Thermoelectric Generator Market Research Report by Source (Waste Heat Recovery, Energy Harvesting, Direct Power Generation, and Co-generation), by Material (Bi-Te, Pb-Te, and Others), by Power (<10 W, 10- 1kW, and >1kW), by Temperature (<100°C, 100-500°C, and >500°C), by End User (Automotive, Aerospace & Defence, Industrial, Sensors, and Others) and By Region (North America, Europe, Asia-Pacific, and Rest of the World) – Global Industry Size, Share, Growth, Trends and Forecast To 2032

Global Thermoelectric Generator Market Overview:

Thermoelectric Generator Market Size was valued at USD 0.68 Billion in 2023. The Thermoelectric Generator market industry is projected to grow from USD 0.78 Billion in 2024 to USD 2.01 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.60% during the forecast period (2024 - 2032). 

The increasing number of research & development activities for upgrading the performance of thermoelectric generators, high demand from remote areas of developing countries, energy efficiency and waste heat recovery, automotive and aerospace applications, miniaturization and portable devices, remote and off-grid power generation, climate change and environmental concerns, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Thermoelectric Generator Market Trends

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  High demand from remote areas of developing countries is driving the market growth

  
  

The thermoelectric generator (TEG) industry is being greatly fueled by the growing demand from rural areas of developing nations. Due to their geographic position, poor infrastructure, and limited access to conventional energy sources, these areas frequently struggle to obtain consistent and affordable electricity. TEGs therefore offer a potential approach to meet their energy needs and advance sustainable development.

TEGs have the benefit of being modular and scalable, which makes them appropriate for a range of applications in remote locations. They can be used in small-scale off-grid power systems to supply homes, community centers, educational institutions, and healthcare facilities with electricity. Due to the decentralized nature of power generation, even rural settlements that are cut off from the main grid can obtain electricity. It greatly enhances education, fosters economic activity, and improves the quality of life in these areas.

The growing reliance on electronic gadgets and communication technology is another factor fueling the rising need for electrification in rural areas. The requirement for a dependable and steady power source is becoming more and more important as mobile phones, computers, and other gadgets become necessary instruments for connectivity and economic engagement. These gadgets can be made independent of grid power or disposable batteries by integrating TEGs into them or using them to recharge their batteries. As a result, TEGs contribute to the overall sustainability of these electronic products in addition to acting as a source of electricity.

Utilizing domestic renewable energy sources to lessen reliance on imported fossil fuels is of great importance in many developing nations. TEGs can assist in achieving this goal by utilizing nearby solar or waste heat energy sources, obviating the requirement for pricey fuel imports. As a result, there may be potential for local job creation and skill advancement in renewable energy technology, as well as a boost to energy security and price stability. 

Various government programs and international organizations frequently promote the deployment of TEGs in rural areas of developing nations. Many governments provide financial aid, incentives, or subsidies to encourage the use of renewable energy technologies in underserved areas. The implementation of programs that bring sustainable energy options to distant communities is supported by money and technical assistance from international development organizations. Thus, driving the Thermoelectric Generator market revenue.

Thermoelectric Generator Market Segment Insights:

Thermoelectric Generator Source Insights

The Thermoelectric Generator market segmentation, based on Source, includes Waste Heat Recovery, Energy Harvesting, Direct Power Generation, and Co-generation. The waste heat recovery segment dominated the market in 2022. Recovering and turning waste heat into energy directly lowers emissions of greenhouse gases. Industries can more easily comply with environmental requirements and reduce their carbon footprint by utilizing waste heat with TEGs. This is in line with international initiatives to prevent climate change and advance sustainable lifestyles.

Thermoelectric Generator Material Insights

The Thermoelectric Generator market segmentation, based on Material, includes Bi-Te, Pb-Te, and Others. The Bi-Te category generated the most income in 2022. Bismuth and telluride-based compounds have exceptional thermoelectric properties, such as a high dimensionless thermoelectric figure of merit (ZT). Bi-Te materials have demonstrated reasonably high ZT values, which qualifies them as strong contenders for converting waste heat into usable power. ZT measures how effectively a substance converts heat into electricity.

