Thermoelectric Generators Market Size, Share, Trends and Global Forecast to 2026

1
The overall Thermoelectric Generator Market is
projected to grow from USD 406 million in 2021
to USD 635 million by 2026, at a CAGR of 9.4
from 2021 to 2026. North America is estimated to
account for the largest share of the
thermoelectric generator market from 2021 to
2026. Thermoelectric generators and
thermoelectric materials that were previously
utilized primarily in niche applications are now
becoming more popular with the introduction of
wider automotive applications and the efforts to
exploit waste- heat-recovery technologies.
Thermoelectric generators are not only highly
reliable and durable, but they are also
environmentally friendly because they do not
include chemical products. These reasons are
boosting their demand further. Download PDF
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wnloadNew.asp?id91553904 The outbreak of
COVID-19 and its resultant lockdowns and supply
chain disruptions have adversely affected the
TEG market, with the suspension and delay to
carry out TEG manufacturing operations in 2020.
The condition still is not normal in the first
quarter of 2021, due to ongoing surge in COVID-19
cases worldwide. Based on wattage, the
thermoelectric generators market is segmented
into low power (lt10 W), medium power (10-1 kW),
and high power (gt 1 kW). The power produced by
thermoelectric generators is highly dependent
upon the temperature applied to their plates.
The low power (lt10 W) segment of the
thermoelectric generators market is projected to
grow at the highest CAGR during the forecast
period. The increased use of wearables and
handheld consumer electronic devices is the major
driver for the growth of the low power
segment. Based on type, considering the flow and
heat transfer process of the heat source along
with the cold source, TEGs are categorized into
single stage and multistage. The single stage
segment held the major share of the global TEG
market in 2020 and multi stage segment is going
to have the highest CAGR during the forecast
period. Based on temperature, the thermoelectric
generators market is segmented into low
temperature (lt80C), medium temperature
(80-500C), and high temperature (gt500C).
These temperature ranges depend upon the
application that the thermoelectric generators
are used in. By temperature, the low (lt80C)
segment of the thermoelectric generator (TEG)
market is projected to register the highest CAGR
of 11.2 during the forecast period. Stringent
laws to reduce CO2 emission have led to the
increasing application of thermoelectric
generators.
2
Based on material, the thermoelectric generators
market is segmented into bismuth telluride, lead
telluride, and others. The selection of the
thermoelectric material is dependent on the
temperature range at which the material is used.
Currently, bismuth telluride is the most widely
used material as it has the highest figure of
merit and exhibits high performance across
applications. The Bismuth Telluride segment of
the thermoelectric generators (TEG) market is
projected to register the highest CAGR during
the forecast period. Based on component, the
thermoelectric generators market is segmented
into heat source, thermoelectric module, cold
side, and electric load. These components are
made of materials such as bismuth telluride, lead
telluride, and others for better thermal
conductivity. The thermoelectric module segment
is projected to have the highest CAGR during the
forecast period. Increasing use of efficient
materials for manufacturing thermoelectric
modules boosts demand. Based on vertical, the
thermoelectric generators market is segmented
into automotive, aerospace defense, marine,
industrial, consumer, healthcare, oil gas,
mining, and telecommunications. The industrial
segment is projected to record the highest
growth during the forecast period owing to the
adoption of TEGs in smelters blast furnaces,
and other chemical processing applications. Based
on application, the thermoelectric generators
market is segmented into energy harvesting,
waste heat recovery, direct power generation, and
co-generation. The waste heat recovery
application is expected to lead the market for
TEGs during the forecast period driven by the
increasing trend of electrification of
automobiles. This trend will help increase the
demand for TEGs, which produce electricity from
the waste heat from automobiles. Ask for Sample
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