The rising global population coupled with rapid industrialization have led to an exponential increase in the consumption of energy, globally. The issue of sustainability associated with conventional resources along with the escalating demand for energy, has set into motion the need for energy harvesting. Energy harvesting can be defined as the process of capturing and storing the byproduct energy and the utilizing it later for varied applications.
The automotive industry is one of the major end-user industries and application areas for energy harvesting. During the energy conversion process, a considerable amount of heat waste is produced, and the proper utilization of this waste is a major cause of concern for the automotive industry. In an attempt to minimize the waste produced, the concept of automotive thermoelectric generator was introduced.
A thermoelectric generator uses the waste heat produced from the engine to generate energy, which is further utilized for running auxiliaries and systems, such as lighting, infotainment, and air conditioning system. Moreover, it reduces the weight of the vehicle along with improving the efficiency of the engine.
In the process of generating energy from waste heat, a thermoelectric generator uses thermoelectric materials, such as bismuth telluride, lead telluride, magnesium silicide, and skutterudites, for converting heat waste into electricity.
As per the latest market intelligence report by BIS Research tilted “Global Automotive Thermoelectric Generator Market – Analysis and Forecast (2022-2028),” the thermoelectric generator market is projected to grow at a CAGR of 12.43% during the forecast period 2022 to 2028 and reach $61.44 million by 2028.
This potential growth of the thermoelectric generator market can primarily be attributed to the increased need for improved vehicle fuel efficiency. Further, the report published by BIS Research examines the market under different segments namely, material type, components, vehicle type, and region. On the basis of the region, the report analyzes the market for Asia-Pacific (APAC), North America, Europe, and Rest-of-the-World. North America is expected to witness the highest growth during the forecast period and acquire the largest market share.
Despite being at the nascent stage, the thermoelectric generator market has attracted significant contributions from several automotive manufacturers in terms of research and development of new technologies to reduce heat wastage. For instance, the RENOTER project by VOLVO Group has set targets for permissible heat wastage for different types of vehicles. Similarly, to minimize the fuel energy wastage, Ford has incorporated bismuth telluride as a thermoelectric material in its thermoelectric generator.
Moreover, commercial cars and SUVs are also testing prototypes of thermoelectric generators. BSST, a leading thermoelectric device maker is planning to install its prototype in Ford and BMW cars.
With advancements in the thermoelectric technology, the automobile industry is transcending toward becoming a sustainable and green industry. With significant efforts from various governments and private institutions, the thermoelectric generator market is expected to witness a sustained growth and revolutionize the automotive industry.