According to Contrive Datum Insights, the thermoelectric generator (TEG) market is projected to grow at a CAGR of 12.64% from 2023 to 2030

Invent Datum Insights Pvt Ltd

Invent Datum Insights Pvt Ltd

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

Farmington, March 19, 2023 (GLOBE NEWSWIRE) — The Thermoelectric Generator (TEG) Market. was valued at $511.4 million in 2022. The global Thermoelectric Generator (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 and more people want fuel-efficient cars and the government has strict regulations on how much carbon dioxide can be released into the air. The thermoelectric generator market could grow, but the high cost of thermoelectric materials and a lack of scientific know-how could slow that growth. It is currently used for small applications because of its low cost, easy to use, small and expandable. They are also being used in new ways to generate energy through thermoelectric harvesting.

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

Thermoelectric Generator (TEG) Market. Recent Developments:

  • In April 2021, Laird Thermal Systems released the PCX thermoelectric cooler series to increase the reliability of the PCR cycle. Used in analysis, medicine, 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 with mounted pellet samples. The lid of the chamber locks magnetically when closed or opened.

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

Thermoelectric Generators (TEG) Market Dynamics:


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


Money growth and industrialization are both great things for market growth. Many large corporations are doing more business by spending money on research and development to improve their technologies using high power thermoelectric generators. This helps them keep their heat exchangers working better and handle the stress of high temperature gradients.


They are mostly used where heat engines are too big or where the power is not enough. The fact that these generators are difficult to manufacture and that there are obvious alternatives is a major concern 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 advances in North America and the growing need for generators in aerospace, automotive, medical and many other fields.
A market can also grow in different ways as competitors become more competitive and there are many big players in the market. Also, more and more people want their cars to use less fuel and the region is rapidly becoming more industrialized, driving up the demand for generators in the automotive business. This will keep the market growing for years to come.
During the forecast period, the CAGR for 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 region are driving the market demand in the region. In addition, strict regulations on CO2 emissions from cars and increasing efforts by public and private companies to reduce CO2 emissions also contribute to the growth of the market.
Europe is also a world leader that cares deeply about the use of green energy. According to Eurostat, around 17% of the EU’s heating and cooling, 26% of its energy and 6% of its transport energy comes from renewable sources. Europe as a whole is also investing a lot of money in renewable energies. This is because the demand for green electricity is growing in many end-use sectors and more and more people are using it in the power sector and power sector.

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Scope of the report:

report attributes


growth rate

12.64% from 2023 to 2030

Market size in 2022

$511.4 million

From material

bismuth telluride, lead telluride, others

After applications

Use of waste heat, energy generation, direct power generation, combined heat and power generation

By end user industry

Automotive, Aerospace, Industrial, Consumer, Healthcare

By company

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

base year


historical year

2017 to 2021

forecast year

2023 to 2030

Covered Thermoelectric Generator (TEG) Market Segments:

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

By material:

  • bismuth telluride

  • lead telluride

  • Other

After application:

  • heat recovery

  • energy harvest

  • Direct power generation

  • combined heat and power

By end-user industry:

  • automobile

  • Aerospace

  • Industrial

  • consumer

  • healthcare

Regions and countries covered

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

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

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

  • Middle East & Africa: (Saudi Arabia, United Arab Emirates, Egypt, South Africa, Rest of Middle East and Africa)

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

  • rest of the world

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  • Loose filled polystyrene packaging marketThe global loose fill polystyrene packaging market is projected to register 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, with a market share of 44.1%. End-use industries such as pharmaceutical, cosmetics and personal care industries in the region are growing rapidly and driving the growth of the market in the region.

  • Biodegradable Bubble Wrap Packaging MarketThe global biodegradable packaging market is estimated to reach around US$160 billion in revenue by 2031 by growing at a CAGR of almost 6.0% during the forecast period 2022-2030, according to OEMs. The variety of requirements in the manufacturing industry has led to the development of new packaging materials. Additionally, the growth of the electronics industry has resulted in multiple products being brought into agile supply chains.

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About Us:
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and advisory services to officials in diverse sectors including investment, information technology, telecom, consumer technology and manufacturing markets. CDI helps investment communities, executives and IT professionals make statistically informed, accurate technology purchase decisions and drive strong growth tactics to remain competitive in the marketplace. With a team size of more than 100 analysts and a cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the provision of industry knowledge combined with global and country-specific expertise.

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