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Thermoelectric Generator (TEG) Module Market

Thermoelectric Generator (TEG) Module Market: Information by Fuel Source (Fossil Fuel Generators), Type (Multi-Stage, Single-Stage, Thermocyclers), End User and Region — Forecast Till 2026

Thermoelectric generators convert thermal energy into electric energy; therefore, they are used to utilize a large amount of waste heat produced in the automotive and steel industries. Thermoelectric generator (TEG) modules fitted in thermoelectric g
Report Code: SREP538DR

Market Overview

Thermoelectric generators convert thermal energy into electric energy; therefore, they are used to utilize a large amount of waste heat produced in the automotive and steel industries. Thermoelectric generator (TEG) modules fitted in thermoelectric generators generate power when a temperature difference is applied on two sides. The efficiency of electricity production increases with the increase in temperature difference. The module has conductive graphite sheets on both sides of its ceramic plate, which provide low thermal resistance.

Rising focus on alternative fuels for transportation in light of the increasing environmental awareness is accelerating the demand for plug-in vehicles. Over 5 million plug-in vehicles were sold in February 2019 alone, which included passenger cars, light commercial vehicles, and plug-in hybrids. The shifting trend towards efficient energy in transportation and other electric sectors drives the demand for thermoelectric generator modules. The eco-friendly energy movement has paved its way to India, among other countries. In line with this, the Indian government has reduced GST on electric vehicles from 12% to 5% to encourage clean mobility, which will further increase the demand for electric vehicles in the market. In the U.S., raising concerns over harmful vehicle emissions are decreasing the consumption of fossil fuel in the region. The demand for oil barrels is expected to decrease by over 4 million barrels per day by 2050 from the current consumption of 9 million barrels of oil per day.

The global thermoelectric generator (TEG) module market is expected to grow at a CAGR of 9.8% during the forecast period, 2019–2026.

Report Scope

Report Metric Details
Base Year 2017
Study Period 2016-2026
Forecast Period 2023-2031
CAGR 9.8%
Market Size 12
Fastest Growing Market Asia Pacific
Largest Market North America
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa
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Regional Analysis

North America’s thermoelectric generator (TEG) module market was valued at USD 124.01 million in 2018 and is estimated to reach a value of USD 264.34 million by 2026, with a CAGR of 10.0% during the forecast period, 2019–2026. Retail electricity sales dropped by over 80 billion kilowatt-hours in 2017 in the U.S. Higher efficiency and mild weather conditions are some of the primary reasons for declining electricity consumption. However, despite these factors, the region remains one of the highest consumers of electricity, creating opportunities for the exploration of new energy-generating options, which are eco-friendly yet efficient. Mexico is rapidly emerging as an attractive destination for commercial activities. The industrial revolution, attractive credit facilities, and private capital investment in all sectors are expected to encourage power demand. For instance, the Mexican government, using digital tools, has started a credit program that gives up to USD 9000 to young and novice entrepreneurs. This capitalist approach is expected to accelerate the demand for energy.

Europe’s thermoelectric generator (TEG) module market is estimated to reach a value of USD 116.65 million by the end of 2026, registering a CAGR of around 9.6% during the forecast period 2019–2026. Rapid industrial development, the presence of economically stable countries, and an advanced automotive industry drive economic growth and development in Europe. The European Union, taking cognizance of the rising pollution levels, has taken active steps to curb greenhouse gas emissions and promote eco-friendly energy generation. Around 21,000 electric vehicles were sold in January 2019 in the European Union, representing an increase of over 67% over the previous year. Some of the leading countries to adopt electric buses in the region are the U.K., Belgium, the Netherlands, and Austria. Many companies are actively innovating their vehicle lines to comply with regulations passed by the respective authorities.

Asia-Pacific’s thermoelectric generator (TEG) module market is estimated to reach a value of USD 164.95 million by 2026, with a CAGR of around 10.9%. China, India, South Korea, Japan, and Singapore are some of the major power consumers in the region. Economies such as Singapore, Japan, and South Korea import 80% of their total primary energy supply. Inexpensive skilled labor, progressive foreign policies, and the shift from traditional economies to consumer-centric economies drive industrial growth in the region. Despite global headwinds and protective policies around the world, the region is poised to achieve a CAGR of around 6% in 2019, as per the World Bank. Apart from the leading countries in this region, many smaller economies to have seen growing power demands. For instance, the ASEAN countries (Association of Southeast Asian Nations) have experienced a 60% increase in their energy demand over the past 15 years, as per the International Energy Agency, 2017. Governments in Asia-Pacific are focusing on generating cleaner energy in accordance with the Kyoto Protocol and the Paris Agreement.

