Product Code: CMI7654
Global Thermoelectric Generator Market is estimated to be valued at USD 749.2 Mn in 2024 and is expected to reach USD 1,568.3 Mn by 2031, growing at a compound annual growth rate (CAGR) of 11.1% from 2024 to 2031.
Report Coverage |
Report Details |
Base Year: |
2023 |
Market Size in 2024: |
US$ 749.2 Mn |
Historical Data for: |
2019 To 2023 |
Forecast Period: |
2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: |
11.10% |
2031 Value Projection: |
US$ 1,568.3 Mn |
Figure. Thermoelectric Generator Market Share (%), By Region 2024

Thermoelectric generators utilize the Seebeck effect to convert a temperature difference directly into electric current. As fossil fuels continue to deplete and greenhouse gas emissions become a greater concern, thermoelectric generators are positioning themselves as a sustainable alternative for power generation. These solid-state devices have no moving parts, are compact, silent, and reliable. Applications include waste heat recovery from automobiles, industrial processes, and other sources that would otherwise be lost to the environment. With greater investment in materials research and device manufacturing, thermoelectric generators have the potential to help address growing energy demands while reducing pollution.
Market Dynamics:
The growth of the thermoelectric generator market is driven by rising demand for alternate energy sources, increasing focus on energy conservation through waste heat recovery, and stringent regulations regarding carbon emissions. However, high manufacturing costs, low conversion efficiency, and reliability issues pose challenges to adoption. Opportunities lie in advancing nanotechnology-based materials to improve performance and lower expenses. Automotive waste heat recovery is a promising application area as it can enhance fuel efficiency. Growing utilization of CHP (combined heat and power) systems also augurs well for capturing otherwise wasted thermal energy.
Key features of the study:
This report provides in-depth analysis of the global thermoelectric generator market, and provides market size (US$ Mn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global thermoelectric generator market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include Ferrotec Holdings Corporation, Gentherm Inc., KYOCERA Corporation, CUI Devices, YAMAHA CORPORATION CO., LTD., Phononic, Komatsu Ltd., II-VI MARLOW, Laird Thermal Systems, TEC Microsystems GmbH, Toshiba Corporation, MAHLE Group, and Evident Thermoelectrics.
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
The global thermoelectric generator market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Market Segmentation
- By Application Insights (Revenue, USD Mn, 2019 - 2031)
- Waste Heat Recovery
- Energy Harvesting
- Direct Power Generation and Co-generation
- By Temperature Range Insights (Revenue, USD Mn, 2019 - 2031)
- By Vertical Insights (Revenue, USD Mn, 2019 - 2031)
- Automotive
- Aerospace & Defense
- Industrial
- Consumer Electronics
- Others
- Regional Insights (Revenue, USD Mn, 2019 - 2031)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
- Key Players Insights
- Ferrotec Holdings Corporation
- Gentherm Inc.
- KYOCERA Corporation
- CUI Devices
- YAMAHA CORPORATION CO., LTD.
- Phononic
- Komatsu Ltd.
- II-VI MARLOW
- Laird Thermal Systems
- TEC Microsystems GmbH
- Toshiba Corporation
- MAHLE Group
- Evident Thermoelectrics
Table of Contents
1. Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
2. Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Thermoelectric Generator Market, By Application
- Thermoelectric Generator Market, By Temperature Range
- Thermoelectric Generator Market, By Vertical
- Thermoelectric Generator Market, By Region
3. Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Impact Analysis
- Key Highlights
- Regulatory Scenario
- Product Launches/Approvals
- PEST Analysis
- PORTER's Analysis
- Merger and Acquisition Scenario
- Industry Trends
4. Thermoelectric Generator Market, By Application, 2024-2031, (USD Mn)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Waste Heat Recovery
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Mn)
- Energy Harvesting
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Mn)
- Direct Power Generation and Co-generation
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Mn)
5. Thermoelectric Generator Market, By Temperature Range, 2024-2031, (USD Mn)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Low
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Mn)
- Medium
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Mn)
- High
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Mn)
6. Thermoelectric Generator Market, By Vertical, 2024-2031, (USD Mn)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Automotive
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Mn)
- Aerospace & Defense
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Mn)
- Industrial
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Mn)
- Consumer Electronics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Mn)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Mn)
7. Thermoelectric Generator Market, By Region, 2024 - 2031, Value (USD Mn)
- Introduction
- Market Share (%) Analysis, 2024,2027 & 2031, Value (USD Mn)
- Market Y-o-Y Growth Analysis (%), 2019 - 2031, Value (USD Mn)
- Regional Trends
- North America
- Introduction
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Temperature Range, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Vertical, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Mn)
- Latin America
- Introduction
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Temperature Range, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Vertical, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Mn)
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Introduction
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Temperature Range, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Vertical, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Mn)
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- Introduction
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Temperature Range, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Vertical, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Mn)
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- Introduction
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Temperature Range, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Vertical, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Mn)
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- Introduction
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Temperature Range, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Vertical, 2019 - 2031, Value (USD Mn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Mn)
- South Africa
- North Africa
- Central Africa
8. Competitive Landscape
- Ferrotec Holdings Corporation
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Gentherm Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- KYOCERA Corporation
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- CUI Devices
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- YAMAHA CORPORATION CO., LTD.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Phononic
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Komatsu Ltd.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- II-VI MARLOW
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Laird Thermal Systems
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- TEC Microsystems GmbH
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Toshiba Corporation
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- MAHLE Group
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Evident Thermoelectrics
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
9. Analyst Recommendations
- Wheel of Fortune
- Analyst View
- Coherent Opportunity Map
10. References and Research Methodology
- References
- Research Methodology
- About us