Increasing demand for recovering waste heat generated by various industries is one of the key factors driving the growth of thermoelectric generators market
The thermoelectric generators market is projected to grow from an estimated USD 368.5 million in 2017 to USD 715.8 million by 2022, at a CAGR of 14.20% during the forecast period, 2017 to 2022. Increasing demand for waste heat recovery from various industries and increasing concerns for improving the efficiency of automobiles is driving the market. Thermoelectic generators help in increasing efficiency by utilizing waste heat. High production cost of TEGs and inability to produce high electricity output are restraining its market.
The growth of the thermoelectric generators market across the globe can be attributed to the increasing demand to recover the waste heat generated by various industries. Due to the increasing environmental concerns, the demand to improve the efficiency of engines is increasing. Thermoelectric generators play an important role in increasing efficiency by utilizing waste heat.
Among End User, the automotive segment is expected to lead the thermoelectric generators market during the forecast period, 2017 to 2022.
Among End User, the automotive segment is expected to lead the thermoelectric generators market during the forecast period from 2017 to 2022. The growth of the automotive segment in the thermoelectric generators market can be attributed to the increasing adoption of thermoelectric generators to power the vehicle’s electrical system.
Among temperature, the low temperature (<80°C) segment is projected to grow at the highest CAGR in the thermoelectric generators market during the forecast period. Growth in this sector can be mainly attributed to the rising demand for self-powered sensors in the industrial sector and wearables in the healthcare and consumer markets.
The North American region is estimated to lead the thermoelectric generators market during the forecast period.
The North American region is the largest market for thermoelectric generators due to the presence of various prominent players offering thermoelectric generators in this region. Another factor that contributes to the growth of the North American thermoelectric generators market is the increasing adoption of thermoelectric generators by various industries such as automotive, aerospace, and defense in the region for power generation through waste heat recovery. There is a growing demand for thermoelectric generators in the industrial sector as well.
The break-up of profiles of primary participants in the thermoelectric generators market is as follows:
• By Company Type - Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By Designation – C level – 35%, Director level – 25%, and Others – 40%
• By Region – North America - 26%, Europe – 30%, Asia-Pacific – 22%, South America – 13%, and Middle East & Africa – 9%
Major companies profiled in the report include Gentherm, Inc. (U.S.), II-VI Marlow, Inc. (U.S.), Ferrotec Holdings Corporation (Japan), Laird plc (U.K.), KELK Ltd. (U.K.), Yamaha Corp. (Japan), Evident Thermoelectrics (U.K.), and Kryotherm Company (Russia), among others.
This research report categorizes the thermoelectric generators market on the basis of end user, temperature, source, material, wattage, and component. It studies the thermoelectric generators market in North America, Europe, Asia-Pacific, and Rest of the World (RoW).
Reasons to Buy This Report:
From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market share analysis of the top players, company profiles, emerging and high-growth segments of the thermoelectric generators market, high-growth regions, and drivers, restraints, opportunities, and challenges influencing the growth of the thermoelectric generators market.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on thermoelectric generators offered by the top players operating in the thermoelectric generators market.
• Product Development/Innovation: Detailed insights on the upcoming technologies, research & development activities, and new product launches in the thermoelectric generators market.
• Market Development: Comprehensive information about lucrative markets for thermoelectric generators across different regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the thermoelectric generators market.
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the thermoelectric generators market.