Thermoelectric Generator Market by End-user and Geography — Forecast and Analysis 2020–2024
The thermoelectric generator market size has the potential to grow by USD 254.04 million during 2020–2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by end-user (military and aerospace, wireless sensor network, industrial, and others) and geography (North America, APAC, Europe, South America, and MEA). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including Ferrotec Holdings Corp., Gentherm Inc., Hi-Z Technology Inc., II-VI Inc., Komatsu Ltd., Laird Performance Materials, otego GmbH, TECTEG MFR, Teledyne Technologies Inc., and Yamaha Corp.
The ability to source power easily in remote locations is one of the major factors that will have a positive impact on the market’s growth. TEG is an easy source of power to remote areas or to places that do not have frequent transportation links. These remote locations are difficult to monitor manually, and any power failure at sites such as oil and gas plants can result in a complete shutdown of the systems and result in huge losses. With the installation of thermoelectric generators, the power supply can be uninterrupted, which, in turn, makes the systems more reliable. Moreover, thermoelectric generators do not have any moving parts and can work without any battery backup under all weather conditions. These generators have a trouble-free operation, long life, and minimal maintenance, making them apt for implementation at remote locations.
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One of the latest thermoelectric generator market trends that will gain traction is the automation of industries. Automation of industries is increasingly gaining popularity as computers and machines are being widely adopted for effective and efficient control systems. Automation will lead to a rise in the power density of electric equipment due to which power consumption will become one of the significant factors of concern. TEGs can play a vital role in supplying a constant source of power. The adoption will also result in increased operational efficiency of industries and reduced environmental pollution. The thermoelectric generator market will register a CAGR of over 9% by 2024.