Thermoelectric Generator Power Insights

The Thermoelectric Generator market segmentation, based on Power, includes <10 W, 10- 1kW, and >1kW. The 10- 1kW segment dominated the market in 2022. The automotive industry is researching TEGs to recover waste heat from internal combustion engines and exhaust systems. TEGs in the 10–1kW range can be added to vehicles to improve fuel efficiency and lower pollution. This use is especially important in light of the automotive industry's shift toward electrification and hybridization.

Figure 1: Thermoelectric Generator Market, by power, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Thermoelectric Generator Temperature Insights

The Thermoelectric Generator market segmentation, based on Temperature, includes <100°C, 100-500°C, and >500°C. The 100-500°C segment dominated the market in 2022.  For combined heat and power (CHP) systems, where both electricity and useable heat are produced concurrently, the temperature range of 100–500 °C is appropriate. Common applications for these systems include home, business, and industrial environments. TEGs are essential because they increase the efficiency of CHP systems by transforming a portion of the heat generated during energy production into additional electricity.

Thermoelectric Generator End User Insights

The Thermoelectric Generator market segmentation, based on End User, includes Automotive, Aerospace & Defence, Industrial, Sensors, and Others. The aerospace & defence segment dominated the market in 2022. The use of remote sensors, monitoring tools, and communication equipment in locations with limited access to power sources is common in aerospace and defense applications. These systems can incorporate TEGs to offer a consistent and dependable supply of power, ensuring that vital data collecting and transmission are maintained even in difficult circumstances.

Thermoelectric Generator Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Thermoelectric Generator Market dominated this market in 2022 (45.80%). The manufacturing of electronics is concentrated in the Asia-Pacific area. TEGs can be used to power wearable technology, sensors, and other electronic devices, which will help the electronics market grow. Moreover, China’s Thermoelectric Generator market held the largest market share, and the Indian Thermoelectric Generator market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Thermoelectric Generator Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Thermoelectric Generator market accounts for the second-largest market share. The manufacturing sectors in European nations are robust, and waste heat recovery is a major area of concentration for boosting energy efficiency. TEGs can make a difference by generating electricity, absorbing waste heat from industrial operations, and lowering the energy requirements of manufacturing facilities. Further, the German Thermoelectric Generator market held the largest market share, and the UK Thermoelectric Generator market was the fastest growing market in the European region.

The North America Thermoelectric Generator Market is expected to grow at the fastest CAGR from 2023 to 2032. Power solutions that are dependable, light, and energy-efficient are in high demand in the region's aerospace and defense sector. TEGs are advantageous for unmanned aerial vehicles (UAVs), satellites, and other defense applications because they can meet power requirements in difficult or remote settings. Further, the U.S. Thermoelectric Generator market held the largest market share, and the Canada Thermoelectric Generator market was the fastest growing market in the North America region.

Thermoelectric Generator Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Thermoelectric Generator market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Thermoelectric Generator industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Thermoelectric Generator industry to benefit clients and increase the market sector. In recent years, the Thermoelectric Generator industry has offered some of the most significant advantages to medicine. Major players in the Thermoelectric Generator market, including Gentherm, Inc., II-VI Incorporated, Ferrotec Corporation, Laird PLC, Komatsu Limited, Yamaha Corporation, Evident Thermoelectrics, Tecteg, Alphabet Energy, and Tellurex Corporation. and others, are attempting to increase market demand by investing in research and development operations.

Gentherm Inc. (Gentherm) develops thermal management systems. The company offers heated and cooled seat systems, cup holders, heated and ventilated seat systems, heated car interior systems, heated steering wheel heaters, and wire harnesses and related wiring supplies. It provides patient temperature control options, such as temperature control equipment and hyper-hypothermia. Some of its top brands are WarmAir/FilteredFlo, ASTOPAD, Blanketrol, Micro-Temp, Electri-Cool, and Micro-Temp. Only two of the sectors Gentherm delivers its products and services to be the automotive and healthcare service providers. The corporation conducts business in Asia, North America, and Europe. The headquarters of Gentherm are located in Northville, Michigan, a city in the US.

