Thermoelectric Generators Global Market Report 2023: Sector to Reach $1.2 Billion by 2027 at a CAGR of 10.1%
DUBLIN, March 22, 2023 /PRNewswire/ -- The "Thermoelectric Generators Market by Application (Waste Heat Recovery, Energy Harvesting, Direct Power Generation, Co-Generation), Temperature (<80?C, 80-500?C, >500?C) Wattage, Type, Material, Vertical, Component, Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The thermoelectric generators market is projected to grow from USD 761 Million in 2022 to USD 1,233 Million by 2027, at a CAGR of 10.1% from 2022 to 2027. Growing need for fuel efficiency amidst stringent emission control norms to drive market growth during the forecast period.
Thermoelectric generators (TEG) are used for power generation across automotive, aerospace & defense, industrial, consumer electronics, healthcare, oil & gas mining, and telecommunications industries. The adoption of TEGs in these verticals is increasing, owing to the demand for power sources in remote areas.
In the oil & gas industry, gas fuel thermoelectric generators (GTEGs) are used to power condition monitoring sensors as these generators are extremely reliable electric DC power sources. They help monitor material degradation (corrosion), pipeline management, and control of greenhouse gas emissions.
Moreover, in mining industry is focusing on applying new technologies and methods to reduce energy consumption and use renewable energy sources. TEGs are used in sensors for deep-down mining activities.
Based on application, directed power generation segment is projected to grow at fastest growth rate during forecast period
Based on application, the thermoelectric generators market is segmented into energy harvesting, waste heat recovery, direct power generation, and co-generation.
Among these, directed power generation application segment witness strong growth during 2022-2027. Efficiency in direct power generation is not only limited to thermoelectric generators; it also depends on overall system efficiency. Various factors that affect system efficiency are combustion efficiency, recovery of the exhaust gases, system heat losses, fan power consumption, pump power, and power conditioning losses.
Due to this, directpower generation is used in long life and smaller power sources for numerous applications. Increasing demand for thermoelectric generators in the aerospace, mining, and industrial sectors is expected to drive the direct power generation segment during the forecast period.
Based on vertical, Automotive held largest share in base year
Based on vertical, the thermoelectric generators market is segmented into automotive, aerospace & defense, marine, industrial, consumer, healthcare, oil & gas, mining, and telecommunications. Among these, automotive segment held largest share in base year. According to the International Organization of Motor Vehicle Manufacturers (OICA) 2021, vehicle manufacturing increased by 3% between 2020 and 2021.
Automobile manufacturers such as Volkswagen, BMW, and Volvo are working with NASA to develop thermoelectric waste heat recovery devices for fuel economy. Similarly, using these generators (with temperature differentials) to power wireless sensors would eliminate battery longevity and reliability difficulties. Such advancements in thermoelectric generators and their applications improve end-user adoption trends.
Europe is anticipated to grow at a higher growth rate during 2022-2027
Europe is anticipated to grow at a higher CAGR during the forecast period. Increasingly stringent regulations related to C02 emissions from vehicles are one of the major factors driving the market for TEGs in Europe. The EU is the world's largest region that uses renewable energy.
According to Eurostat, roughly 26% of the EU's electricity, 17% of the EU heating and cooling industry, and 6% of EU transport energy are derived from renewable energy sources.
Europe invests significantly in total renewable energy, owing to its increasing use in the power sector and the growing demand for renewable electrical energy across various industries. This, in turn, is expected to fuel the demand for thermoelectric generators in the region.
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SOURCE Research and Markets