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This report studies the global thermoelectric generators market over the forecast period from 2015 to 2020. The market is projected to reach USD 547.7 Million by the end of 2020, at CAGR of 13.8% from 2015 onwards.
The global thermoelectric generators market is classified into five major segments, namely, end-user, source, temperature, wattage, and material. The end-user segment is further categorized into various sectors that use thermoelectric generators, such as automotive, aerospace & defense, industrial, and self-powered sensors. The sources segmentation comprises waste heat recovery, energy harvesting, direct power generation, and co-generation. Temperature segment is further divided into 500°C. Wattage is further classified as 1 kW. Materials included in the study are Bi-Te, Pb-Te, and others. The market is also segmented on the basis of geography.
Among all the end users, the automotive segment accounted for the largest share of 58.3% of the market in 2014, due to the increased number of automotive manufacturers across the globe.
A number of factors, such as technological advancements in thermoelectric generators, increasing demand for fuel efficiency, and increased environmental pollution are the major drivers for the global thermoelectric generators market. On the other hand, factors such as high price of thermoelectric generator’s materials and low efficiency is limiting the growth of this market.
As of 2014, North America held the largest share of the global thermoelectric generators market, followed by Asia-Pacific. The Asia-Pacific market is projected to grow at the highest CAGR of 18.3% from 2015 to 2020 owing to the increased demand of thermoelectric generators by the automotive manufacturers to increase the fuel efficiency and increased industrialization in the region.
Asia-Pacific on the other hand accounts for the second-largest share of 17.2% of the global thermoelectric generators market in 2014. Out of the total Asia- Pacific thermoelectric generator market, the automotive segment account for 43.6% in 2014. High industrial cluster in this region is expected to drive the demand for thermoelectric generators market. Komatsu (Japan) and Yamaha Corporation (Japan) are the dominant players in this market. Demand for waste heat recovery, industrial automation, and healthcare monitoring devices is expected to drive this market. Developing countries such as India are looking for the sustainable and safe power sources.
The key players in the thermoelectric generators market include Gentherm Inc. (U.S.), II-VI Incorporated (U.S.), Ferrotec Corporation (Japan), Laird Plc. (U.K.), and Komatsu Limited (Japan). Companies are also investing in new technologies, which will increase the efficiency and increase the application areas of thermoelectric generators. Strategic contracts, joint ventures, partnerships, and expansions are some of the growth strategies adopted by key players in the thermoelectric generators market.
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