Newark, NJ, May 26, 2022 (GLOBE NEWSWIRE) — According to the report published by Fior Markets, the global thermoelectric generator market is expected to grow from USD 498.18 million in 2019 to USD 942.78 million by 2027, with a CAGR of 8.3% over the forecast period 2020-2027. The United States dominates the market in North America, due to increased futuristic use of TEG technology, massive industrialization, rise in demand for clean energy, and large disposable income. The Asia-Pacific region is expected to experience significant growth due to the growth in automotive production. Europe is expected to experience significant growth, due to rapid industrial development, an advanced automobile industry and the presence of economically stable countries. Argentina and Brazil are the two main consumers of electricity in Latin America and the Middle East and Africa region, due to the presence of large industries.
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Some of the notable market players are Thermoelectric Woodstove Generators, Alphabet Energy, Inc., Evident Thermoelectrics, Ferrotec Corporation, Gentherm Incorporated, Laird plc, Yamaha Corporation, II-VI Incorporated, and Komatsu Limited.
The vertical segment includes aerospace, automotive, mining, defense, oil and gas, consumer, industrial, telecommunications and healthcare. The industrial vertical segment holds the largest share, owing to improved efficiency of industries, benefits of carbon credits, and strict environmental preservation standards. The power segment includes high power, medium power, and low power. Low-power thermoelectric generators are used for camping, mountaineering, and as backup in the event of a power outage at home. The component segment includes electric load, heat source, cold side and thermoelectric module. The temperature segment includes high temperature, medium temperature and low temperature. The low temperature segment is expected to experience significant growth, owing to its use in various applications such as powering watches, sensors, and other consumer electronics. Based on application, the market is segmented into energy recovery, cogeneration, waste heat recovery and direct power generation.
Factors influencing the market are growing demand for stationary and solid-state devices, requirement for durable and maintenance-free power sources, growing demand for thermoelectrics in healthcare, and growing demand for power generators. low power in a sensor network. Growing attention to alternative fuels for transportation and rising environmental awareness are expected to fuel the market. The factor hindering the growth of the market is the high cost of the thermoelectric material and its low efficiency.
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About the report:
The global thermoelectric generators market is analyzed on the basis of value (USD million). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, Supply, Demand Analysis, Competitor Position Grid Analysis, analysis of distribution and marketing channels.
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