The thermoelectric generator market comprises devices that directly convert heat flow into electric voltage. Thermoelectric generators utilize the Seebeck effect to produce electricity from temperature differences. They have advantages over traditional heat engines as they have no moving parts, are entirely solid-state, and can operate quietly without any vibration. Thermoelectric generators find wide usage in powering remote sensors, electrical vehicles, deep space missions, and capturing waste heat from industrial processes and gasoline engines.
The Global Thermoelectric Generator Market is estimated to be valued at US$ 278 million in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the thermoelectric generator market are Ferrotec Corporation, Laird Technologies, II-VI Marlow, Komatsu Ltd, Gentherm Inc. Thermoelectric generators are increasingly gaining traction as backup power sources for sensors and electronic devices deployed in remote locations. The reliance on renewable and clean energy is rising due to rising environmental concerns. The growing demand for powering portable electronic gadgets is supporting the expansion of thermoelectric generators capable of harnessing low-grade waste heat. Major automotive manufacturers are investing in technologies that can improve vehicle efficiency and reduce emissions, driving the adoption of thermoelectric generators.
Many countries and government organizations are taking initiatives to increase the share of renewable energy in overall energy production. Growing investments by public and private organizations in developing renewable technologies are boosting the Thermoelectric generator market share to witness high growth over the forecast period.
Market Key Trends
One of the key trends gaining traction in the thermoelectric generator market is the focus on increasing efficiency and performance. Manufacturers are investing in R&D activities to develop new thermoelectric materials with higher Seebeck coefficients. Research organizations across the world are working on enhancing the thermoelectric figure-of-merit (ZT) value of materials. A higher ZT value enables a thermoelectric device to convert a larger proportion of heat flow into electric current, thereby improving efficiency. Initiatives to boost efficiency would encourage wider adoption of thermoelectric generators in applications like automotive and industrial waste heat recovery.
Porter's Analysis
Threat of new entrants: Entry of new players is moderate as huge capital requirements, high R&D cost and patent protection exists in the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products and price sensitivity.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of alternative raw material suppliers.
Threat of new substitutes: Threat is low as thermoelectric generators are highly efficient with no pollutants and have long product lifetime.
Competitive rivalry: Intense competition exists between major players to gain higher market share.
Geographical Regions
North America dominates the thermoelectric generator market currently, accounting for over 30% of the global market share in terms of value, owing to presence of major players and huge investment in R&D activities. The Asia Pacific region is fastest growing market for thermoelectric generators majorly due to increasing demand from countries like China, Japan and South Korea on back of rapid industrialization and growing focus on renewable energy sources.
About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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