Portland, OR, Nov. 08, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global thermoelectric generators market generated $0.4 billion in 2020, and is projected to reach $1.4 billion by 2030, witnessing a CAGR of 11.8% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in demand for fuel efficiency amidst stringent emission control norms drives the growth of the global thermoelectric generators market. However, high initial cost and lack of skilled personnel restrain the market to some extent. On the other hand, increase in research and development activities presents new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of almost all industries, thereby drastically affected the thermoelectric generators market.
- Factors like disruptions in supply chain and rise in price of raw material hampered the growth of the industry.
- However, reopening of all industries and production facilities is expected to help the market recover soon.
The report offers detailed segmentation of the global thermoelectric generators market based on material, application, end use industry, and region.
Based on application, the waste heat recovery segment held the highest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 12.4% from 2021 to 2030.
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Based on end use industry, the aerospace segment held the largest market share in 2020, holding more than one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the healthcare segment is projected to register the highest CAGR of 12.5% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly to-fifths of the global waste management market, and is estimated to continue its dominant share by 2030. However, Asia-Pacific region is projected to manifest the fastest CAGR of 14.4% during the forecast period.
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Leading players of the global thermoelectric generators market analyzed in the research include Gentherm, Inc., Ferrotec Holdings Corporation, Yamaha Corp., Laird Thermal Systems, Komatsu Ltd., Kyocera Corporation, Phononic Devices, Evident Thermoelectrics, and II-VI Marlow, Inc.
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