In its research report, Market Research Future (MRFR), emphasizes that the global Thermoelectric Generator market 2020 is expected to grow exponentially over the review period, securing a substantial market valuation and a healthy CAGR over the review period.
Drivers and Restraints
The global market for thermoelectric generators is a very competitive market, and the forecast period is expected to experience strong growth. Developments in and applications of thermoelectric generators are increasing the adoption trends among end-users. Thermoelectric generator turns the heat into electric electricity. Rising fuel efficiency demand and government-led strict carbon emissions have boosted the COVID-19 Impact on Thermoelectric Generator Market. The automotive segment has the largest share in the demand for thermoelectric generators, owing to an rise in global automotive manufacturing. Growth in the global market for thermoelectric generators is likely to be threatened by factors like the high price and low thermoelectric generator performance. Increasing concern about pollution and environmental concerns, especially global warming, has led to extensive research into novel electrical power generation technologies. In addition, the growing demand from industrial sectors and immobile devices has led to increased demand for generators.
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The major market players operating in the global market as acknowledged by MRFR are Gentherm, Inc., Laird PLC, II-VI Incorporated, Ferrotec Corporation, Komatsu Limited, Yamaha Corporation, Evident Thermoelectrics, Alphabet Energy, Tecteg, and Tellurex Corporation. Gentherm Inc. (US) is the top global player in the market for thermoelectric generators. The company's key objective is to produce creative and high-efficiency products by spending a significant amount of its R&D income. The business has a large product range for automotive, industrial and aerospace applications and is a leading player in the North American and European regions.
By Source, the market has been segmented into Energy Harvesting, Waste Heat Recovery, Direct Power Generation and Co-generation
By Material, the market has been segmented into Pb-Te, Bi-Te, and Others
By Power, the market has been segmented into more than 10 W, 10- 1 kW and less than 1kW
By Temperature, the market has been segmented into more than 100°C, 100-500°C and less than 500°C
By End-User, the market has been divided into Automotive, Aerospace & Defence, Industrial, Consumer and Others Among these, the industrial segment is projected to rise at the highest CAGR during the forecast period. Due to improved industry performance, stringent environmental protection standards and numerous benefits of carbon credits to the countries, the thermoelectric generator is expected to be common among both developing and developed countries, the industrial segment has seen significant growth in the last few years.
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The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.
On the global market for thermoelectric generators North America is expected to be the primary revenue generating area. The increase in demand for cleaner energy in North America is expected to fuel demand for thermoelectric generators. In 2019, the US dominated the North America region in the market for thermoelectric generators, and is expected to retain its dominance over the next five years. This would be due to increased futuristic use of TEG technology in various industries to power different equipment and devices. Room, automotive, and manufacturing sectors will be the prominent industries that will use TEG's for power generation. Other prominent factors for TEG market growth are higher disposable income, massive industrialization, and a increase in North America's demand for cleaner electricity. Over the forecast period, Europe is expected to show relative rapid growth. In APAC, it is projected that India and China will rise at a significant rate due to the increase in vehicle demand, which in turn drives growth in the market for thermoelectric generators.
Following are major Table of Thermoelectric Generator Market:
- Global Market Overview, Drivers, Restraints and Opportunities, Segmentation overview
- Global Market competition by top Players
- Analysis by Regions
- Consumption by Regions
- Consumption, By Types, Revenue and Market share by Types
- Consumption, By Applications, Market share (%) and Growth Rate by Applications
- Complete profiling and analysis of Players
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analysis, Distributors/Traders
- Global Market Effect Factors Analysis
- Global Thermoelectric Generator Market Forecast
- Global Market Research Findings and Conclusion, Appendix, methodology and data source
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