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.
Download Sample Report @
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.
Don’t miss out on business opportunities in Thermoelectric Generators Market. Speak to our analyst and gain crucial industry insights that will help your business grow.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 Micro Quadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
701 Pike Street,
Suite 2175, Seattle,
WA 98101, United States