LONDON — Increasing demand for recovering waste heat generated by various industries is one of the key factors driving the growth of the thermoelectric generators (TEG) market.
The TEG market is projected to grow from an estimated $368.5 million in 2017 to $715.8 million by 2022 at a compound annual growth rate (CAGR) of 14.2 percent during the forecast period 2017-2022. Increasing demand for waste heat recovery from various industries and increasing concerns for improving the efficiency of automobiles are driving the market. Thermoelectric generators help in increasing efficiency by utilizing waste heat. The high production cost of TEGs and the inability to produce high electricity output are restraining its market.
The growth of the thermoelectric generators market across the globe can be attributed to the increasing demand to recover the waste heat generated by various industries. Due to the increasing environmental concerns, the demand to improve the efficiency of engines is increasing. Thermoelectric generators play an important role in increasing efficiency by utilizing waste heat.
Publication date: 6/19/2017