Thermoelectric Generators Market

Gentherm, Inc (US), II-VI Incorporated (US) and Laird Thermal Systems (UK) are leading players in Thermoelectric Generators Market

Thermoelectric generators (TEG) are solid state devices that convert heat into electricity. They are based on the Seebeck effect, which produces an electric current when dissimilar metals are exposed to varying temperatures. Thermoelectric generators have p-type and n-type elements through which the electrons migrate and as a result, generate electric current. These generators are a renewable energy source and are easy to install, safe to store, cost-effective, and low-maintenance products

The thermoelectric generator market has been segmented based on vertical, type, component, wattage, temperature, material, application and region. By application, the market has been segmented into waste heat recovery, energy harvesting, direct power generation, co-generation. These segments look after various ways in which TEG generate electricity from heat. The vertical segment includes various sectors in which TEGs are utilized, namely automotive, aerospace & defense, industrial, consumer, marine, healthcare,oil & gas, mining, and telecommunications. By wattage, the market has been segmented low power (<10w), medium power (10-1 kw), high power(>1 kw) depending on the type of application. By material, the market has been segmented into Bismuth Telluride, Lead Telluride, others. By temperature, the market is segmented into low (<80°C), medium (80°- 500°C), high (> 500°C). And accordingly used in various verticals. Also, the market is segmented according to various components that make up the TEGs namely Heat Source, Thermoelectric Module, Cold Side, Electric Load. The type segment includes single stage and multi stage, defined based on their design and the number of stages present. The TEG market is segmented according to five key regions in this report, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW), along with their key countries. The overall thermoelectric generator market is projected to grow from USD 406 million in 2021 to USD 635 million by 2026, at a CAGR of 9.4% from 2021 to 2026. North America is estimated to account for the largest share of the thermoelectric generator market from 2021 to 2026.

Thermoelectric generators and thermoelectric materials that were previously utilized primarily in niche applications are now becoming more popular with the introduction of wider automotive applications and the efforts to exploit waste-heat-recovery technologies. Thermoelectric generators are not only highly reliable and durable, but they are also environmentally friendly because they do not include chemical products. These reasons are boosting their demand further.

Agreements, collaborations, new product developments, contracts, expansion, acquisitions, and partnerships are among some of the key strategies adopted by the leading market players to strengthen and sustain their position in the TEG market. For example, in April 2021, Laird Thermal Systems launched the PCX Thermoelectric Cooler Series to increase the reliability of PCR cycling. It is used for Analytical, Medical, Medical Diagnostics, DNA Amplification and is available as thermoelectric coolers, PowerCycling PCX Series. Key players operating in the TEG market include Gentherm, Inc (US), II-VI Incorporated (US), Ferrotec Corporation (Japan), Laird Thermal Systems (UK), Komatsu Ltd. (Japan), and TEC Microsystems (Germany).

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II-VI Incorporated is a subsidiary of Marlow Industries. II-VI Incorporated develops and manufactures thermoelectric modules for aerospace, defense, medical, industrial, automotive, power generation, and telecommunications markets. The company operates through photonics, laser solutions, and performance products segments. Its thermoelectric products are used in temperature stabilization and night vision devices. II-VI Incorporated has its sales and marketing units in Germany, the UK, China, Italy, and Hong Kong and is currently in its 50th year of establishment. It is investing heavily in R&D activities. In April 2021, it expanded its Technology and R&D base by inaugurating a Technology and R&D Center in Shanghai. II-VI Incorporated, a worldwide leader in engineered materials and optoelectronic components, is a vertically integrated manufacturing company that creates innovative products for varied applications in communications, materials processing, aerospace and defense, semiconductor capital equipment, life sciences, consumer electronics, and automotive markets.


Laird, Plc. is involved in designing, manufacturing, and marketing electronics and technology products. The company focuses on providing components and solutions that protect electronic devices from electromagnetic interference and heat and enable connectivity through wireless applications and antennae systems. The company has developed the eTEG Series, thermoelectric power generators for wireless sensors, LED lighting, and battery charging applications. It was bought by Advent International in July 2018, after which it is called Laird Thermal System.

In August 2020, Laird Thermal Systems launched a new Hi-Temp ETX Series using next-gen thermoelectric materials. They can be used in imaging sensors, machine vision, optoelectronics, heads-up displays, and optical transceivers.


Gentherm is the leading manufacturer of thermoelectric power generators, which are used in remote power applications. The company operates through two business segments, namely, automotive and industrial. The automotive segment manufactures automotive seat comfort systems, specialized automotive cable systems, and other automotive & non-automotive thermal convenience products. Gentherm Inc.s automotive products can be noticed on the vehicles of nearly all key automotive manufacturers operating in North American and European regions and some major automotive manufacturers in Asia. The industrial segment emphasizes on the development of thermoelectric generators, rectifiers, primegen systems, solar hybrid systems, and batteries & accessories. Gentherm Inc. manufactures TEG related products in its remote power generation systems business, called Gentherm Global Power Technologies (‘‘GPT’’).

Related Reports:

Thermoelectric Generators Market by Application (Waste Heat Recovery, Energy Harvesting, Direct Power Generation, Co-Generation), Temperature (<80c, 80- 500c, >500c) Wattage, Type, Material, Vertical, Component, Region - Global Forecast to 2026

Mr. Aashish Mehra
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