Thermoelectric Generators (TEG) Market Projected to Expand at a CAGR of 12.64% from 2023 to 2030, According to Contrive Datum Insights
Contrive Datum Insights Pvt Ltd
7 min read
Contrive Datum Insights Pvt Ltd
According to a market research study published by Contrive Datum Insights, North America accounted for the largest revenue share in the global market, Europe market is expected to witness the highest CAGR during the forecast period
Farmington, March 19, 2023 (GLOBE NEWSWIRE) -- The Thermoelectric Generators (TEG) Market was valued at US$ 511.4 Million in 2022. The Global Thermoelectric Generators (TEG) Market size is estimated to grow at a CAGR of 12.64% over the forecast period 2022-2030. The Seebeck effect turns heat into electricity in a solid-state device called a thermoelectric generator, or TEG. These generators are fully silent and have no moving parts, which is different from traditional heat engines. This market is growing because more people want fuel-efficient cars and the government has strict rules about how much carbon dioxide can be released into the air. The thermoelectric generator market could grow, but the high cost of thermoelectric materials and a lack of scientific know-how could slow that growth. It is currently used for small uses because it is inexpensive, easy to use, small, and can be expanded. They are also being used in new ways to make energy through thermoelectric gathering.
In April 2021, Laird Thermal Systems launched the PCX thermoelectric cooler series to increase the reliability of PCR cycling. Used in analysis, medical, medical diagnostics, DNA amplification, and offered in the PowerCycling PCX series of thermoelectric coolers.
March 2021 The DX4091 Z-Meter is a single channel device with an internal chamber for placement of test frames containing mounted pellet samples. The lid of the chamber locks magnetically when closed or opened.
In April 2018, Gentherm Inc. launched a thermoelectric-based solution for thermal management of 48-volt lithium-ion batteries for the automotive industry. This thermoelectric technology is fully integrated into the battery housing and can heat and cool Li-ion battery cells.
Thermoelectric Generators (TEG) Market Dynamics:
Drivers
The thermoelectric generator market is growing because people want clean energy and technology and materials are getting better. The thermoelectric market is mostly driven by the growing commercialization of power generators, the rising need for compact TEGs, and the use of decarbonization technologies to reduce greenhouse gas emissions.
Opportunities
The growth of disposable money and industrialization are both great things for market growth. Many big companies are getting more business by spending money on research and development to improve their high-power thermoelectric generator usage technologies. This helps them make their heat exchangers work better and handle the stress of high-temperature gradients.
Challenges
They are mostly used in places where heat engines are too big or where there isn't enough power. The fact that these generators are hard to make and that there are obvious alternatives is a big problem for the business.
Regional Outlook:
North America made the most money out of the whole world market. The market is expected to be driven by the rising number of technological advances in North America and the growing need for generators in aerospace, automotive, medical, and many other fields. A market can also grow in a number of ways if rivals are getting more and more competitive and there are a lot of big players in the market. Also, more people want to make their cars use less fuel, and the region is becoming more industrialized quickly, which is driving up the demand for generators in the automotive business. This will keep the market growing in the coming years. During the forecast period, the CAGR for the European market is estimated to be the highest. The booming growth of the car industry and the fact that there are a lot of consumers in the area are driving up market demand in the area. In addition, strict rules about CO2 emissions from cars and more and more efforts by public and private companies to reduce carbon emissions are also helping the market grow. Europe is also a world leader that cares a lot about using green energy. Eurostat says that about 17% of the EU's heating and cooling, 26% of its power, and 6% of its transportation energy come from renewable sources. Europe is also putting a lot of money into renewable energy as a whole. This is because the demand for green electricity is growing in many end-use sectors and more people are using it in the power sector and power sector.
Top Market Players: Gentherm, II-VI Incorporated, Ferrotec Holdings Corporation, Yamaha Corp, Laird, Komatsu, and Others.
By Material:
Bismuth Telluride
Lead Telluride
Others
By Application:
Waste Heat Recovery
Energy Harvesting
Direct Power Generation
Co-generation
By End-use Industry:
Automotive
Aerospace
Industrial
Consumer
Healthcare
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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About Us: Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
