May 26, 2022 13:30 ET | Source: Fior Markets Fior Markets
Newark, NJ, May 26, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global thermoelectric generators market is expected to grow from USD 498.18 million in 2019 to USD 942.78 million by 2027, at a CAGR of 8.3% during the forecast period 2020-2027. The U.S. dominates the market in North America, owing to an increased futuristic usage of TEG Technology, huge industrialization, increase in demand for clean energy, and large disposable income. The Asia-Pacific region is expected to witness significant growth due to growth in automobile production. Europe is anticipated to witness significant growth, owing to rapid industrial development, advanced automotive industry, and the presence of economically stable countries. Argentina and Brazil are the two major consumers of electricity in the Latin America and the Middle East and Africa region, due to the presence of large industries.
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Some of the notable players in the market are Thermoelectric Woodstove Generators, Alphabet Energy, Inc., Evident Thermoelectrics, Ferrotec Corporation, Gentherm Incorporated, Laird plc, Yamaha Corporation, II-VI Incorporated, and Komatsu Limited.
The vertical segment includes aerospace, automotive, mining, defence, oil & gas, consumer, industrial, telecommunication, and healthcare. The industrial vertical segment holds the largest share, owing to improving the efficiency of the industries, benefits of carbon credits, and strict norms for environmental conservation. The wattage segment includes high power, medium power, and low power. Low power thermoelectric generators are used for camping, mountaineering, and as a power cut backup at home. The component segment includes electric load, heat source, cold side, and thermoelectric module. The temperature segment includes high temperature, medium temperature, and low temperature. The low-temperature segment is expected to witness significant growth, owing to usage in various applications like powering watches, sensors, and other consumer electronics. Based on application, the market is segmented into energy harvesting, co-generation, waste heat recovery, and direct power generation.
The factors influencing the market are rising demand for immobile and solid-state devices, the requirement for durable and maintenance-free power sources, rising demand for thermoelectric in healthcare, and growing demand for low-power generators in a sensor network. Increasing focus on alternative fuel for transportation and rising environmental awareness is expected to fuel the market. The factor hindering the market growth is the high cost of thermoelectric material and low efficiency.
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The global thermoelectric generators market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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