DUBLIN, Oct. 21, 2019 /PRNewswire/ -- The "Thermoelectric Generators Market by Application (Waste Heat Recovery, Energy Harvesting, Direct Power Generation, Co-generation), Wattage (<10 W, 10-1kW, >1kW), Temperature (<80°C, 80°- 500°C, >500°C), Material, Vertical, Component, Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Thermoelectric Generators Market Size is Expected to Grow from USD 460 Million in 2019 to USD 741 Million by 2025, at a CAGR of 8.3%.
The thermoelectric generators market comprises major solution providers, such as Gentherm, Inc. (US), II-VI Marlow, Inc. (US), Ferrotec Corporation (Japan), Laird plc (UK), Komatsu Ltd. (Japan).
Increasing demand for solid-state energy converters are expected to drive market growth
The major factors driving the Increasing demand for energy converters for thermoelectric generators in automobiles and recovering the waste heat generated by various industries.
The Medium power (10-1KW) wattage segment is projected to lead the market during the forecast period
Based on wattage, the thermoelectric generators market has been segmented into the Low power (<10 W), Medium power (10-1KW), and High power (> 1KW). Medium power (10-1KW) wattage plays a significant role in cogeneration plants and industrial applications for steam turbines. This steam turbine work as generator drives or as mechanical drives for compressors or pumps. Steam turbines are also often applied in the renewable energy sector. Such advancements are driving the demand for thermoelectric generators.
Automotive is projected to lead the thermoelectric generators market during the forecast period
Based on vertical, the automotive is expected to be the leading segment during the forecast period. A thermoelectric generator can substitute batteries to power various electronic equipment inside the car. Since these generators require very little maintenance, and there has been an increasing adoption of its vehicles, the market for thermoelectric generators is expected to grow in all regions. However, advancements in thin-film and quantum well technologies could increase efficiency in the future. With the developments in technology, the automotive segment is expected to grow in the coming years.
The Europe, thermoelectric generators market, is projected to grow at the highest CAGR during the forecast period
The thermoelectric generators market in the Europe region is expected to grow at the highest CAGR during the forecast period. Major factors which are expected to drive the growth of European thermoelectric generators market include increasing concerns of European government towards the greenhouse gas emissions and new, stringent legislations related to the C02 emission from the vehicles registered in Europe.
Europe also has the highest number of car users per 1000 people with a large volume of automotive. The increasing trend for electrification and hybridization in automotive and rising interest from automotive OEM's in TEG technology is expected to increase the demand for thermoelectric generators.
- Increasing Demand for Solid-State Energy Converters
- Growth of Renewable Energy in Power Sector
- Requirement for Durable and Maintenance-Free Power Sources
- Increasing Adoption of Thermoelectric Generators Across Various Sector
- Growing Demand for Low-Power Generators in Sensor Networks
- High Cost of Thermoelectric Materials
- Complex Design Modification of Thermoelectric Generators and Presence of Prominent Substitutes
- Thermoelectric Generation Technology in Automobile
- Radioisotope Thermoelectric Generators
- Miniature Thermoelectric Generators
- Wearable Thermoelectric Generators
- Thermoelectric Generators in Aerospace and Defense Industries
- Advancement in Thermoelectric Materials
Recent Funding in Thermoelectric Generators Market
Innovations and Patent Registrations
- Align Sourcing LLC
- Brimrose Corporation
- Everredtronics Ltd.
- Ferrotec Corporation
- Gentherm, Inc.
- Hi-Z Technology
- II-VI Incorporated
- Kelk Ltd.
- Komatsu Ltd.
- Laird, PLC.
- Novus Energy Technologies, Inc.
- Otego GmbH
- P&N Technology (Xiamen) Co., Ltd.
- Perpetua Power Source Technologies, Inc.
- Redhawk Energy Systems, LLC
- Rmt Ltd.
- Teledyne Energy Systems, Inc.
- Yamaha Corporation
For more information about this report visit https://www.researchandmarkets.com/r/r95a8s
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