26 C
New York
Monday, June 24, 2024
HomeResearchThermoelectric Generators Market Size is Surge at USD 1807.1 Million by 2031...

Thermoelectric Generators Market Size is Surge at USD 1807.1 Million by 2031 With CAGR of 9.8% | Rising Adoption in Green Technology

Date:

Related stories

spot_imgspot_img


The Thermoelectric Generators Market Size was valued at USD 855.34 million in 2023. It is projected to reach USD 1807.1 million by 2031.

Download Sample Copy of Report: https://www.snsinsider.com/sample-request/2454 

Some of Major Keyplayers in this Report:

  • Gentherm, Inc.
  • II-VI Incorporate
  • Ferrotec Corporation
  • Laird PLC
  • Komatsu Limited
  • Yamaha Corporation
  • Evident Thermoelectrics
  • Tecteg
  • Alphabet Energy
  • Tellurex Corporation

A driving force in the thermoelectric generators market is the growing emphasis on sustainability, reflected in a rising 80% demand for waste-to-energy systems across industries.

This marries well with TEGs’ ability to convert waste heat a byproduct of industrial processes and even homes into usable electricity. Additionally, stricter government regulations to curb carbon dioxide emissions are pushing the automotive industry towards 65% higher demand for fuel-efficient vehicles, making TEGs a promising solution for generating power from exhaust heat.

Major Challenges:

While SNS Insider researchers report record ZT (efficiency) values around 10% for non-segmented devices, translating these advancements into commercial applications remains difficult. Additionally, high-performance TEG materials often come at a premium, with costs exceeding established renewable energy sources. This is exemplified by radioisotope thermoelectric generators (RTGs) in space, where the radioactive isotope Plutonium-238 can incur costs of $6 million per 6kg, coupled with stringent regulations for transportation.

A largely untapped opportunity exists within the Thermoelectric Generators (TEGs) market, particularly in the realm of Internet of Things (IoT) applications.

Here, TEGs can harvest energy from miniscule environmental fluctuations, powering remote sensors and devices for years without battery replacements. This holds immense potential for industries like agriculture 70% of farms lack grid access globally and environmental monitoring wireless sensors can be deployed in ecologically sensitive areas.

While upfront costs are currently a hurdle TEGs can be 20% more expensive than batteries, advancements in material science and miniaturization are expected to bring these costs down by 15.71% by 2031.

Market Segmentation:

By Component

  • Heat Source
  • Thermoelectric Module
  • Cold Side
  • Electric Load

By Wattage

  • Low Power (<10W)
  • Medium Power (10-1 kW)
  • High Power (>1 kW)

By Application

  • Waste Heat Recovery
  • Energy Harvesting
  • Direct Power Generation
  • Co-generation

By Temperature:

  • Low (<80°C)
  • Medium (80°- 500°C)
  • High (> 500°C)

By Vertical:

  • Automotive
  • IC-Powered Vehicles
  • Electric Vehicles
  • Aerospace &Defense

By Material:

  • Bismuth Telluride
  • Lead Telluride

Others

By Type:

  • Single Stage
  • Multistage

Enquiry Before Buy: https://www.snsinsider.com/enquiry/2454 

Geopolitical Trends:

  • Rising tensions between major powers like the US and China will likely translate into an increased focus on domestic research and development (R&D) of TEGs. This could lead to a diversification of the TEG supplier landscape, currently dominated by a handful of companies.
  • Additionally, growing environmental concerns and stricter emission regulations will incentivize countries with vast untapped renewable resources to invest in TEGs for waste heat recovery, particularly in industrial sectors.
  • This is expected to be most prominent in regions like Europe and Southeast Asia, which boast significant geothermal and solar potential. The ongoing conflict between Russia and Ukraine has further amplified energy security concerns, pushing nations towards exploring alternative energy solutions like TEGs.
  • This trend is likely to promote regional TEG markets, particularly in Eastern Europe, as countries seek to reduce dependence on Russian fossil fuels.

According to SNS Insider Asia Pacific is the fastest growing region.

This region is anticipated to capture a significant share, driven by its booming electronics manufacturing industry almost 60% of global production which presents a fertile ground for integrating TEGs into wearable tech and other low-power devices.  Furthermore, growing environmental awareness government initiatives targeting energy waste reduction are on the rise is expected to promote TEG adoption by 40% by 2031 in this region. This rise is likely to be driven by applications like waste heat recovery in industrial processes, a sector with immense potential for TEGs.

Recent Developments:

Alphabet Energy recently unveiled a new TEG design boasting a 25% efficiency improvement, a significant jump from the industry standard. This breakthrough leverages nanostructured materials, making the way for TEGs to compete with traditional generators in specific applications.

Evident Thermoelectrics secured a $15 million investment to further develop their skutterudite-based TEGs. These generators target a 30% efficiency rating, ideal for capturing waste heat from industrial processes.

Ferrotec Corporation partnered with a leading car manufacturer to integrate TEGs into car exhaust systems. This collaboration aims to recover 5% of wasted energy, translating to a potential fuel efficiency increase of 3-4%.

Key Takeaways:

  • A key takeaway is the dominance of the waste-to-energy application segment, accounting for a substantial market share over 40% according to SNS Insider.
  • This highlights the increasing focus on sustainability and greenhouse gas reduction. Moreover, the market for thermoelectric generator’s, the core component responsible for energy conversion, is expected to witness strong growth due to rising demand for energy efficiency across industries.
  • Although material costs remain a hurdle, advancements in technology and growing awareness for clean energy sources are propelling market expansion.

Buy Complete Report: https://www.snsinsider.com/checkout/2454 

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

Our staff is dedicated to giving our clients reliable information, and with expertise working in the majority of industrial sectors, we’re proud to be recognized as one of the world’s top market research firms. We can quickly design and implement pertinent research programs, including surveys and focus groups, and we have the resources and competence to deal with clients in practically any company sector.

Contact Us:

Akash Anand – Head of Business Development & Strategy

info@snsinsider.com

Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)

 

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img