Smart home, automotive, and discrete manufacturing industries offer strong growth potential, finds Frost & Sullivan’s TechVision team
The demand for efficient and renewable energy is intensifying with the global rise in standards of living, digitalization and economic growth. Though some countries have restructured their electricity infrastructure with expensive processes, the electricity crisis still prevails. Technological, material, device integration, and manufacturing process advances in thermoelectric energy harvesting (TEH), a nascent technology, are expected to play a major role in managing global energy demands, resolving energy and electricity shortages, and creating self-sufficient sensors and battery-less devices. With increased research and investment, TEH is becoming pertinent to the future of energy systems.
Frost & Sullivan’s TechVision (Sustainable Energy) analysis, Future of Thermoelectric Energy Harvesting, finds that in 2015, the global thermoelectric energy harvesting market was worth approximately $431.9 million and is anticipated to grow at a compound annual growth rate (CAGR) of 22.1 percent from 2015 to 2025 to reach $3,185.9 million. The research discusses the current status of the TEH market, including factors influencing development, innovative hotspots, patent and funding trends, applications enabled by TEH, market potential, growth opportunities, major regional players, and strategic initiatives to drive adoption.
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“TEH technology comprising thermoelectric generators (TEGs) has created significant interest in research communities and industries due to its ability to reduce costs and energy consumption as well as offer battery-less thermal and waste heat power generation in a miniaturized, highly efficient, maintenance-free, scalable application form,” observed Frost & Sullivan TechVision Research AnalystVarun Babu. “Industry application areas include healthcare, military and aerospace, with smart homes and process, automotive, and discrete manufacturing industries key target verticals for companies due to their untapped growth potential.”
Regional technology development and adoption trends include:
- High adoption in industries such as process manufacturing, chemicals, oil and gas, power generation, and automotive in North America;
- Significant research and development activities in automotive sectors in Europe;
- New material and printing process for TEG products in Europe;
- Boom in patent applications in APAC, with China filing the most patents globally; and
- Global funding deals to develop high-efficiency converters and expand production.
“Application adoption is hindered by marked investment costs, low conversion efficiency, material restrictions for different applications, lack of awareness, and inability to withstand high temperatures,” noted Varun Babu. “These challenges will be resolved via technology advancements and current research and development efforts.”
Future of Thermoelectric Energy Harvesting is part of Frost & Sullivan’s TechVision (Sustainable Energy) Growth Partnership Subscription.
Frost & Sullivan’s global TechVision practice is focused on innovation, disruption and convergence, and provides a variety of technology-based alerts, newsletters and research services as well as growth consulting services. Its premier offering, the TechVision program, identifies and evaluates the most valuable emerging and disruptive technologies enabling products with near-term potential. A unique feature of the TechVision program is an annual selection of 50 technologies that can generate convergence scenarios, possibly disrupt the innovation landscape, and drive transformational growth. View a summary of our TechVision program by clicking on the following link: http://ifrost.frost.com/TechVision_Demo.
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Future of Thermoelectric Energy Harvesting
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