According to the report, the thermoelectric energy harvesting devices market is anticipated to grow from USD 0.7 Billion in 2025 to USD 1.1 Billion in 2035 at a CAGR of 5.1% during the forecast. The growth is driven by compact, high-efficiency, and robust thermoelectric modules (TEGs) mainly for automotive exhaust, industrial processes, and wearable electronic applications.
The rise in waste heat recovery applications and using thermoelectric energy harvesters in IoT devices and medical wearables is encouraging manufacturers to innovate beyond traditional module designs. For example, with the completion of Gentherm's high-performance thermoelectric module production facility for the automotive and industrial markets in 2024, the ability to harness energy capture and overall system efficiency has reached new heights. With the ever-growing increase in energy efficiency mandates, increasing uptake of renewable energy technologies, and government incentives for sustainable solutions, the thermoelectric energy harvesting devices market is likely to continue to grow steadily and creatively through 2035.
The demand for energy harvesting has grown across the automotive, industrial, IoT, and wearable segments, and as a result, there has also been an increase in research and development of compact, efficient, and low-power thermoelectric devices. These devices can convert the ambient heat around them into usable energy, allowing electronics to operate autonomously. In 2024, major players began ramping up production for high performance modules to be used in remote sensors and wearables, specifically focused on using energy harvesting as a differentiator in a sustainable electronics game plan.
The main restraint in this process is the cost of materials and production, as well as the challenge of achieving efficiency at small form factors. Successfully integrating these high-tech elements into complex systems requires specialized research and development, which poses significant barriers to entry for smaller players, consolidating the expertise in the field to tier-1 manufacturers.
Significant opportunities for growth exist in government-driven renewable energy programs, industrial automation, and smart grids. For instance, in 2024, investments in the U.S., China, and Europe to integrate thermoelectric harvesters into industrial and automotive applications should spur innovation, grow the ecosystem and provide rapid global adoption and transition.
International tariff policies are deeply impacting manufacturing strategies and supply chains for thermoelectric energy harvesting devices. High import duties on raw thermoelectric materials (like bismuth telluride) can add costs to production and suppliers would find ways of either manufacturing locally or sourcing material locally to mitigate the impact. One significant example is, in 2024, rising trade tensions between two of the world's largest economies required leading players to change their supply chains towards diversifying across Asia and North America to minimize cost shocks.
Further, it has been observed in the industry that tariffs can be used to delay expansion of a given market but can also be designed to encourage domestic manufacturing, innovation and regional capabilities. It was common for companies to partner on a strategic basis, formulate joint ventures and create local R&D hubs to address tariff related challenges and remain competitive in the market space irrespective of tariffs.
Key players in the global thermoelectric energy harvesting devices market include prominent companies such as Alphabet Energy, Inc., Everredtronics Ltd., Evident Thermoelectrics, Ferrotec Corporation, Gentherm Inc., GM Systems LLC, GreenTEG AG, II-VI Incorporated, Komatsu Ltd. (Komatsu Electronics), Kryotherm Company, Laird Thermal Systems, Marlow Industries (a subsidiary of II-VI Inc.), Micropelt GmbH, O-Flexx Technologies GmbH, Phononic Devices, RMT Ltd., TECTEG MFR, Tellurex Corporation, Thermonamic Electronics (Jiangxi) Corp. Ltd., Yamaha Corporation (Thermoelectric Division), and other Key players, along with several others Key players contributing to market growth through innovation, strategic partnerships, and global expansion.
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