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Increase in concerns toward the development of the renewable energy sector and huge investments made by various governments in the sector fuel the market growth

PORTLAND, OREGON, UNITED STATES, July 19, 2022 /EINPresswire.com/ -- 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 $1.44 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.

Rise in demand for fuel efficiency amidst stringent emission control norms drives the growth of the global thermoelectric generators market. However, high initial cost and lack of skilled personnel restrain the market to some extent. On the other hand, increase in research and development activities presents new opportunities in the upcoming years.

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The global thermoelectric generators market is segmented on the basis of material, application, end-use industry, and region. Based on the material, the global thermoelectric generators market is segmented into bismuth telluride, lead telluride and others. The bismuth telluride segment accounted for the largest share in 2020 and projected to witness growth at the highest CAGR of 12.0%.

Based on the application, the global thermoelectric generators market is segmented into waste heat recovery, energy harvesting, direct power generation and co-generation. The waste heat recovery segment accounted for the largest share in 2020 and projected to witness growth at the highest CAGR of 12.4%.

End-use Industry of thermoelectric generators includes automotive, aerospace, industrial, consumer and healthcare. The aerospace segment accounted for the largest share of the thermoelectric generators market in 2020, while Industrial segment is projected to witness growth at the highest CAGR of 12.4%.

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Region wise, the thermoelectric generator market is studied across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest share of the market in 2020, while Asia-Pacific was the fastest growing region.

The global thermoelectric generators industry is consolidated in nature with a few players, such as Gentherm, Inc., Ferrotec Holdings Corporation, Yamaha Corp., Thermo Electric Company, Inc., Laird Thermal Systems, Komatsu Ltd., Kyocera Corporation, Phononic Devices, Evident Thermoelectrics, and II-VI Marlow, Inc., which hold significant share of the market. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.

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COVID-19 scenario:
• The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of almost all industries, thereby drastically affected the thermoelectric generators market.
• Factors like disruptions in supply chain and rise in price of raw material hampered the growth of the industry.
• However, reopening of all industries and production facilities is expected to help the market recover soon.

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.

David Correa
Allied Analytics LLP
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