The Latin America and the Middle East and Africa thermoelectric generator (TEG) module market is expected to grow at a considerable rate during the forecast period 2019–2028. Argentina and Brazil are two of the largest consumers of electricity in the region, owing to the presence of large industries. In 2017, the total imports for electricity in Latin America were valued at around USD 199 million, of which Brazil accounted for an 84% share and Argentina a 14% share. Africa has been witnessing growth in power demand, which has spurred the development of new power plants. For instance, South Africa is projected to add around 3000 MW capacity gas-powered power plants by 2030. Additionally, developments such as South Africa’s installation of solar power plants with a capacity of 1329 MW in 2016 and Morocco’s installed capacity of 160 MW in the same year are expected to drive developments in the power and energy sector and, in turn, bolster market growth.

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Segmental Analysis

The nuclear-fueled generator segment by fuel source was valued at USD 46.99 million in 2018 and is expected to reach a value of USD 87.83 million by 2026, with a CAGR of around 8.2%. In thermoelectric generators, the decay products of radioactive isotopes can be used to provide a high-temperature source. As thermoelectric devices are immune to nuclear radiation and the source can be made to last for a long period of time, these generators provide a power source for remote and unattended applications. Electric power generated by radioisotope thermoelectric generators is commonly used in deep ocean data collection, isolated weather monitoring stations, and various communication and spacecraft. Fossil fuels such as coal, petroleum, natural gas, crude oil, and bitumen emit high carbon content and are commonly used in various applications, from power generation to transportation. They are also used in the production of a variety of common products, such as paints and coating, polymers, detergents, cosmetics, and some medicines. According to the IEA, fossil fuels accounted for 81% of the total energy demand in 2017. Fossil fuel consumption is largely driven by the fact that these fuels can produce high electricity output at a single location.

The multi-stage segment by type was valued at USD 120.1 million in 2018 and is expected to reach a value of USD 264.25 million by 2026, with a CAGR of around 10.4%. Multi-stage thermoelectric modules are produced in two-, three-, four-, five-, and six-stage configurations as per applications with extreme temperature differential needs. According to Solstice, in 2018, the U.S. generated 64.2 GW of electricity from installing solar, which was enough to power 12.3 million American homes. Additionally, 1.6% of U.S. electricity generation comes from solar energy. The growing need for clean, green, and renewable energy is expected to increase the demand for solar energy, which, in turn, boost the demand for multi-stage thermoelectric power generators.

The transportation segment by end-use is anticipated to grow at a CAGR of 11.1% during the forecast period 2019–2026 and generate a revenue of USD 159.72 million by the end of 2026. Rising pollution levels and rapidly depleting fossil fuel reserves have compelled governments to draft initiatives promoting the use of environment-friendly transportation modes. Eco-friendly public transportation such as electric trains, buses, and cars are thus gaining traction gradually. As of 2018, the global electric car fleet crossed the 5-million market, as per the International Energy Agency, which has intensified the need for charging stations. Apart from this, solar power generation has become more efficient and can be used in wireless electric vehicle (EV) charging stations. The increasing sale of EVs is also encouraging the construction of tracks that provide dynamic wireless charging.

Top Key Players of Thermoelectric Generator (TEG) Module Market

Some of the prominent players in the global thermoelectric generator (TEG) module market are 

  1. Analog Technologies Inc.
  2. TEGPRO Thermoelectric Generator Company
  4. EVERREDtronics
  5. Yamaha Corporation
  6. II-VI Incorporated.
  7. Ferrotec (USA) Corporation
  8. RMT Ltd
  9. Alphabet Energy Inc.
  10. Custom Thermoelectric LLC.

Thermoelectric Generator (TEG) Module Market Segmentations

By Fuel Source

  • Fossil fuel generators
  • Solar source generators
  • Nuclear fueled generators

By Type

  • Multi-stage
  • Single-stage
  • Thermocyclers

By End User

  • Aerospace
  • Transportation
  • Power generation
  • Others

By Regions

  • North America
  • Europe
  • APAC
  • Middle East and Africa

Frequently Asked Questions (FAQs)

What is the growth rate for the Thermoelectric Generator (TEG) Module Market?
Thermoelectric Generator (TEG) Module Market size will grow at approx. CAGR of 9.8% during the forecast period.
Some of the top industry players in Thermoelectric Generator (TEG) Module Market are, Analog Technologies Inc., TEGPRO Thermoelectric Generator Company, TECTEG MFR, EVERREDtronics, Yamaha Corporation, II-VI Incorporated., Ferrotec (USA) Corporation, RMT Ltd, Alphabet Energy Inc., Custom Thermoelectric LLC., etc.
North America has held a dominant position in the Thermoelectric Generator (TEG) Module Market, with the largest market share.
The Thermoelectric Generator (TEG) Module Market has seen the most substantial growth rate in Asia Pacific.
The global Thermoelectric Generator (TEG) Module Market report is segmented as follows: By Fuel Source, By Type, By End User

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