A corporation called Komatsu Ltd. manufactures equipment. It manufactures and sells utility and forestry equipment in addition to industrial, mining, and construction machines. Through production and technological innovation, it offers products, services, and solutions to suit social demands. The company sells industrial vehicles, engines and parts, casting goods, grading and roadbed preparation equipment, hauling equipment, forestry equipment, tunneling machines, recycling equipment, and other logistics-related equipment. It also sells industrial machinery such sheet metal machines, machine tools, metal forging and stamping presses, defense systems, and temperature control equipment. The operations of Komatsu are supported by a national and international sales and distribution network. The company has manufacturing sites in the US, Japan, Germany, UK, Sweden, Canada, Indonesia, Brazil, Italy, China, and Thailand. Tokyo, Japan is home to Komatsu's corporate headquarters.

Key Companies in the Thermoelectric Generator market include

• Gentherm, Inc.


• II-VI Incorporated


• Ferrotec Corporation


• Laird PLC


• Komatsu Limited


• Yamaha Corporation


• Evident Thermoelectrics


• Tecteg


• Alphabet Energy


• Tellurex Corporation

Thermoelectric Generator Industry Developments

November 2022:Laird Thermal Systems, Inc. developed the LA5000, a new 5000 watt liquid-to-air water heat exchanger solution series, for data centers and industrial applications.

February 2022:Laird Thermal Systems, Inc. presented the PowerCycling PCX Elongated Thermoelectric Cooler to speed up PCR testing. It is intended for use in applications involving medicine, analysis, and DNA amplification.

For example, in July 2023, the Indian Space Research Organization (ISRO) outlined its partnership with Bhabha Atomic Research Centre (BARC) for the development of radio thermoelectric generators (RTGs) for rockets. The Radio Thermoelectric Generator or RTG is operated by radioactive materials like Plutonium-238 or Strontium-90 that give off heat as they decay.

Global Power Technologies, one of the leading companies specializing in off-grid power solutions, announced the debut of a new Sentinel thermoelectric generator fueled by natural gas in January 2023. Sentinel can provide up to 8W DC continuous power and is HAZLOC-certified for mission-critical applications.

Laird Thermal Systems, a key player in the market, launched a new range of thermoelectric coolers in July 2021. These are specifically targeting optoelectronic products with high-temperature applications.

The PCX series were introduced in April 2021 by Laird Thermal Systems to enhance the probability of replication during PCR cycling. This is through utilization during analysis, medical diagnostics and DNA amplification that is available from PowerCycling PCX series of thermoelectric coolers.

DX4091 Z-Meter was released in March 2021 as a single-channel device having an internal chamber for positioning test frames, including mounted pellet samples. The lid magnetically locks when closed or opened.

A group of American scientists has invented an improved version of a thermo-electric generator (TEG), which has higher efficiency and greater flexibility than its predecessors. Their discovery could potentially open up new possibilities regarding TEG’s application, such as wearable electronics, remote sensors and recycling waste heat.

Sage Geosystems has collaborated with Metamaterial Inc. to develop sub-surface thermo-electric generation as a sustainable energy generation solution. A collaboration between Sage Geosystems, who possess expertise on subsurface imaging, together with Metamaterials, which provides advanced materials science, could yield innovative ways of generating energy.

Thermoelectric Generator Market Segmentation:

Thermoelectric Generator Source Outlook

• Waste Heat Recovery


• Energy Harvesting


• Direct Power Generation


• Co-generation

Thermoelectric Generator Material Outlook

• Bi-Te


• Pb-Te


• Others

Thermoelectric Generator Power Outlook

• <10 W


• 10- 1kW


• >1kW

Thermoelectric Generator Temperature Outlook

• <100°C


• 100-500°C


• >500°C

Thermoelectric Generator End User Outlook

• Automotive


• Aerospace & Defence


• Industrial


• Sensors


• Others

Thermoelectric Generator Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America