Thermoelectric Generators Companies

The global thermoelectric generator market is expected to grow from USD 1.03 billion in 2025 to USD 1.41 billion by 2030, at a CAGR of 6.3% during the forecast period. One of the primary drivers of the market is the increasing global emphasis on energy efficiency and the need to recover waste heat across industries. TEGs convert heat directly into electricity, offering a sustainable method to capture energy from industrial processes, automotive exhaust systems, and body heat, thereby reducing energy waste. This capability aligns well with rising environmental concerns and stricter government regulations to lower carbon emissions and promote clean energy alternatives.

Some of the major players in the thermoelectric generator market with a significant global presence include Coherent Inc. (US), Global Power Technologies (Canada), Ferrotec Holdings (Japan), Komatsu Ltd. (Japan), and Kyocera Corporation (Japan). These players have incorporated various organic and inorganic growth strategies, including collaborations, product launches, and partnerships, to strengthen their international footprint and capture a more significant share of the thermoelectric generator market. In January 2025, Same Sky Devices introduced a line of thermoelectric generator modules. These modules are designed for industrial waste heat recovery applications. In May 2023, Coherent Corp. and Mitsubishi Electric Corporation signed a memorandum of understanding (MOU) to collaborate on a program to scale the manufacturing of SiC power electronics on a 200 mm technology platform. Such strategies have allowed the market players to expand across geographies by offering thermoelectric generators.

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Major Thermoelectric Generator Companies Include:

• Coherent Inc. (US)
• Global Power Technologies (Canada)
• Ferrotec Holdings (Japan)
• Komatsu Ltd. (Japan)
• Kyocera Corporation (Japan)

Coherent Corp (US)

Coherent Corp., formerly II-VI Incorporated, is a US-based technology company specializing in optical materials and semiconductors. It has a workforce of approximately 26,157 employees. In the thermoelectric generators market, Coherent focuses on industrial applications, particularly in the oil & gas sector, providing TEG systems that power remote sensors and monitoring equipment in extreme environments. The company's strategic emphasis includes developing hybrid systems that combine TEGs with photovoltaic cells to enhance reliability in off-grid operations.

Komatsu Ltd. (Japan)

Komatsu Ltd. is a leading multinational corporation specializing in the manufacture of construction, mining, and industrial equipment. The company has committed to innovation in the thermoelectric generator (TEG) market through its subsidiary, KELK Ltd. It specializes in thermoelectric modules and temperature control systems. Founded in 1966, KELK has developed high-efficiency thermoelectric generation modules, achieving a conversion efficiency of up to 7.2% under optimal conditions. In 2012, KELK initiated testing of these modules at a steel mill to harness waste heat for electricity generation, aiming to commercialize a 100kW-class thermoelectric system.

Ferrotec Holdings Corporation (Japan)

Ferrotec Holdings Corporation is a prominent provider of advanced materials and components, particularly for the semiconductor industry. In the thermoelectric generators market, Ferrotec specializes in manufacturing thermoelectric modules utilized in power generation and waste heat recovery applications across automotive, telecommunications, and biomedical sectors. Its expertise in thermoelectric technology enables it to offer industry-standard modules and thermal management solutions, contributing to energy efficiency and sustainability initiatives.

Global Power Technologies Inc. (Canada)

Global Power Technologies Inc. (GPT) is a leading provider of off-grid power solutions specializing in thermoelectric generators. Designed for low-maintenance operation, the Sentinel is certified for hazardous locations (HAZLOC), making it ideal for mission-critical applications in remote and industrial settings. Their modular approach allows scalability from 5W to 500W, catering to diverse energy needs. These generators are particularly effective in applications like cathodic protection, remote monitoring, and telemetry systems. Additionally, GPT offers hybrid solutions that integrate TEGs with solar panels and battery storage, enhancing energy efficiency and reducing emissions in industrial operations.

Kyocera Corporation (Japan)

Kyocera Corporation is a diversified global technology company with a strong presence in electronics, ceramics, and energy solutions. Kyocera has made significant strides in thermoelectric-related areas. The company has developed thermoelectric modules used in various applications, including temperature control systems and energy harvesting devices. These modules are designed to efficiently convert heat into electricity, contributing to energy savings and sustainability efforts across industries.

Market Ranking

The market for thermoelectric generators is consolidated, with five major players having a combined market share of about more than 60% of the total market. Kyocera Corporation, Global Power Technologies, Coherent Corp., Ferrotec Holdings Corporation, and Komatsu Ltd. are key players in the thermoelectric generator (TEG) market, each contributing uniquely across different segments. Kyocera offers thermoelectric modules mainly for temperature control and energy harvesting, while Komatsu Ltd. specializes in automotive waste heat recovery with advanced, high-efficiency modules improving fuel economy. Coherent focuses on industrial TEG applications, particularly in harsh environments like oil and gas, leveraging hybrid systems for off-grid power. Ferrotec provides thermoelectric modules for power generation and thermal management in sectors such as automotive and biomedical. Global Power Technologies excels in off-grid, rugged TEG solutions for remote monitoring and industrial use, offering modular, scalable systems.

Related Reports:

Thermoelectric Generator Market Type (Multistage, Single-stage), Temperature (<80, 80-500,> 500), Material (Bismuth Telluride, Lead Telluride), Application (Waste Heat, Energy Harvesting, Direct Power), Power, Industry - Global Forecast to 2030

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