Thermoelectric Generator Market is Estimated to Witness High Growth Owing to Advanced Thermoelectric

Author : ojaswini patil | Published On : 23 Jan 2025

Thermoelectric generators are devices that generate electric current from differences in temperature of two conductors which are joined at both ends. Thermoelectric generators offer various advantages over traditional power generation methods such as ability to harness wasted heat, no moving parts which makes them more reliable, and compact size which makes them suitable for various applications including automotive, consumer electronics, industrial and others. The automotive industry has emerged as one of the major end users of thermoelectric generators as it looks for innovative solutions to increase fuel efficiency. Growing demand for electric and hybrid vehicles is also driving the adoption of thermoelectric generators which can harness wasted heat from exhaust systems and engines to charge batteries and provide additional power.

Global Thermoelectric Generator Market is estimated to be valued at USD 749.2 Mn in 2024 and is expected to reach USD 1568.3 Mn by 2031, growing at a compound annual growth rate (CAGR) of 11.1% from 2024 to 2031.



Key Takeaways

Key players operating in the Thermoelectric Generator market are Ferrotec, Gentherm, II-VI Marlow, Kelk, Laird Thermal Systems, TE Technology and TECTEG MFR.

Thermoelectric Generator Market demand from automotive industry presents significant growth opportunities for Thermoelectric Generator manufacturers. Strict emission regulations have compelled automakers to focus on improving fuel efficiency which drives the adoption of thermoelectric generators.

Major players are focusing on expanding their geographical footprint in high growth regional markets such as Asia Pacific and Middle east and Africa. Increasing focus on renewable energy generation across developing regions will boost the demand for thermoelectric generators in the coming years.

Market drivers

The global demand for electric and hybrid vehicles has witnessed strong growth over the past few years owing to stringent emission norms and rising environmental concerns. Thermoelectric generators are increasingly used in electric vehicles to recover wasted heat from exhaust or the electric motor and charge the batteries, thereby improving the vehicle's range. Growing electric vehicle market is expected to remain a key driver for thermoelectric generators over the forecast period.


PEST Analysis

Political: The government promotes renewable and clean energy resources. Subsidies and tax rebates are provided to encourage adoption of thermoelectric generators.

Economic: Thermoelectric generators provide cost-effective and sustainable energy for applications such as waste heat recovery. Lower operating costs compared to other technologies is driving market growth.

Social: Rising environmental concerns and need for sustainable development is increasing demand for green technologies. Thermoelectric generators are preferred due to their minimal carbon footprint.

Technological: Advances in nanostructured materials and device manufacturing processes have improved the efficiency and reliability of thermoelectric generators. New algorithms for optimal placement and integration of generators are being developed.

Geographical Regions  

The thermoelectric generator market is concentrated in Asia Pacific and North America regions in terms of value. The presence of established automotive, industrial and electronics manufacturers adopting waste heat recovery techniques using thermoelectric generators drives the market in these regions.

 

Europe region is expected to witness the fastest growth in the thermoelectric generator market during the forecast period. Increasing investment by governments and private organizations towards renewable energy projects and implementation of stringent emission norms will boost the demand for clean and self-sustaining thermoelectric generators across various industries.

 

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Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

 

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