Thermoelectric Generator Market is to rise at 14% CAGR by 2022. Global Thermoelectric Generator Market by Source (Waste Heat Recovery, Energy harvesting, Direct Power Generation, and Co-generation), Material (Bi-Te, Pb-Te, and Others), Power (1kW), Temperature (500°C), End User (Automotive, Aerospace & Defence, Industrial, Sensors, and Others), Region.
The prominent players of global thermoelectric generator market include Gentherm, Inc., II-VI Incorporated, Ferrotec Corporation, Laird PLC, Komatsu Limited, Yamaha Corporation, Evident Thermoelectrics, Tecteg, Alphabet Energy, and Tellurex Corporation.
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Thermoelectric Generator Market Insight:
Thermoelectric generator market is cementing its foothold at a CAGR of over 14% during the forecast period from 2016 to 2021, according to Market Research Future (MRFR). In the latest, the energy and power industry is evolving due to the introduction of efficient energy resources from various sources, fuel efficiency and more. On this note, the thermoelectric generator market is evolving rapidly owing to the aforesaid factors and many more, which has been discussed in this comprehensive study by MRFR.
Market Drivers & Trends:
Thermoelectric generator generally converts the heat into electrical energy and is witnessing a substantial growth over the years attributed to the need for fuel efficiency for various purposes. The increasing demand for efficient fuel and stringent emission regarding carbon by the government has majorly boosted the market for thermoelectric generator globally. It is the automotive industry that has a powerful impact of carrying harmful fuel on the environment, has now adopted the concept of thermoelectric generator for its vehicles regarding environmental concerns. Therefore, automotive industry has largely impacted the market’s growth positively throughout the years and is sure to continue in the coming years as well.
The array of useful applications of thermoelectric generators is also one of the main factors contributing to the market’s growth. Due to urbanization, there is now a high demand for power generation, which has created a significant need for installing thermoelectric generators to provide electricity. Such an eminent application of these generators is taking up the market’s growth and would continue to do so in the assessment period. Even the industrial sector has displayed the maximum market contribution in the last five years, which has progressively driven the market t expand at a good pace.
Furthermore, the use of thermoelectric generators as part of a power plant to increase output and efficiency of power generation is also anticipated to be a key motivator for growth of the market. On the other hand, the rising prices of fuel have also motivated the growth of the global thermoelectric generators. As the demand and frequency of buying cars have been increased in over ten years, the fuel prices have also taken a big step to increase its rate. Such factor has, another way around, have developed the market for thermoelectric generator to a great extent which has also risen the demand for environmentally friendly vehicles on the road. Thus, these factors have drastically impacted the global thermoelectric generator market over the years and will do in the assessment period.
On the flip side, the market can be particularly challenged by factors such as high cost of thermoelectric generators and its lack of efficiency with regards to high price, resulting in the hindrance of the growth of the market.
Global level analysis of the thermoelectric generator market has been segmented by source, material, power, temperature, and end-user.
In terms of materials, this market segment includes Bi-TE, PB-TE, and many others.
In terms of power, this market segment has been including 1 kW.
In terms of temperature, this market segment includes 500 C.
Lastly, in terms of end-users of thermoelectric generators, this market segment includes aerospace & defense, industrial, automotive, sensors, and many others.
Detailed Regional Analysis:
The prime regions covered under the study of the regional aspect of the global thermoelectric generator market include Europe, North America, the Asia Pacific, and the Rest of the World (ROW).
Among these, North America market is acknowledged with having a substantial share of the market due to increased strain or powerplants have led the usage of thermoelectric reactors to salvage waste heat and increase the output of energy. Such situation has led the region to build more efficient fuel entities to become the significant relevant than from causing any threat.
Meanwhile, the Asia Pacific market is projected to expand its size over the course of the forecast period with the presence of rapidly emerging economies along with high economic growth which has resulted in a high disposable income. With this, high demand for continuous power supply in expanding town areas and demand for automotive vehicles have also bolstered the market growth here. Countries like India, China, and Japan are anticipated to make a massive impact on the region’s growth in the coming years.
TABLE OF CONTENTS
1. REPORT PROLOGUE
2.2. SCOPE OF THE STUDY
2.2.1. RESEARCH OBJECTIVE
2.3. MARKET STRUCTURE
2.4. MARKET SEGMENTATION
3. RESEARCH METHODOLOGY
3.1. RESEARCH PROCESS
3.2. PRIMARY RESEARCH
3.3. SECONDARY RESEARCH
3.4. MARKET SIZE ESTIMATION
3.5. FORECAST MODEL
4. MARKET DYNAMICS
4.1. DRIVERS & OPPORTUNITIES
4.2. CHALLENGES & RESTRAINTS
4.3. VALUE CHAIN ANALYSIS
4.4. PORTER’S FIVE FORCES ANALYSIS
5. THERMOELECTRIC GENERATOR MARKET, BY SOURCE
5.2. WASTE HEAT RECOVERY
5.3. ENERGY HARVESTING
5.4. DIRECT POWER GENERATION
6. THERMOELECTRIC GENERATOR MARKET, BY MATERIAL
7. THERMOELECTRIC GENERATOR MARKET, BY POWER
8. THERMOELECTRIC GENERATOR MARKET, BY TEMPERATURE
9. THERMOELECTRIC GENERATOR MARKET, BY END USER
9.3. AEROSPACE & DEFENCE
10. THERMOELECTRIC GENERATOR MARKET, BY REGION
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