Thermoelectric Generators (TEGs) are solid-state devices that convert heat energy to electricity using the Seebeck effect, where temperature gradients across a material generate voltage. TEGs have received considerable attention as a way of harnessing waste heat and increasing energy efficiency across various applications.
The Thermoelectric Generator Industry size is expected to be worth around USD 1488.6 Mn by 2032 from USD 506.1 Mn in 2022, growing at a CAGR of 11.7% during the forecast period from 2023 to 2032.
TEG adoption is being driven by several factors. One is an increasing global emphasis on sustainability and energy efficiency; TEGs provide an efficient method of collecting waste heat from various sources like industrial processes, vehicles, and electronics - an attractive solution as governments and industries look to lower their carbon footprint. Furthermore, demand for portable power sources in remote or off-grid locations is spurring TEG sales further into niche markets.
TEGs have recently seen increased use in industries where waste heat recovery is essential, such as aerospace. TEGs help power sensors and electronics while automotive manufacturers have begun using TEGs to recover heat from exhaust systems. Furthermore, research efforts are currently focused on creating high-efficiency materials and designs to address existing limitations.
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