The key driving factors of the market are stringent government regulations and industrial automation across the world.
Thermoelectric generators (TEG) are the part of Energy Harvesting devices market. TEGs are also called solid State Devices as these devices generate direct electrical energy by sensing temperature gradient. This phenomenon is also called the Seeback effect. These devices convert heat into electricity and are based on thermoelectric effects involving interactions between the flow of heat and electricity through solid bodies. Two elements are used such as P-type and n-type to allow electrons to migrate and generate electric current. These generators have no moving parts and are completely silent, unlike conventional heat engines with a low-maintenance, renewable energy source that is simple to install, safe to store, and cost-effective.
The global market for thermoelectric generators is primarily driven by the rise in demand for fuel-efficient vehicles and the implementation of strict government restrictions to reduce carbon dioxide emissions. Most power sources, including batteries and other generators, add to overall expenses because maintenance is necessary for them. As they don’t use chemical products, thermoelectric generators are not only very dependable and long-lasting but also environmentally beneficial. Since they lack mechanical components and/or moving parts, they operate quietly. They can be made from a variety of substrates, including silicon, polymers, and ceramics. Despite the possibility of mechanical or chemical degradation brought on by the creation of foreign material that impairs heat transfer, no significant degradation of Thermoelectric Generators (TEGs) has been reported, Additionally, Thermoelectric Generators are excellent for incorporation into bulk and flexible devices and offer extended lifetime (typical life span of 25 years). The automobile industry, along with other sectors is showing interest where heat is a byproduct which also drives the market for thermoelectric generators.
The cost associated to install this system is expected to restrain the growth of the Thermoelectric Generators Market during the forecast period. For instance, it is necessary to accomplish the heat exchanger cost of $1/(W/oC) to achieve the $1/W Thermoelectric Generators system cost. TEG costs varied depending on the cold temperature, from $13,500/kW to $16,000/kW at 500° C hot temperature to $10,000/kW to $12,000/kW at 575°C. Moreover, inefficiency to generate high output power is further expected to hamper the growth of the market.
Low efficiency is a barrier to the development of TEGs, so scientists and manufacturers are attempting to overcome three main challenges by enhancing ZT, expanding the operating range of materials to operate with higher temperature differences, and finally, investigating low-cost materials to offset the effects of low efficiency. Currently, Thermoelectric (TE) materials have a ZT of around 1 or less. Bismuth telluride (Bi2Te3) has been the only material utilized for industrial thermoelectric modules over the past ten years. It has been customary to evaluate the suitability of thermoelectric materials for devices using the formula for the highest efficiency (Cmax) of heat transformation into electricity by a thermoelectric device in terms of the dimensionless figure of merit (ZT). The development of novel thermoelectric materials with a higher figure of merit has been now focused on by researchers. Some materials with a ZT>2 figure of merit, like Cu2x Se and PbTe 0.7 S 0.3, have been successfully synthesized by researchers. Since the properties of thermoelectric materials are temperature-dependent, they typically exhibit the highest ZT within a specific temperature range. Therefore, current studies have concentrated on designing and producing thermocouples with segmented materials centered on the working temperature to endure the required heat source’s temperature while maintaining the highest ZT to attain maximum benefit.
The two most common alternatives to thermoelectric generators are solar energy generation and piezoelectric power generating. Piezoelectric solid-state devices have an efficiency of 10-15%, while solar energy turns light into electricity with a 20-25% efficiency. The former two are significant in terms of output to input ratio compared to thermoelectric generators, which have an average efficiency of 2-4%; as a result, they pose challenges for the Thermoelectric Generators market. The operating temperature and needed output power have a big impact on how well thermoelectric generators work. Manufacturers are impacted since the design needs to be adjusted based on the application.
The report provides an in-depth analysis of the Global Thermoelectric Generators Market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The rise in demand for fuel-efficient and an increasing number of research and development activities are attributed to the market growth.
The global thermoelectric generators (TEG) market is segmented by End-users Automotive, Aerospace & Defense, Industrial, Sensors & Others. Among all, the industrial sector is projected to record the highest growth during the forecast period due to the adoption of TEGs in smelters & blast furnaces, and other chemical processing applications. By type of material used in the construction of TEG market segmented material Bismuth Telluride (Bi2-Te3), Lead Telluride (Pb-Te), and Others (SiGe, etc.). The temperature range at which the material is utilized affects the choice of thermoelectric material. The most widely used material is Bismuth Telluride (Bi2-Te3), which has the greatest figure of merit and performs well in a variety of applications. The report also includes segmentation of TEG based on the temperature at which TEGs operate are Below 100-degree centigrade (<100°C), 100°C-500°C, and above 500°C (>500°C). The applications for which thermoelectric generators are utilized determine these temperature ranges. The below 100 degrees centigrade (<100°C) segment accounted for the highest CAGR during the forecast year. By wattage, the market is segmented below 30W, 30-1KW, and above 1KW. The temperature that is applied to the plates of Thermoelectric Generators has a significant impact on the power that is generated. The market for Thermoelectric Generators is anticipated to grow at the highest CAGR in the low power (30W) segment. The Global Thermoelectric Generators Market is studied for the following region North America, Europe, Asia-Pacific, Rest of the World (RoW). North America accounted major market share & the Asia Pacific followed by North America with 21% of the market share.
Market Sizing for Year: | 2019-2028 |
Base Year: | 2021 |
Forecast Period: | 2022-2028 |
Value: | USD
Million |
Market Segment studied: | End-Users Material Type Temperature Wattage |
Market Players and its Competitors: | Gentherm, Inc (US) II-VI Incorporated (US) Ferrotec Corporation (Japan) Laird Thermal Systems (UK) Komatsu Ltd. (Japan) |
FREQUENTLY ASKED QUESTIONS
What are the drivers for Thermoelectric Generators Market?
The key driving factors of the market are stringent government regulations and industrial automation across the world.
Which is the leading application segment for the Thermoelectric Generators market?
Industrialization has accounted for the major market share and is expected to witness growth at the highest pace during the forecast period.
Which region is gaining a majority of market share during the forecast period (2022-2028)?
North America is expected to dominate the Thermoelectric Generators Market during the forecast period (2022-2028).