Sarasota, FL, Dec. 21, 2016 (GLOBE NEWSWIRE) -- Zion Research has published a new report titled “Thermoelectric Generator Market by Source (Waste Heat Recovery, Energy Harvesting, Direct Power Generation, And Co-Generation), and Application for (Automotive, Aerospace & Defense, Industrial and Others Applications) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021”. According to the report, global thermoelectric generator market was valued at around USD 279.3 million in 2015 and is expected to generate revenue of USD 610.0 million by end of 2021, growing at a CAGR of slightly above 13.8% between 2016 and 2021.
Thermoelectric generators are solid-state devices that convert heat into electricity. Thermoelectric generators have been used constantly for over 30 years for maintenance free operation in space probes such as the voyager missions of NASA. Thermoelectric systems can be easily designed to operate with small heat sources and small temperature differences. Such small generators can be produced mass quantity for use in home co-generation of heat and electricity or automotive waste heat recovery. Thermoelectric devices have even been miniaturized to harvest body heat for powering a wristwatch. Nowadays, thermoelectric generators have also been used in a range of applications and for energy generation by thermoelectric harvestings such as industrial, terrestrial applications, automotive, and aerospace & defense.
Browse through 29 Market Tables and 21 Figures spread over 110 Pages and in-depth TOC on “Global Thermoelectric Generator Market: By Source, Application, Type, Size, Share, Industry Analysis, Segment and Forecast 2015-2021”.
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Thermoelectric generator market is segmented on the basis of different sources into waste heat recovery, energy harvesting, direct power generation, and co-generation. In 2015, waste heat recovery was the largest segment of the thermoelectric generator market and accounted for largest share of the total market. aerospace & defense was one of the largest application segments in 2015. Automotive sector emerged as another key outlet for the thermoelectric generator with over 57.8% shares of the overall market in 2015. Industrial segment is expected to exhibit considerable growth in the next few years due to the availability of low-cost devices.
Thermoelectric generator market is mainly driven by demand from industrial sectors and solid state and immobile devices. High inefficiencies of current energy transfer technologies and low maintenance requirement are expected to be the major driver for the global thermoelectric generator market. Furthermore, the requirement for durable and maintenance free power sources are also anticipated to drive the thermoelectric generator market over the forecast period. However, lack of awareness and low efficiency of thermoelectric devices may curb the demand of thermoelectric generators in the near future.
Browse the full "Thermoelectric Generator Market by Source (Waste Heat Recovery, Energy Harvesting, Direct Power Generation, And Co-Generation), and Application (Automotive, Aerospace & Defense, Industrial and Others) - Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021" report at https://www.zionmarketresearch.com/report/thermoelectric-generator-market
Asia-Pacific is the fastest growing regional markets for thermoelectric generator due to elevated technology penetration and high defense spending. Asia Pacific is expected to have significant growth during the years to come owing to increased investments in the innovation of armed forces by countries such as China, Japan and India and others. Asia-Pacific was the second largest market for the thermoelectric generator which accounted for over 17% share of the overall market in 2015. High industrial cluster in this region is expected to drive the demand for thermoelectric generators market. Yamaha and Komatsu Corporation are the major players in this market.
North America is by far the largest in the global thermoelectric generator market and is set to continue to dominate the world marketplace throughout the forecast period. Thermoelectric generator market is mainly driven by growing demand from the automotive industry, healthcare monitoring devices, and rising technological advances in developing countries. U.S. played a significant role in driving the thermoelectric generator market in North America. However, challenge such as the huge cost of installation is hampering the thermoelectric generator market growth.
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Demand for waste heat recovery, industrial automation, and healthcare monitoring devices is expected to drive this market. Europe is expected to show moderate growth during the forecast period due to demand for waste heat recovery, industrial automation and adoption of thermoelectric generator devices in new applications. Considerable economic growth of countries such as UK, Netherlands, Germany, and France is projected to drive the thermoelectric generator market in the years to come. Increased use in industrial applications is expected to drive this market in this region.
Latin America, Middle East, and Africa are likely to have considerable growth for thermoelectric generator market during the estimated five years. Low cost of solutions is the major factor to drive the growth of thermoelectric generator in these regions.
Some of the key players in the global thermoelectric generator market include Alphabet Energy, Thermo Electric Company, Inc., Evident Thermoelectrics, Gentherm, green TEG AG, II-VI Marlow, Inc., Perpetua Power Source Technologies, Inc.,Romny Scientific, Inc., Laird Technologies, Inc., Ferrotec Corporation, RGS Development, B.V. Tellurex Corporation, Teledyne Energy Systems, Inc., and Micropelt GmbH.
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This report segments the global thermoelectric generator market as follows:
Global Thermoelectric Generator Market: Source Segment Analysis
Global Thermoelectric Generator Market: Application Segment Analysis
Global Thermoelectric Generator Market: Regional Segment Analysis
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