According to Contrive Datum Insights, the thermoelectric generator (TEG) market is projected to grow at a CAGR of 12.64% from 2023 to 2030
Contrive Datum Insights Private Limited
According to a market research study published by Contrive Datum Insights, North America accounts for the largest revenue share in the global market, with the Europe market expected to witness the highest CAGR during the forecast period.
FARMINGTON, March 19, 2023 (GLOBE Newswire) — Thermoelectric Generator (TEG) Market US$511.4 million in 2022. The global Thermoelectric Generator (TEG) market size is projected to grow at a CAGR of 12.64% during the forecast period, 2022-2030. The Seebeck effect converts heat into electricity in a solid-state device called a thermoelectric generator, or TEG. These generators are completely silent and have no moving parts, which is different from conventional heat engines. This market is growing because more people want fuel-efficient cars and stricter government regulations limit how much carbon dioxide can be released into the air. The thermoelectric generator market may be growing, but the high cost of thermoelectric materials and a lack of scientific information may slow that growth. It is currently used for smaller applications because it is inexpensive, easy to use, miniaturized and can be expanded. They are also being used in new ways of creating energy through thermoelectric gathering.
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Thermoelectric Generator (TEG) Market recent developments:
In April 2021, Laird Thermal Systems launched the PCX thermoelectric cooler series to enhance the reliability of PCR cycling. Used in analysis, therapy, medical diagnosis, DNA amplification, and powercycling are offered in the PCX series of thermoelectric coolers.
March 2021 The DX4091 Z-meter is a single channel device with an internal chamber for mounting a test frame containing mounted pellet samples. The chamber lid snaps into place magnetically when closed or opened.
In April 2018, Gentherm Inc. launches 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 the Li-ion battery cells.
the story continues
Thermoelectric Generator (TEG) Market Dynamics:
The thermoelectric generator market is growing because people want cleaner energy and technology and materials are getting better. Thermoelectric market is mostly driven by increasing commercialization of power generators, growing need for compact TEGs, and use of decarbonization technologies to reduce greenhouse gas emissions.
The growth of disposable wealth and industrialization are both great things for market growth. Many large companies are doing more business by spending money on research and development to improve their high-power thermoelectric generator utilization techniques. This helps them to make their heat exchangers work better and handle the stress of high temperature gradients.
They are mostly used in places where heat engines are too large or where there is not enough power. The fact that these generators are hard to make and there are no obvious alternatives is a big problem for the business.
North America made the most money from the entire world market. The market is expected to be driven by the increasing number of technological developments in North America and the increasing need for generators in aerospace, automotive, medical, and many other sectors.
If rivals are getting more and more competitive and there are too many big players in the market then the market can develop in many ways. Furthermore, more people want their cars to use less fuel, and the sector is becoming increasingly industrialized, which is driving the demand for generators in the automotive business. This will keep the market growing in the years to come.
During the forecast period, the CAGR is estimated to be highest for the European market. The increasing growth of the car industry and the fact that there are a number of consumers in the region are driving the market demand in the region. Furthermore, stricter regulations regarding CO2 emissions from cars and greater efforts by public and private companies to reduce carbon emissions are also helping the market to grow.
Europe is also a world leader that cares a lot about the use of green energy. Eurostat says that around 17% of the EU’s heating and cooling, 26% of its power and 6% of its transport energy come from renewable sources. Europe as a whole is also investing a lot of money in renewable energy. This is because the demand for green electricity is increasing in many end-use sectors and more people are using it in the power sector and in the power sector.
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12.64, from 2023 to 2030
Market size in 2022
USD 511.4 million
Bismuth Telluride, Lead Telluride, Other
Waste Heat Recovery, Energy Harvesting, Direct Power Generation, Co-generation
by end-use industry
Automotive, Aerospace, Industrial, Consumer, Healthcare
Gentherm, II-VI Incorporated, Ferrotec Holdings Corporation, Yamaha Corp, Laird, Komatsu, and others
2017 to 2021
2023 to 2030
Key Segments Covered in the Thermoelectric Generator (TEG) Market:
Top Market Players:
Gentherm, II-VI Incorporated, Ferrotec Holdings Corporation, Yamaha Corp, Laird, Komatsu, and others.
waste heat recovery
direct power generation
By End-Use Industry:
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)
Middle East and Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of Middle East and Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
rest of the world
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