product demand and the crashing power prices in the energy and power industry. Acknowledging the long-term impact of COVID-19, most of the notable companies are trying to cut down the costs of protecting their assets, and are endeavoring to ensure continuous flow of operations to curb revenue loss induced by the novel coronavirus. While several nations are working on finding a COVID-19 breakthrough, the lockdown period has led to restrained movement of materials in the thermoelectric generator market. The short term impact has resulted in a substantial downfall in the investment capacity combined with the power prices dropping as a result of political turbulence, following the onset of SARS-CoV-2. The pandemic has massively impacted the industrial sector, steering the focus of global companies towards development of mitigation measures as well as new business models to deal with the crisis, which can work in favor of the global market.

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.  

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.

Market Segmentation

Source, material, power, temperature and end-user are the key segments based on which the market assessment has been carried out in the study.

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.

Regional Insight

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 Players

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.

Latest News

May 2020

A research team from Lawrence Livermore National Laboratory has successfully created thermoelectric generators with the use of an additive manufacturing method known as cold-spray deposition. These thermoelectric generators have the ability to harvest massive amount of waste heat from otherwise inaccessible sources, including pipes that have complex designs. These generators also exhibit excellent performance over a broad range of temperature.