Thermoelectric Generator (TEG) Module Market Size, Share & Trends Analysis Report By Type (Multi-stage, Single-stage, Thermocyclers), By Fuel Source (Fossil Fuel Generators, Solar Source Generators, Nuclear Fueled Generators), By End-User (Aerospace, Transportation, Power Generation, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global thermoelectric generator (TEG) module market size was valued at USD 563.82 million in 2023. It is estimated to reach USD 1,369.13 million by 2032, growing at a CAGR of 10.36% during the forecast period (2024–2032). The global market is primarily driven by the rising demand for energy-efficient and sustainable technologies owing to growing environmental concerns. The flourishing industrial sector worldwide also increases the demand for efficient power sources, thereby driving the demand for thermoelectric generator (TEG) modules. Moreover, there has been increased research and development on thermoelectric generators, leading to the development of technologically advanced generators, which is expected to create market expansion opportunities.

A thermoelectric generator (TEG) module uses the thermoelectricity phenomenon to convert thermal energy directly into electrical energy. It operates based on the Seebeck effect, which describes the generation of an electrical voltage when there is a temperature gradient across a conductive material. TEG modules typically consist of an array of thermocouples made of two different types of semiconductors or metals. A voltage differential between the two junctions of a thermocouple is produced when one side is heated and the other is cooled, producing electricity.

Thermoelectric Generator (TEG) modules find applications in various fields, including power generation from waste heat in industrial processes, automotive exhaust systems, and portable electronics for harvesting energy from body heat or other ambient heat sources. TEG modules have advantages such as reliability, low maintenance, and lack of moving parts, making them suitable for remote or harsh environments where traditional power sources may not be feasible.

Highlights

• Asia-Pacific is the highest shareholder in the global market.

Market Dynamics

Global Thermoelectric Generator (TEG) Module Market Drivers:

Adoption of Energy-Efficient and Sustainable Technologies 

Global trends in climate change mitigation drive the market by fostering the adoption of energy-efficient and sustainable technologies. Energy efficiency and clean energy sources are receiving more attention as nations commit to cutting greenhouse gas emissions. For example, the Net Zero Emissions by 2050 Scenario (NZE Scenario) is a set of guidelines many nations have adopted. It provides a roadmap for the global energy sector to follow to achieve net zero CO2 emissions by that date.

Moreover, TEG modules play a crucial role in this context by enabling the capture and utilization of waste heat, thereby reducing the reliance on fossil fuels and minimizing carbon footprints. Governments, industries, and consumers increasingly recognize the importance of investing in renewable energy solutions like TEG technology to mitigate climate change effects and achieve sustainability goals, thus driving the growth of the TEG Module market.

Growing Industrial Applications

There is an increase in the demand for reliable power sources in various industrial sectors. Industries such as manufacturing, mining, oil and gas, and telecommunications rely on continuous electricity supply to maintain operations. Fossil fuel generator modules are a dependable way to supply electricity, particularly in isolated or off-grid areas with limited grid access. Moreover, the expansion of industrial activities in emerging markets drives the need for supplementary power generation capacity. The need for fossil fuel generator modules is anticipated to increase as industries expand and modernize, supporting market expansion in the industrial sector. This will expedite the growth of the global market.

Global Thermoelectric Generator (TEG) Module Market Restraint:

Low Efficiency 

Low efficiency in Thermoelectric Generator (TEG) modules represents a significant restraint in their market adoption. TEG technology converts heat differentials into electricity, but its efficiency remains lower than conventional power generation methods. The efficiency is primarily constrained by the thermoelectric materials' limited ability to convert heat into electricity efficiently.

Despite ongoing research and development efforts to enhance material properties and module designs, TEG modules typically exhibit lower efficiency levels, translating to reduced electricity generation per unit of heat input. This inefficiency makes TEG less economically viable and competitive, particularly in applications requiring high power output or demanding efficiency standards.

Global Thermoelectric Generator (TEG) Module Market Opportunities:

Growing Research and Development

Ongoing research and development efforts propel advancements in TEG module technology, improving efficiency, reliability, and cost-effectiveness. These advancements make TEG modules more attractive for various applications, from automotive to aerospace to industrial sectors. For instance, in January 2022, The National Renewable Energy Laboratory created a novel versatile thermoelectric generator that can efficiently convert wasted heat into power by being wrapped around pipes and other hot surfaces.

Likewise, in October 2023, Drs. SuDong Park, Byungki Ryu, and Jaywan Chung from the Korea Electrotechnology Research Institute (KERI) created a new method to measure thermoelectric efficiency and a highly efficient multi-stage thermoelectric generator module. This discovery can potentially enhance the performance of nuclear batteries, which is essential for space probes, and has garnered interest from the German Aerospace Research Institute. Such advancements are anticipated to create opportunities for market growth.

Regional Analysis

Asia-Pacific Dominates the Global Market

Based on region, the global market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Asia-Pacific is the most significant global thermoelectric generator (TEG) module market shareholder and is expected to expand substantially during the forecast period. The Asia-Pacific region presents lucrative opportunities for market players due to rapid industrialization, urbanization, and a growing focus on clean energy solutions. Nations like China, Japan, and South Korea are at the forefront of TEG module adoption, driven by the automotive and electronics industries. The governments of various nations in this region are taking steps to encourage the utilization of electric vehicles to achieve fuel consumption targets and reduce greenhouse gas emissions in the future. For example, the Japanese government prepared an electric vehicle strategy in August 2018 to improve coordination and ensure a smooth transition in the automotive industry. Similarly, in 2019, FAME II, short for Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles, was a project started in India. It is expected that incentives will catalyze the promotion of domestic production of electric vehicles in these countries, which will, in turn, drive market growth.

