The Thermoelectric Generator (TEG) market is expected to expand at a CAGR of 12.64% from 2023 to 2030, according to Contrive Datum Insights

Contrive Datum Insights Pvt Ltd

According to a market study published by Contrive Datum Insights, North America accounted for the largest revenue share in the global market and the European market is expected to witness the highest CAGR during the forecast period

Farmington, March 19, 2023 (GLOBE NEWSWIRE) — That The market for thermoelectric generators (TEG). was valued at US$ 511.4 million in 2022. The Global Thermoelectric Generators (TEG) market size is estimated to grow at a CAGR of 12.64% during the forecast period 2022-2030. The Seebeck effect converts heat into electricity in a solid-state device called a thermoelectric generator, or TEG. These generators are completely silent and have no moving parts, which is different from traditional heat engines. This market is growing because more people want fuel-efficient cars and the government has strict regulations on how much carbon dioxide can be released into the air. The market for thermoelectric generators could grow, but the high cost of thermoelectric materials and lack of scientific know-how could slow this growth. It is currently used for small purposes because it is cheap, easy to use, small and expandable. They are also being used in new ways to make energy through thermoelectric capture.

Request sample copy of report “Thermoelectric Generators (TEG) Market – Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.

The market for thermoelectric generators (TEG). Recent developments:

  • In April 2021, Laird Thermal Systems launched the PCX thermoelectric cooler series to increase the reliability of PCR cycling. Used in analysis, medical, medical diagnostics, DNA amplification and offered in the PowerCycling PCX series of thermoelectric coolers.

  • March 2021 The DX4091 Z-meter is a single channel device with an internal chamber for placing test frames containing mounted pellet samples. The lid of the chamber locks magnetically when closed or opened.

  • In April 2018, Gentherm Inc. launched a thermoelectric-based solution for thermal management of 48-volt lithium-ion batteries for the automotive industry. This thermoelectric technology is fully integrated into the battery housing and can heat and cool Li-ion battery cells.

Thermoelectric Generators (TEG) Market Dynamics:


The market for thermoelectric generators is growing because people want clean energy and technology and materials are improving. The thermoelectric market is mostly driven by the growing commercialization of power generators, the increasing need for compact TEGs, and the use of decarbonization technologies to reduce greenhouse gas emissions.


The growth in disposable money and industrialization are both good things for market growth. Many large companies get more business by spending money on research and development to improve their high power thermoelectric generator technologies. This helps them make their heat exchangers work better and deal with the stress of high temperature gradients.


They are mostly used in places where heat engines are too big or where there is not enough power. The fact that these generators are difficult to make and that there are obvious alternatives is a big problem for the company.

Regional Outlook:

North America made the most money out of the entire world market. The market is expected to be driven by the increasing number of technological advancements in North America and the growing need for generators in aerospace, automotive, medical and many other fields.
A market can also grow in a number of ways if rivals become more and more competitive and there are many large players in the market. Also, more people want their cars to use less fuel, and the region is rapidly becoming more industrialized, increasing the demand for generators in the automotive industry. This will keep the market growing in the coming years.
During the forecast period, the CAGR of the European market is estimated to be the highest. The booming growth of the automotive industry and the fact that there are many consumers in the area are driving up the market demand in the area. In addition, strict regulations on CO2 emissions from automobiles and more and more efforts by public and private companies to reduce CO2 emissions are also helping the market to grow.
Europe is also one of the world leaders in using green energy. Eurostat says around 17% of the EU’s heating and cooling, 26% of its energy and 6% of its transport energy comes from renewable sources. Europe also spends a lot of money on renewable energy as a whole. This is because the demand for green electricity is growing in many end-use sectors and more people are using it in the power and utility sectors.

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Scope of the report:

Report Attributes


Growth rate

12.64% from 2023 to 2030

Market size in 2022

USD 511.4 million

By Material

Bismuth Telluride, Lead Telluride, others

After applications

Waste heat recovery, energy harvesting, direct electricity production, CHP production

Of the end-use industry

Automotive, Aerospace, Industrial, Consumer, Healthcare

Of companies

Gentherm, II-VI Incorporated, Ferrotec Holdings Corporation, Yamaha Corp, Laird, Komatsu and others

Base year


Historic year

2017 to 2021

Forecast year

2023 to 2030

Thermoelectric Generators (TEG) Market Key Segments Covered:

Top market players:
Gentherm, II-VI Incorporated, Ferrotec Holdings Corporation, Yamaha Corp, Laird, Komatsu and others.

By material:

  • Bismuth Telluride

  • Lead Telluride

  • Others

When applying:

  • Recovery of waste heat

  • Energy harvest

  • Direct electricity production

  • Co-production

By end-use industry:

  • Automotive

  • Space travel

  • Industrial

  • Consumer

  • Healthcare

Regions and countries covered

  • North America: (USA, Canada, Mexico, Rest of North America)

  • Europe: (Germany, France, Italy, Spain, UK, Nordic countries, Benelux Union, Rest of Europe)

  • Asia Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia Pacific)

  • Middle East and Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of Middle East and Africa)

  • Latin America: (Brazil, Argentina, Rest of Latin America)

  • The rest of the world

See more related studies published by Contrive Datum Insights:

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  • Loose-fill polystyrene packaging marketThe global loose-fill polystyrene packaging market is estimated to exhibit a CAGR of 4.1% during the forecast period. Asia Pacific held the dominant position in terms of revenue share in the global loose-fill polystyrene packaging market in 2017, accounting for a market share of 44.1%. End-use industries such as pharmaceutical, cosmetics, and personal care industries in the region are growing rapidly, which is driving the growth of the market in the region.

  • Biodegradable bubble wrap marketThe global biodegradable packaging market is estimated to achieve around USD 160 billion in revenue by 2031, growing at a CAGR of nearly 6.0% during the forecast period 2022-2030. The packaging industry has resonated well in meeting the demands of several flagship product manufacturers and OEMs. The diversity of needs across the manufacturing industry has led to the development of new packaging materials. In addition, the growth of the electronics industry has more products being placed in moving supply chains.

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Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to government officials in various sectors such as investment, information technology, telecommunications, consumer technology and manufacturing markets. CDI helps investment communities, business leaders and IT professionals make statistically accurate technology purchase decisions and drive strong growth tactics to maintain market competitiveness. Consisting of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.

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