Newark, NJ, May 26, 2022 (GLOBE NEWSWIRE) – According to the report published by Fior Markets, the global heat generator market is expected to grow from $498.18 million in 2019 to $942.78 million by 2027, at a compound annual growth rate of 8.3 % during the forecast period 2020-2027. The US dominates the market in North America, due to the increasing future use of TEG technology, mass manufacturing, increased demand for clean energy, and large disposable income. The Asia Pacific region is expected to witness significant growth due to the growth in automobile production. Europe is expected to experience significant growth, due to rapid industrial development, advanced automobile industry, and the presence of economically stable countries. Argentina and Brazil are the largest consumers of electricity in Latin America and the Middle East and Africa region, due to the presence of large industries.
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Some of the notable players in the market are Thermoelectric Woodstove Generators and Alphabet Energy, Inc. and Evident Thermoelectrics, Ferrotec Corporation, Gentherm Incorporated, Laird plc, Yamaha Corporation, II-VI Incorporated and Komatsu Limited.
The vertical sector includes aerospace, automotive, mining, defense, oil and gas, consumer, industrial, telecommunications, and healthcare. The industrial vertical sector occupies the largest share, due to the improved efficiency of industries, the benefits of carbon credits, and the stringent standards for environmental conservation. The wattage segment includes high power, medium power, and low power. Low power thermoelectric generators are used for camping, mountain climbing, and as a backup electrical current in the home. The component part includes the electrical load, heat source, cold side and thermoelectric unit. The temperature segment includes high temperature, medium temperature and low temperature. The low temperature segment is expected to witness significant growth, due to use in various applications such as powering watches, sensors and other consumer electronics. On the basis of application, the market is segmented into energy harvesting, cogeneration, waste heat recovery and direct power generation.
The factors influencing the market are the increasing demand for non-motile and solid state devices, the need for permanent and maintenance-free power sources, the increasing demand for thermoelectricity in the healthcare field, and the increasing demand for low power generators in the sensor network. Increased focus on alternative fuels for transportation and increased environmental awareness are expected to fuel the market. The factor hindering market growth is the high cost of thermoelectric materials and low efficiency.
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About the report:
The global Heat Generators market is analyzed on the basis of value (million USD). All sectors were analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each sector. The report provides an in-depth analysis of the driving factors, opportunities, restraints, and challenges to gain key insight into the market. The study includes Porter’s Five Forces Model, gravity analysis, raw materials analysis, supply, demand analysis, competitor website network analysis, distribution and marketing channels analysis.
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About Aswaq Fiore
Fior Markets is a futuristic market intelligence company, helping clients thrive on their business strategies and make better decisions using actionable intelligence. With a transparent set of information, we meet clients’ goals and obligations at a high level and target potential prospects with SWOT analysis and market research reports. Fior Markets publishes a wide range of regional and global market intelligence research reports including industries such as technology, pharmaceuticals, consumer goods, food and beverages, chemicals, media and materials, and many more.
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