Thermoelectric Generator Market: Current Analysis and Forecast (2024-2032)

Report Description

Thermoelectric Generator Market Size & Forecast

The Thermoelectric Generator Market was valued at approximately USD 651.5 Million in 2023 and is expected to grow at a robust CAGR of around 11.5% during the forecast period (2024-2032). The thermoelectric generator market has prospects for growth due to the expansion of energy recovery products, the use of thermoelectric generators in remote power supply and off-grid areas, and the constant improvement of thermoelectric materials.

Thermoelectric Generator Market Analysis

Various factors like the enhanced global energy consumption brought about by the advancement of industrialization besides urbanization, are also putting pressure on the power grids. This makes PFC one of the most essential systems for industries since it mainly deals with optimizing energy and reducing power loss and the cost of electricity. Moreover, greater regulatory measures on energy effectiveness also depict that due to the increase of global sustainable pressures, companies must use PFC technologies to enrich their energy administration and correspond to the required environmental standards.

The factors that help in the growth of this market is the potential demand for correct power supply from the end user sectors like data centers, manufacturing, and other sectors in the past couple of years the spending on IoT has increased exponentially, the number of lots connected devices and other computer systems also have increased. The projected spending on lots by the end of 2024 is expected to reach around USD 1 Trillion. Moreover, in the year 2021, the spending on IT data centers was estimated to be close to USD 240 Billion.

Thermoelectric Generator Market Trends

This section discusses the key market trends influencing the thermoelectric generator market segments as identified by our research experts.

Waste Heat Recovery Transforming Industry

The waste heat recovery segment accounted for the largest share of the market. This large stake shows that TEG technology is being widely adopted in industries to capture waste heat and convert it into usable electrical power. Waste heat recovery systems provide a classic innovation strategy for upgrading energy efficiency and lowering operational costs by adopting heat that would otherwise be wasted in industrial operations, car engines, and power plants. In addition, the waste heat recovery segment is expected to demonstrate considerable growth in the coming years, owing to steady development tendencies of sustainable energy initiatives as well as the constantly increasing focus on reducing greenhouse gas emissions. Various industries around the globe are integrating thermoelectric generators and other WHR technologies to improve efficiency, meet environmental standards and requirements, and stay competitive.

North America is Expected to Dominate the Market During the Forecast Period

North America remains the leader in the industry due to its enhanced industrial structure, strong focus on technologies, and the increasing interest in sustainable solutions throughout the forecast period. Trends like growing capital on renewable energy assets, higher standards for environmental care, and the rising popularity of energy efficiency technologies are anticipated to strengthen North America’s position further. There is considerable development of renewable energy systems in the U.S such as generation systems based on solar energy, wind energy, and geothermal energy. These renewable energy systems are now being complemented by TEGs to improve efficiency and make the most of generated energy.

Thermoelectric Generator Industry Overview

The thermoelectric generator market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Gentherm, Coherent Corp, Ferrotec Holdings Corporation, Laird Thermal Systems, Inc, TECTEG MFR, Komatsu Ltd, Yamaha Corporation, Toshiba Corporation, MAHLE GmbH, and Murata Manufacturing Co, Ltd.

Thermoelectric Generator Market News

For instance, in July 2023, ISRO announced a collaboration with BARC to develop radio thermoelectric generators (RTGs) for rockets. The radio thermoelectric generator uses radioactive materials such as plutonium-238 or strontium-90, which release heat on decaying.

Thermoelectric Generator Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global thermoelectric generator market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Thermoelectric Generator Market Analysis (2022-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Thermoelectric Generator market were the three major steps undertaken to create and analyze the adoption of Thermoelectric Generator in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Thermoelectric Generator market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Thermoelectric Generator market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the thermoelectric generator market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as application, vertical, type, material, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Thermoelectric Generator market. Further, we conducted factor analysis using dependent and independent variables such as application, vertical, type, material, and thermoelectric generator market regions. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Thermoelectric Generator market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Thermoelectric Generator market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the thermoelectric generator market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global thermoelectric generator market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global thermoelectric generator market. Data was split into several segments and sub-segments after studying various parameters and trends in the application, vertical, type, material, and regions of the global Thermoelectric Generator market.

The main objective of the Global Thermoelectric Generator Market Study

The current & future market trends of the global thermoelectric generator market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Thermoelectric Generator market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of application, vertical, type, material, and regions.
• Define and analyze the regulatory framework for the Thermoelectric Generator
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Thermoelectric Generator market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Thermoelectric Generator market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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