Technavio's latest market research report on the global thermoelectric generator market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global thermoelectric generator market from 2017-2021. (Graphic: Business Wire)
The global thermoelectric generator market is expected to grow at a CAGR of close to 13% during the forecast period. This double-digit growth is expected mainly due to the increasing environmental pollution and the need for electric efficiency.
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The top three emerging market trends driving the global thermoelectric generator market according to Technavio research analysts are:
- CO2 emission reduction
- Automation of industries
- Automation in automobiles
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CO2 emission reduction
Governments across different countries are deploying policies such as energy performance labels, general awareness programs, energy performance standards to ensure environmental safety. The efficient use of energy is crucial to achieving sustainable society by minimizing carbon emissions and reducing electricity consumption in transportation, household appliances, electric power, and industrial equipment. This can be achieved with the use of TEG generators.
According to Sunil Kumar Singh, a lead analyst at Technavio forsemiconductor equipment research, "Thermoelectric generators can play a vital role in CO2 emission reduction as the smoke emitted by industrial processes, automobiles, and electricity production plants is reconverted into electrical energy. Therefore, the smoke does not pollute the air, ultimately resulting in a cleaner environment."
Automation of industries
Automation of industries is gaining momentum as computers and machines are being adopted for effective and efficient control systems. Industries are forced to adopt automation to maintain their competitiveness in the market. Automation enables industries to increase productivity, lower the cost of operations, and ensure the quality of the product.
Automation will lead to an increase in demand for electricity which can be fulfilled by TEGs, as they can ensure a constant source of power. This will also result in reduced environmental pollution. Governments are also expected to encourage waste heat recovery systems in industries to reduce the pollution from industries.
Automation in automobiles
Automobiles are undergoing a massive digital makeover. Semiconductor content plays a key role in the automation of automobiles, especially in networked communication and driving automation. Next-generation automobiles are expected to include speech recognition and video and image compatibilities to provide optimal driving experience. Connected cars in the future will have communication systems ranging from internal systems like advanced driver assistance electronics, transmission, and front panel to roadside infrastructure, other cars, and emergency services. Leading manufacturers such as Toyota, Audi, and Mercedes have invested considerable resources in the R&D of automobile automation. In automation, semiconductor content is required to constantly provide accurate information for the inbuilt AI to drive optimally.
"The ongoing technological advances, along with vehicle connectivity, self-driving cars, and interactive safety systems, will require additional power or electricity requirements to operate. TEGs can play a vital role in providing an additional source of power, which will increase the fuel efficiencyof automobiles," says Sunil
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