The latest report on Thermoelectric Generators Market by Infinium Global Research gives complete coverage of the Thermoelectric Generators Market by source (waste heat recovery, energy harvesting, co-generation, and direct power generation), material (bismuth-telluride(BI-TE), copper-iron(CU-FE), lead-telluride(PB-TE), industry verticals (automotive, aerospace & defence) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Thermoelectric Generators such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Automobile, Aerospace, Defense, Industrial and Many Others Drives the Growth of Thermoelectric Generators Industry
Thermoelectric generator is a solid state device which converts heat directly into electricity. Thermoelectric generators are mostly used as a micro energy harvester to harvest waste heat energy in power plants. It has a wide range of application in several industries due to its numerous advantages. Thermoelectric generators are environmentally friendly, no moving parts so maintenance is required less and has scalability property. Thermoelectric generators are appeared as promising alternative green technology due to their distinct advantages.
The growing demand for energy across various end-user industries such as automobile, aerospace, defense, industrial and many others drives the growth of thermoelectric generators market. Additionally, thermoelectric generators used as power sources in satellites, space probes (radioisotope thermoelectric generators) and also used in small portable applications. Furthermore, rising concerns about environmental and emissions issues, particularly global warming have led the demand for this market. In 2016, it is projected that energy expenditures in the U.S. were $1.0 trillion.
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Rapid Growth in Industrialization is Another Factor Responsible for the Growth of Thermoelectric Generators Industry
However, high installation cost and their low heat to electricity efficiency could hamper the growth of thermoelectric generators market during the forecast period. Furthermore, massive capital investments by the several governments in the same provides growth opportunities for the market in the coming years. Recent research and development activities have developed new technologies for the conversion of renewable energy to electricity is expected to create lucrative opportunities for the thermoelectric generators market.
Among the geographies, North America held maximum share in thermoelectric generators market due to rising awareness regarding clear energy source. In North America Countries, such as the U.S. and Canada are observing a growing adoption of thermoelectric generators in the automotive industry. Furthermore, Europe and Asia Pacific regions are expected to be the highest growth rate in this market during the forecast period. The countries such as China and India are expected to grow at a substantial rate in this market owing to the increase in demand for vehicles. Additionally, Rapid growth in industrialization is another factor responsible for the growth of thermoelectric generators market in the Asia Pacific region.
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- Comprehensive analysis of global as well as regional markets of the Thermoelectric Generators.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
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- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.