The global thermoelectric generators market was US$ 401.8 million in 2021. The global thermoelectric generators market is forecast to grow to US$ 951.1 million by 2030 by growing at a compound annual growth rate (CAGR) of 9.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market
Rising demand for waste heat recovery systems, combined with increased adoption of renewable energy sources, are the major factors expected to drive thermoelectric generator industry demand globally.
Moreover, an increasing number of R&D activities are aimed at improving the performance of thermoelectric generators, which will escalate the market growth. On the contrary, TEG development is hampered by the use of conventional technologies and the low efficiency of TEGs.
Manufacturers and researchers are also working to overcome three major challenges, such as improving ZT, expanding the operating range of materials for higher temperature differences, and discovering cost-effective materials. Thus, it will be opportunistic for the thermoelectric generators market during the study period.

COVID-19 Impact Analysis
Because of the lockdown restrictions imposed by governments, the COVID-19 outbreak affected all industries in the global economy. Thus, it resulted in negatively impacting capital investments in various sectors. During this time, the thermoelectric generators industry has experienced a significant decline. This is primarily due to decreased demand for consumer electronics and decreased demand in automotive, aerospace, industrial, and a variety of other applications. Unavailability of raw materials and restricted cash inflow also had a significant impact on a production activity and hampered manufacturing activities.

Regional Analysis
North America is forecast to dominate the thermoelectric generators market, owing to the increasing number of technological developments in North America. Furthermore, the growing demand for generators by healthcare, aerospace, automotive, and other industries will also contribute to the growth of the market.
Growing competition among competitors, as well as the presence of the leading market players in the region, present a variety of growth opportunities for market development. In addition to that, rising demand for generators by automotive industries as they strive to improve fuel efficiency will drive this market forward during the study period.
The European market is expected to grow at the fastest rate over the next few years. The region's market demand is expected to be driven by the region's thriving automotive industries and the presence of a large consumer base. Furthermore, the implementation of stringent regulations governing CO2 emissions from vehicles will also drive the market forward.

Competitors in the Market
• Analog Devices
• CUI Devices
• Faurecia
• Ferrotec Corporation
• Gentherm, Inc.
• II-VI Incorporated
• Komatsu Ltd.
• Kyocera Corporation
• Laird Thermal System
• MAHLE Group
• Murata Manufacturing Co. Ltd
• Tec Microsystems
• Tecteg
• Toshiba Corporation
• Yamaha Corporation
• Other Prominent Players

Market Segmentation
The global thermoelectric generators market segmentation focuses on Components, Wattage, Application, Vertical, and Region. 
By Component
• Heat Source
• Thermoelectric Module
• Cold Side
• Electric Load
By Wattage
• Low Power (<10W)
• Medium Power (10-1 kW)
• High Power (>1 kW)
By Application
• Waste Heat Recovery
• Energy Harvesting
• Direct Power Generation
• Co-generation
By Vertical
• Automotive
• Aerospace & Défense
• Marine
• Industrial
• Consumer Electronics
• Healthcare
• Oil & Gas
• Mining
• Telecommunications
By Regional Outlook
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America