$610.0 Mn for Global Thermoelectric Generator Market by 2021
Zion Market Research, the market research group announced the analysis report titled ‘Thermoelectric Generator Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024’
The study concludes that the global Thermoelectric Generator Market is expected to grow at a CAGR of 13.8% between 2016 and 2021. The market revenue of $279.3 million in 2015, is expected to reach $610.0 million by end of 2021. The main drivers for the growth of the market increase in numbers of women working outside the home.
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.
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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 a huge cost of installation is hampering the thermoelectric generator market growth.
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. The 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 a major factor to drive the growth of thermoelectric generator in these regions.
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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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