HOME Research Insight New Product Launches was the Key Strategy Adopted by Market Players to Enhance Business Prospects in the Thermoelectric Generators Market From 2012 To 2016

New Product Launches was the Key Strategy Adopted by Market Players to Enhance Business Prospects in the Thermoelectric Generators Market From 2012 To 2016

The Thermoelectric Generators (TEG) market was estimated at USD 368.5 Million in 2017 and is projected to reach USD 715.8 Million by 2022, at a CAGR of 14.20 % from 2017 to 2022. Rapid commercialization of thermoelectric generators in the automotive industry and increasing demand for miniaturized TEGs are factors expected to drive the growth of the thermoelectric generators market during the forecast period.

Thermoelectric generators are made using different thermoelectric material such as Bismuth Telluride (BiTe) and Lead Telluride (PbTe) materials, among others. Many manufacturers prefer using Bismuth Telluride (BiTe) over Lead Telluride (PbTe) to develop thermoelectric generators because it helps to improve operational efficiency. However manufacturers are developing new thermoelectric generators by utilizing nanostructural material such as nanomesh, silicon nanowires, nanosystems, and nanoribbons to further improve the efficiency of TEGs. The key manufacturers of thermoelectric generators profiled in this report include Gentherm Inc. (U.S.), II-VI Marlow, Inc. (U.S.), Ferrotec Holdings Corporation (Japan), Laird plc (U.K.), KELK Ltd. (Japan), Yamaha Corporation (Japan), and Evident Thermoelectrics (U.S.), among others. These companies account for a major share of the thermoelectric generators market and have adopted the new product launches strategy to enhance their market shares.

In February 2017, Yamaha Corporation (Japan), entered into a collaboration with the DLR Institute of Vehicle Concept to develop a special vehicle system based on the thermoelectric effect. This collaboration was valued around USD 13 million.

II-VI Marlow, Inc. (U.S.), another key player in the thermoelectric generators market, entered into partnership with Digi-Key Electronics in December 2016. As per this partnership, Digi-Key will distribute thermoelectric components, sub-assemblies and systems. In the same year, Gentherm Inc. acquired Cincinnati Sub-Zero Products (CSZ), which is a global market leader and developer of innovative thermal management technologies. This acquisition will help Gentherm to grow in the medical and industrial test equipment markets.

In April 2016, Alphabet Energy and Coyote North jointly developed a new product, the Power Generating Combustor (PGC) that converts exhaust heat from enclosed flares into electrical power. Furthermore, among the many new products launched in the year 2015, Alphabet Energy launched the PowerModule Developer Kit to increase industrial energy efficiency in October 2015. These product launches display the company’s aggressive strategy by adding multiple products to their product portfolio.

Related Reports:

Thermoelectric Generators Market by Source (Waste Heat Recovery, Energy Harvesting, Direct Power Generation, Co-Generation), Material (Bismuth Telluride, Lead Telluride), Component, End User, Temperature, Wattage, and Region - Global Forecast to 2022

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