Thermoelectric Generators Market expected to be valued at $715.8 Million by 2022

By SandeepRoy    11 / Feb / 2019    In Category Industrial

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The Thermoelectric Generators Market is projected to grow from an estimated USD 368.5 Million in 2017 to USD 715.8 Million by 2022, at a CAGR of 14.20% during the forecast period, 2017 to 2022. The base year considered for this study on the thermoelectric generators market is 2016 and the forecast period is from 2017 to 2022.

Factors such as rapid commercialization of thermoelectric generators in the automotive industry, and increasing demand for miniaturized TEGs are leading to the growth of the thermoelectric generators market.

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Major players operating in the thermoelectric generators market include Gentherm Inc. (U.S.), II-VI Marlow, Inc. (U.S.), Ferrotec Corporation (Japan), Laird plc (U.K.), KELK Ltd. (Japan), Yamaha Corp. (Japan), and Evident Thermoelectrics (U.S.), among others.

Based on end user, the industrial segment is projected to grow at the highest CAGR during the forecast period

Based on end user, the industrial segment of the thermoelectric generators market is projected to grow at the highest CAGR from 2017 to 2022, owing to the increasing demand for waste heat recovery in industrial applications. Thermal power plants, cement industries, and steel plants produce large amounts of waste heat which can be converted into useful electrical energy by employing thermoelectric generators.

Based on source, the energy harvesting segment is anticipated to grow at the highest CAGR during the forecast period

Based on source, the energy harvesting segment of the thermoelectric generators market is projected to grow at the highest CAGR from 2017 to 2022, owing to the increasing demand for energy harvesting for various applications such as wearables, especially for consumers and soldier systems. Thermoelectric generators are expected to replace the batteries used in these applications, contributing to the growth of thermoelectric generators market.

Asia-Pacific is expected to be the fastest-growing market for thermoelectric generators during the forecast period

The thermoelectric generators market in the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The growth of this market is mainly attributed to an increase in demand for waste heat recovery due to the growing industrialization in emerging economies such as China and India.

The thermoelectric generators market has been studied for North America, Europe, Asia-Pacific, and Rest of the World (RoW). The North American region is estimated to be the largest market for thermoelectric generators in 2017. Countries, such as the U.S. and Canada in the North American region are witnessing an increasing adoption of thermoelectric generators in the automotive industry. The markets in the European and Asia-Pacific regions are also expected to witness high growth, owing to the rapid commercialization of thermoelectric generators in industrial applications.

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