International. Increasing demand for waste heat recovery 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 US$368.5 million in 2017 to US$715.8 million in 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 growing concerns about improving the efficiency of automobiles are driving the market. Thermoelectric generators help increase efficiency by utilizing waste heat. The high cost of production of TEGs and the impossibility of producing high electricity production are restricting their market.
The growth of the market across the globe can be attributed to the increasing demand to recover waste heat generated by various industries. Due to growing environmental concerns, the demand to improve engine efficiency is increasing. Thermoelectric generators play an important role in increasing efficiency by utilizing waste heat.
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