According to the report published by Allied Market Research, the global thermoelectric generators market generated $0.4 billion in 2020, and is projected to reach $1.4 billion by 2030, witnessing a CAGR of 11.8% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Thermoelectric generators and thermoelectric materials that were previously utilized primarily in niche applications are now gaining high popularity with the introduction of wider automotive applications and the efforts to exploit waste-heat-recovery technologies. Thermoelectric generators are not only highly reliable and durable but they are also environmental-friendly, as they do not include chemical products. These factors are collectively contributed toward the global thermoelectric generators market growth. Moreover, surge in demand for energy across various end-user industries such as automobile, aerospace, and defense and rise in concerns about environmental and emissions issues, particularly global warming, have propelled the demand for thermoelectric generators.
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The report offers detailed segmentation of the global thermoelectric generators market based on material, application, end use industry, and region.
Based on application, the waste heat recovery segment held the highest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 12.4% from 2021 to 2030.
Based on end use industry, the aerospace segment held the largest market share in 2020, holding more than one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the healthcare segment is projected to register the highest CAGR of 12.5% from 2021 to 2030.
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Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly to-fifths of the global waste management market, and is estimated to continue its dominant share by 2030. However, Asia-Pacific region is projected to manifest the fastest CAGR of 14.4% during the forecast period.
Leading players of the global thermoelectric generators market analyzed in the research include Gentherm, Inc., Ferrotec Holdings Corporation, Yamaha Corp., Laird Thermal Systems, Komatsu Ltd., Kyocera Corporation, Phononic Devices, Evident Thermoelectrics, and II-VI Marlow, Inc.
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- COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
- Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway.
- In many countries, the economy has dropped due to the halt of several industries, especially transport and supply chain. Demand for the application has been hindered, as there is no development due to the lockdown.
- The demand–supply gap, disruptions in raw material procurement, and price volatility are expected to hamper the growth of the industry during the COVID-19 pandemic.
- Due to a scarcity of resources in various parts of the world, the COVID-19 pandemic has negatively impacted the manufacturing and industrial industries. The industry’s top players are concerned about the market’s prospects and are rethinking their strategies to meet the challenge.
Key Findings Of The Study
- On the basis of material, the bismuth telluride segment emerged as the global leader by acquiring more than 66% of the market share in 2020, and is anticipated to continue this trend during the forecast period.
- On the basis of application, the waste heat recovery segment emerged as the global leader by acquiring more than 46% of the market share in 2020, and is anticipated to continue this trend during the forecast period.
- On the basis of end-use industry, the Aerospace segment emerged as the global leader by acquiring more than 26% of the market share in 2020, and is anticipated to continue this trend during the forecast period.
- On the basis of region, North America is the major consumer of thermoelectric generators among other regions. It accounted for around 39% of the global market share in 2020.
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