Global Thermoelectric Generators Market Report

Global Thermoelectric Generators Market Report, By End-User (Automotive, Aerospace & Defense, Industrial, Sensors & Others), Material Type (Bismuth Telluride (Bi2-Te3), Lead Telluride (Pb-Te) and Others (Sige, Etc.)), Temperature (Below 100-Degree Centigrade (<100°C), 100°C-500°C and Above 500°C (>500°C)), Wattage (30W, 30-1KW and Above 1KW) and Geography – Global Market Share, Trend Analysis & Forecast , 2019 - 2028

Report Code : 868 | Publish Date : July 2022 | Industry : Power_Energy | Geography : Global


Market Overview- Global Thermoelectric Generators Market

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.

Market Drivers

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.

Market Restraints

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.

Market Opportunity

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.

Market Growth Challenges

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.

Analysis of cumulative growth

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.

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Global Thermoelectric Generators Market Segmental Overview

The Global Thermoelectric Generators Market comprises different market segments like End-Users, Material Type, Temperature, Wattage and Geography.

Thermoelectric Generators Market by End-User 

Based on End-User, the Thermoelectric Generators market is segmented into 
  • 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. For instance, according to Dai et al., in the United States, 33% of industrial manufacturing energy is released directly into the atmosphere or cooling systems as waste heat, and this amount of heat could be used to produce 0.9 TWh to 2.8 TWh of electricity per year if thermoelectric materials with an average of ZT values ranging from 1 to 2 were used. So, to overcome such problems industrial sector has started adopting thermoelectric generators.

Thermoelectric Generators Market by Material Type

Based on Material Type, the targeted Market is divided into 
  • Bismuth Telluride (Bi2-Te3)
  • Lead Telluride (Pb-Te)
  • 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 Bismuth Telluride (Bi2-Te3) segment is projected to register the highest CAGR during the forecast period.

Thermoelectric Generators Market by Temperature

Based on Temperature, the targeted Market is divided into 
  • Below 100-degree centigrade (<100°C)
  • 100°C-500°C
  • 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. The application of Thermoelectric Generators has increased as a result of strict regulations to limit CO2 emissions.

Thermoelectric Generators Wattage

Moreover, based on Wattage, this market is categorized into 
  • 30W
  • 30-1KW
  • 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 primary factor influencing the growth of the segment is the rising use of wearable and handheld consumer electronics.

Thermoelectric Generators Market by Geography

The Global Thermoelectric Generators Market is studied for the following region 
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World (RoW)
North America is estimated to account for the largest revenue share, both, in terms of value and volume. It is projected that the market demand accelerates due to the increasing number of technological developments coupled with the rising need for generators in automotive, aerospace, healthcare, and many others. Moreover, European Market is also anticipated to have the highest CAGR during the forecast period due to the thriving growth of automotive industries, as well as the presence of a huge consumer base across the region. Additionally, market growth is being accelerated by the implementation of strict rules connected to CO2 emissions from automobiles and an increase in activities by various public and private corporations to minimize carbon emissions. Additionally, Asia Pacific is projected to register comparatively faster growth in terms of revenue over the forecasted period.

COVID-19 Impact Analysis on Global Thermoelectric Generators Market

The Global Market for Thermoelectric Generators undergoes a 360-degree analysis of micro and macroeconomic factors through the exclusive COVID-19 impact evaluation by Axiom MRC. Moreover, a complete analysis of changes in the Global Thermoelectric Generators Market expenditure, economic and international policies on the supply chain and demand side. The COVID-19 outbreaks impacted all industries in the global economy due to the lockdown restrictions imposed by the government, which have negatively affected capital investments in various sectors. During this time, the thermoelectric generator industry has experienced a significant decline due to declining demand for consumer electronics and decreasing demand in automotive, aerospace, industrial, and many other applications. In the power generation industry, companies are facing several difficulties due to a decline in electricity consumption. The global market for thermoelectric generators has been severely disrupted by the complete shutdown of sectors like consumer electronics and manufacturing. Moreover, the automotive sector has also witnessed a considerable decline in demand due to the lockdown imposed in various nations. The decline in demand for manufactured goods and consumer electronics has directly affected the demand for thermoelectric generators. However, to increase revenue generation gradually economies are planning to resume business, and demand for thermoelectric generators is expected to meet its average growth by early 2021.

Competitive Landscape Analysis

Most companies are primarily involved in mergers, acquisitions, and joint ventures in otoand their product offerings and establish a significant presence in the market. To further increase the effectiveness of heat exchangers and manage the stress of higher temperature gradients, several large manufacturers are investing in Research and Development to advance the technology for high power Thermoelectric Generators. Additionally, recent research is concentrating on creating lightweight Thermoelectric Generators. Institutions are researching to lower the price of thermoelectric generators and boost their effectiveness. The demand for Thermoelectric Generators is anticipated to rise throughout the forecast period along with the increase in research and development activities.
The leading market players in the global Thermoelectric Generators Market include 
  • Gentherm, Inc (US)
  • II-VI Incorporated (US)
  • Ferrotec Corporation (Japan)
  • Laird Thermal Systems (UK)
  • Komatsu Ltd. (Japan)
  • TEC Microsystems (Germany)


Recent Development:

March 2021: A single-channel device named DX4091 Z-Meter that has an internal chamber where a mounted pellet sample can be placed as a test frame. When closed or opened, the chamber’s cover is magnetically locked.  
April 2021: To improve the dependability of PCR cycling, Laird Thermal Systems introduced the PCX Thermoelectric Cooler Series which is used in Analytical, Medical, Medical Diagnostics, DNA Amplification and is available a thermoelectric cooler, PowerCycling PCX Series.
April 2018:  A thermoelectric-based solution for 48-volt lithium-ion battery thermal management was introduced by Gentherm Inc. for the automobile sector. The lithium-ion battery cells can be heated and cooled using this thermoelectric technology, which is completely integrated into the battery housing.

Thermoelectric Generators Market Summary

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.

SCOPE OF THE REPORT:

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

Geography
Market Players and its Competitors:

Gentherm, Inc (US)

II-VI Incorporated (US)

Ferrotec Corporation (Japan)

Laird Thermal Systems (UK)

Komatsu Ltd. (Japan)

TEC Microsystems (Germany)

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).