A TEG (thermoelectric generator) is a device that is mostly employed for energy generation. It is also being used as a heat pump. As heat pumps, thermoelectric generator transfer heat to a device from one side to the other. As energy generators, TEGs convert waste heat into electricity. Consequently, TEGs are corresponding heat engines nevertheless are compact in size, have no moving parts and silent. TEGs have no maintenance requirements and have a longer operational life, which makes them an ideal choice for unmanned sites like offshore gas pipelines. The global thermoelectric generators market is growing with a CAGR of over 14.6% during the forecast period. The major drivers of the global thermoelectric generator market are growing demand for miniaturized thermoelectric generators, augmented demand of thermoelectric generators by automotive industries, growing concerns over emissions and environmental issues and requirement for maintenance free and durable power sources. The major restraining factor of the global thermoelectric generator market is High Cost of Production of Thermoelectric Material and Low efficiency of thermoelectric devices. Moreover, the major opportunities for the global thermoelectric generator market increase in the demand for thermoelectric generators in medical devices growing industrial automation across the world.
Based on segmentation the global thermoelectric generator market is segmented into source, material, temperature and end users. Source of thermoelectric generator is segmented into Waste heat recovery, Energy harvesting, Direct power generation and Co-generation. The temperature of thermoelectric generators includes low power, medium power and high power. Application segments of thermoelectric generators includes Automotive, Aerospace, Defence, Industrial and Consumer and Others. Material segment of thermoelectric generators includes Bismuth Telluride, Lead Telluride and others.
Geographically, the global thermoelectric generator market is segmented into North America, Europe, Rest of the world, Asia Pacific. North America dominates the global thermoelectric generator market in the year 2017. Countries, such as the Canada and U.S. in the North American region are observing the growing adoption of thermoelectric generators in the automotive industry. As the thermoelectric generator is employed for Automotive Waste Heat Recovery. However, Asia-Pacific region is anticipated to be fastest growth during the 2017-2024. The growth of this market is primarily attributed to an upsurge in demand for waste heat recovery owing to the rising industrialization in developing economies such as India and China. Some of the major players of the thermoelectric generator market are Alphabet Energy (U.S.), Evident Thermoelectrics (U.S.), Ferrotec Corporation (U.S.), Gentherm, Inc. (U.S.), Kelk Ltd. (Japan), Kelk Ltd. (Japan), Laird PLC (U.K.), Phononic, Inc. (U.S.), RMT Ltd (Russia.), Yamaha Corporation (Japan), II-VI Incorporated (U.S.) and others.