Furthermore, there has been a rise in research and development initiatives to design technologically advanced thermoelectric generator (TEG) modules. For instance, in December 2018, Osaka University researchers created a cost-effective, large-scale flexible thermoelectric generator (FlexTEG) module with strong mechanical durability to produce power with high efficiency. The FlexTEG module achieves increased flexibility in any single direction by altering the orientation of the top electrodes on both sides of the module and employing high-density semiconductor chip packing. This enhanced the recovery efficiency of waste heat through thermoelectric conversion from a curved heat source, improving the mechanical dependability of the module by reducing mechanical stress on semiconductor chips. Consequently, all these factors boost the Asia-Pacific thermoelectric generator (TEG) module market.

North America is anticipated to grow at a significant pace. The automotive industry's shift towards electric and hybrid vehicles has fueled the adoption of TEG modules for waste heat recovery and improving overall vehicle efficiency. Mintel projected an almost 40% rise in sales of electric and hybrid cars by the end of 2023, which could reach 5 billion units by 2028. Thus, this region's high demand for hybrid and electric vehicles drives the market growth. Moreover, the technological advancement of this device by several researchers is anticipated to create opportunities for market expansion.

For instance, in April 2023, Penn State researchers are working to improve the efficiency of thermoelectric generators capable of converting temperature differentials into electricity. The team devised a novel technique for producing functionally graded materials in thermoelectric devices. This resulted in a 15.2% efficiency in a single-leg device experiencing a temperature change of 670 Kelvin (about 1206 Fahrenheit). Existing commercially accessible devices demonstrate an efficiency of 5% to 6%.

Segmental Analysis

The global thermoelectric generator (TEG) module market is bifurcated into type, fuel source, and end-users.

Based on type, the global market is segmented into multi-stage, single-stage, and thermocyclers.

A multi-stage thermoelectric generator (TEG) module is designed to use the thermoelectric effect to transform thermal energy into electrical energy. TEGs typically consist of multiple thermoelectric elements connected electrically in series and thermally in parallel. A multi-stage TEG module consists of several layers of thermoelectric materials stacked together, with each layer optimized to operate within a specific temperature range.

Moreover, the total efficiency of the TEG can be raised by using several stages, each tailored for a particular temperature range. This allows the TEG to harness energy from a broader spectrum of heat sources, making it more versatile and efficient than single-stage TEGs. Multi-stage TEG modules are commonly used in various applications where waste heat recovery or power generation from heat differentials is desired.

Based on fuel source, the global market is segmented into fossil fuel generators, solar source generators, and nuclear-fueled generators.

Fossil fuels like 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 also produce various common products, such as paints, coating, polymers, detergents, cosmetics, and medicines. According to the IEA, fossil fuels accounted for over 60% of global electricity production in 2023. Moreover, fossil fuel consumption is largely driven by the fact that these fuels can produce high electricity output at a single location.

Based on end-users, the global market is bifurcated into aerospace, transportation, power generation, and others.

The aerospace sector of the thermoelectric generator (TEG) module market is distinguished by the use of TEG technology in space exploration and aviation. TEG modules present a viable way to transform waste heat from aerospace systems—like spacecraft power systems or aircraft engines—into electrical energy that can be used. This capacity decreases fuel consumption, increases overall energy efficiency, and prolongs mission times. Moreover, TEG modules used in the aerospace industry are subject to strict specifications regarding dependability, robustness, and performance in harsh environments, such as elevated temperatures, vibrations, and radiation exposure.

Impact of covid-19

The global wireless health market is fragmented in nature. Several large and small-scale players are focusing on price, brand, and new product development to expand their consumer base. Some of the key players are engaging in acquisitions, collaborations, and partnerships to gain a competitive edge.

For instance, Cerner Corporation announced a strategic collaboration with XG Solutions, Inc. to provide access to Cerner's' HealtheIntent' platform. Similarly, WellDoc launched the first FDA-approved mobile app, named ' BlueStar' for type 2 diabetes management. While AliveCor developed an electrocardiogram based on a smartphone. In October 2018, Philips introduced its FDA approved ' IntelliVue Guardian Technology software ' for patient monitoring. In March 2018, Allscripts Healthcare Solutions launched a new Electronic Health Record (EHR), ' Avenel ' to save the time invested in clinical documentation. Lastly, in June 2018, BioTelemetry, Inc. launched its next-generation ‘wireless blood glucose monitor’ for type 2 diabetes management.

Recent Developments

• July 2023- Penn State researchers developed a thermoelectric cooler that enhances cooling capacity and efficiency for upcoming high-power devices. The device utilizes half-Heusler alloys and a distinctive annealing method to achieve increased cooling power density and carrier mobility.
• November 2023- Dr. Hyekyoung Choi and Min Ju Yun's research team at the Energy Conversion Materials Research Center, Korea Electrotechnology Research Institute (KERI), created a technology that enhances the flexibility and efficiency of a thermoelectric generator to the highest global standard. This was achieved by utilizing "mechanical metamaterials" that are not naturally occurring.