Global Thermoelectric Generator Market Size Will Reach $2627.19 Million in 2024

Global Thermoelectric Generator Market Overview

According to Global Market Monitor, the global thermoelectric generatormarket will reach $2627.19 million in 2024 with a CAGR of 11.35% from 2024 to 2029.Due to the high demand from the automotive industry for thermoelectric generators to improve overall fuel efficiency and the growing industrialization, it will continue to be the largest market shortly.

A thermoelectric generator is a solid-state device that converts heat flux (temperature differences) directly into electrical energy through a phenomenon called the Seebeck effect (a form of thermoelectric effect). Thermoelectric generators function like heat engines, but are less bulky and have no moving parts. However, TEGs are typically more expensive and less efficient.

Market Segment

The market for low-power TEG (ie, peaks of up to 10 watts) is the fastest-growing segment. The main applications are sensors, low-power applications, and a wider range of global Internet of Things applications. With the continuous development of the economy and technology, the market share of low-power TEG will continue to expand.Thermoelectric generators are gradually attracting the attention of the global automotive industry. Today, North America is the leading thermoelectric generator market. The huge industrialization increased disposable income, and demand for clean energy are expected to drive demand for North American thermoelectric generators.

Market Drivers

The future application of TEG technology is increasingly extensive, and it supplies power to various devices and equipment in various industries. The main factors contributing to the rapid development of the TEG industry are military and aerospace, and the demand for automobiles and industry is expanding. Factors such as the rapid commercialization of thermoelectric generators in the automotive industry and the increasing demand for micro-TEGs, as well as the increasing use of decarburization technologies to reduce greenhouse gas emissions, are expected to be major factors driving the thermoelectric generator market. Medium power (10-1 kW) power plays an important role in the industrial application of cogeneration power plants and steam turbines. The steam turbine is used as a mechanical drive for a generator drive compressor or pump. Steam turbines are also frequently used in renewable energy, and this advance has driven demand for thermoelectric generators.

Market Dynamics

In 2023, ISRO announced a collaboration with BARC to develop radio thermoelectric generators (RTGs) for rockets. The radio thermoelectric generator use radioactive materials such as plutonium-238 or strontium-90, which release heat when they decay.

In 2023, Global Power Technologies, one of the leading off-grid power solution providers, announced the launch of a new natural gas-powered Sentinel thermoelectric generator. Sentinel is a low-maintenance, fail-safe power supply for mission-critical applications with up to 8 W DC continuous power and is certified for use in HAZLOC environments.

Drivers	Downstream demand is increasing
	Consumer electronics and wearables
	Growth of renewable energy in the power sector
	Investment in TEG technology is rapidly increasing
	Rapid development of the low-power TEG market
	Increased demand for clean energy

For more industry information, please refer to our latest released "2023 Global Thermoelectric Generator Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".