Recovering waste heat and converting it into electrical energy is an efficient tool as a measure against global warming. Recovering waste heat can be done in various ways; one of the popular methods is generation of electricity by thermoelectric generator, which has no moving parts and is capable of converting waste heat directly into electrical energy. Thermoelectric power generators transform heat directly into electricity or electrical energy for heating or cooling applications. These are solid state devices based on thermoelectric effects involving interactions between the flow of heat and of electricity through solid bodies. However, conventional thermoelectric generators have not become well-known yet, primarily due to their low efficiency. In recent years though, the characteristics of thermoelectric generators have improved, thus swiftly developing the prospects for thermoelectric power generation.

The Thermoelectric Generators vendors are placed into 4 categories based on their performance and reviews in each criterion: “visionary leaders,” “innovators,” “dynamic differentiators,” and “emerging companies".

The companies that fall under this category generally receive high scores for most of the evaluation criteria. They have a well-established product portfolio and a very strong market presence. They offer mature and reputable products and services and have strong business strategies.

Dynamic differentiators are the established vendors of radar simulators with strong business strategies. However, they have weaker product portfolios as compared to their competitors. They generally focus on a specific type of technology related to a particular product.

Innovators are the vendors that have demonstrated substantial product innovations as compared to their competitors. They have an extensive product portfolio. However, they do not have very strong growth strategies for their overall business.

Vendors with niche product offerings, who have started to gain their foothold in the radar simulator market, fall under this category. They do not have strong business strategies as compared to other established vendors. They might be new entrants in the market and require some time before gaining significant traction in the market. The automotive segment is estimated to account for the largest share of the thermoelectric generators market and is projected to grow at a healthy CAGR. The usage of thermoelectric generators is expected to grow with increased number of vehicles. MNCs such as General Motors (U.S.) and BMW Group (Germany) among others adopted TEG into their vehicles. An internal combustion engine in automobile produces a lot of waste heat, which can be recovered using thermoelectric generators. Hot plate of thermoelectric generator is connected to engine exhaust and cold side is connected to coolant to achieve temperature gradient to generate the power. Engine exhaust temperature may vary approximately in the range of 700 to 1000 degree Celsius. The aerospace segment is estimated to account for second largest share of the thermoelectric generators market and is projected to at a very good CAGR. Thermoelectric generators in aircraft help in reducing power consumption through waste heat recovery for various sensors. They are useful in turbo shaft, turbofan, and turboprop engines, which are commonly used in aircraft for waste heat recovery. They also provide safety of operation without interrupting the engine operation. Thermoelectric generators use Seebeck effect to convert temperature differences into electricity. They are very useful in remote power generation. The oil & gas industry needs such kind of power generating devices. Most of their operations face the problem of grid connectivity. Offshore operations need the reliable and safe power generation devices. Also, some other industries that operate in remote location are environmental monitoring, lighthouse, and navigation aids among others. Tele-communication devices such as antennas, VSAT terminals, fiber optics links, security and surveillance devices, and radio/television rebroadcasting systems involve remote sites. Thermoelectric generators are very reliable, require less maintenance, and have very less operating cost as consumables are niche.