Thermoelectric Generators (TEGs) Market Analysis By Future Demand, Top Players, and Growth Rate Through 2032
Market Summary: The global Thermoelectric Generators (TEGs) market reached a size of USD 761.0 Million in 2022, and it is projected to grow at a rapid compound annual growth rate (CAGR) of 10.1% during the forecast period. The market growth is driven by factors such as the increasing global demand for energy conservation, growing awareness about environmental issues, investments in thermoelectric technologies and research and development (R&D). Thermoelectric generators are devices that directly convert energy and can operate in extreme and zero-gravity conditions. The market is also fueled by the rising awareness of the benefits of thermoelectric generators, which are considered a reliable and environmentally safe source of energy.
Furthermore, government initiatives for sustainable
development, rising global environmental concerns, and the increasing awareness
of energy conservation are contributing to the market's revenue growth.
Thermoelectric generators can convert waste heat from industrial processes and
homes into additional electrical power, making them useful for various
applications such as powering fans, outdoor lights, TVs, and radio receivers.
The automotive industry is also adopting thermoelectric generators, known as
Automotive Thermoelectric Generators (ATGs), to convert waste heat from
internal combustion engines into electricity. Additionally, the use of
thermoelectric generators in aircraft, spacecraft monitoring, and maritime
industry applications is expected to drive market growth.
Get a sample copy of the Thermoelectric
Generators (TEGs) Market report: https://www.reportsanddata.com/download-free-sample/4248
Market Dynamics: Drivers: The benefits of thermoelectric
generators and advancements in the packaging industry are driving market
growth. The increasing demand for energy conservation and the awareness of
environmental issues are major drivers for market growth. Thermoelectric
generators offer unique advantages, such as being environmentally safe, having
a long lifespan, scalability, and reliability as an energy source.
Restraints: The high cost of thermoelectric materials and
slow technology progression are hindering market growth. Thermoelectric
generators require significant initial investment and have limitations in terms
of energy conversion efficiency, output resistance, and product design for
mobile and portable applications.
Type Insights: The market is segmented into fossil fuel
generators, nuclear fuel generators, and solar source generators. The solar
source generators segment dominated the market in 2022, driven by government
initiatives promoting renewable energy systems and the increasing demand for
thermoelectric generators. Solar Thermoelectric Generators (STEGs) recover heat
from solar radiation and convert it into electricity, making them attractive
for environmentally conscious consumers. STEGs are used to power small
irrigation pumps and supply electric power in orbiting spacecraft.
Component Insights: The market is segmented into
thermoelectric module, heat source, cold side, and electric load. The heat
source segment is expected to witness fast revenue growth during the forecast
period. Thermoelectric generators, also known as Seebeck generators, use the
Seebeck effect to convert heat flux into electricity. The heat source segment
has seen significant growth in the automotive industry as it helps lower carbon
emissions and improve fuel efficiency. Major automakers are implementing waste
heat recovery systems using thermoelectric generators.
Application Insights: The market is segmented into
electronics, space applications, renewable energy sources, gas pipelines, radio
communication, and others. The electronics segment is expected to hold a
significant revenue share during the forecast period. The increasing
urbanization, digitalization, and growth of the residential sector are driving
the demand for thermoelectric generators in electronic devices. Their efficiency,
durability, low maintenance, and clean energy make them attractive for various
electronic applications.
Regional Insights: North America accounted for the largest
revenue share in the market in 2022, attributed to ongoing research activities,
adoption of thermoelectric generators in aircraft, and technological
advancements. Asia Pacific is expected to register the fastest growth rate
during the forecast period due to government initiatives on renewable energy
sources, infrastructural developments, rapid urbanization, and
industrialization in countries like India and China.
Explore Trending Reports:
Commercial
Restoration Waterproofing Membrane Market-https://www.reportsanddata.com/report-detail/commercial-restoration-waterproofing-membrane-market
Fatty Acid
Esters Market-https://www.reportsanddata.com/report-detail/fatty-acid-esters-market
Window
Films Market-https://www.reportsanddata.com/report-detail/window-films-market
Bioprocessing
Bags Market-https://www.reportsanddata.com/report-detail/bioprocessing-bags-market
Dental
Adhesives Sealants Market-https://www.reportsanddata.com/report-detail/dental-adhesives-sealants-market
Request
a customization of the report:
https://www.reportsanddata.com/request-customization-form/4248
Thank
you for reading our report. To know more about the customization or any query
about the report contents, please connect with us and our team will ensure the
report is tailored to meet your requirements.
About Reports and Data
Reports
and Data is a market research and consulting company that provides syndicated
research reports, customized research reports, and consulting services. Our
solutions purely focus on your purpose to locate, target, and analyse consumer
behaviour shifts across demographics, across industries, and help clients to
make smarter business decisions. We offer market intelligence studies ensuring
relevant and fact-based research across multiple industries, including
Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently
update our research offerings to ensure our clients are aware of the latest
trends existent in the market. Reports and Data has a strong base of
experienced analysts from varied areas of expertise. Our industry experience
and ability to develop a concrete solution to any research problems provides
our clients with the ability to secure an edge over their respective
competitors.
Contact:
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
LinkedIn | Twitter | Blogs
Comments
Post a Comment