Top 50 Companies in Thermoelectric Materials Market: Statistics Report Till 2035
RELEASE DATE: Aug 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Thermoelectric Materials Market Size is projected to grow from USD 1.05 Billion in 2024 to USD 2.85 Billion by 2035, at a CAGR of 9.5% during the forecast period 2025–2035. Global energy consumption has increased as a result of both population growth and the acceleration of economic growth brought about by industrialization. Conventional resources are the primary source of energy, which not only poses sustainability issues but also has negative environmental effects like climate instability and rising carbon dioxide levels.
Introduction
This improvement in the percolation effect should increase the organic materials thermoelectric efficiency and lead to further performance improvements. A variety of synthetic nanocomposites also improve the photoreduction of CO2 and oxygen, which can lead to improved thermoelectric characteristics. A wide range of low-carbon energy options contributed to this achievement, but in 2023, worldwide investment hit a record high of USD 1.77 trillion, supported by new technologies, renewable energy, and electrified transportation. Even with China's USD 676 billion investment, the sum of all EU, US, and UK packages still exceeded China's. These programs demonstrate the increased focus on cutting-edge materials that support eco-friendly energy transitions. Given the widespread usage of thermoelectric materials for waste heat recovery, growing concern about energy conservation is one of the main factors propelling the market's expansion. The economic and environmental benefits of materials that convert surplus heat into useful energy are becoming more widely recognized. This change will achieve global sustainability goals and increase efficiency. New solutions are needed now more than ever because of tighter regulations and growing energy costs. By 2050, US energy consumption is expected to climb by over 15%, while monthly gas prices are expected to drop by 26.5% and electricity prices by 13%.
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The insights presented in this blog are derived from comprehensive market research conducted by Spherical Insights LLP, a trusted advisory partner to leading global enterprises. Backed by in-depth data analysis, expert forecasting, and industry-specific intelligence, our reports empower decision-makers to identify strategic growth opportunities in fast-evolving sectors. Clients seeking detailed market segmentation, competitive landscapes, regional outlooks, and future investment trends will find immense value in the full report. By leveraging our research, businesses can make informed decisions, gain a competitive edge, and stay ahead in the transition toward sustainable and profitable solutions.
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Thermoelectric Materials Market Size & Statistics
- The Market Size for Thermoelectric Materials Was Estimated to be worth USD 1.05 Billion in 2024.
- The Market Size is expected to grow the fastest during the forecast period in the Thermoelectric Materials Market.
Regional growth and demand
Asia Pacific is expected to grow the fastest during the forecast period in the thermoelectric materials market. The market for thermoelectric materials is dominated by Asia-Pacific thanks to aggressive electronics manufacturing in China, Japan, and South Korea, government-sponsored environmental initiatives, and extensive industrialization. Nearly 34% of the world's thermoelectric materials were produced in China in 2023, and a USD 30 million thermoelectric research and development program was supported by Japan's METI.
North America is expected to generate the highest demand during the forecast period in the thermoelectric materials market. This is due to rising interest in energy efficiency and a rise in investment in renewable energy technologies. Innovation in thermoelectric materials that make these cost-effective and efficient is made possible by the region's well-established R&D infrastructure. As companies and governments place greater emphasis on sustainability measures, there will be a huge growth in the demand for sophisticated thermoelectric solutions in North America.
Top 10 trends in the Thermoelectric Materials Market
- Demand for energy-efficient systems
- Advancements in nanostructured materials
- Waste heat recovery applications
- Development of flexible and wearable thermoelectric devices
- Growth in automotive and industrial sectors
- Increased use of bismuth telluride
- Focus on sustainable and eco-friendly materials
- Innovations in high-temperature materials
- Integration in electronics cooling
- Rising investments in research and development
1. Demand for energy-efficient systems
Rising energy costs and stringent regulations are pushing industries to adopt thermoelectric materials to improve energy efficiency by converting waste heat to electricity.
2. Advancements in nanostructured materials
Nanotechnology enhances thermoelectric performance by improving electrical conductivity and reducing thermal conductivity, boosting efficiency.
3. Waste heat recovery applications
Industrial and automotive sectors increasingly use thermoelectric materials to capture and convert waste heat, enhancing sustainability and reducing emissions.
4. Development of flexible and wearable thermoelectric devices
Innovations are allowing thermoelectric materials to be incorporated into flexible electronics and wearable health monitoring, expanding use cases.
5. Growth in automotive and industrial sectors
Increasing electric vehicle adoption and industrial process optimization are driving demand for thermoelectric materials for power generation and cooling solutions.
Empower your strategic planning:
Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the thermoelectric materials market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 25 Companies Leading the Thermoelectric Materials Market
- Ferrotec Holdings Corporation
- Global Power Technologies Inc.
- Kyocera Corporation
- Laird Thermal Systems
- II-VI Incorporated
- KELK Ltd.
- Thermoelectric Power Generator Inc.
- Hi-Z Technology
- Tianjin Highpower TEG Co., Ltd.
- TEGpro Corporation
- Tellurex Corporation
- Marlow Industries
- TEG Power Corporation
- Lengtech Corp.
- Alphabet Energy
- Heraeus Holding GmbH
- Texas Instruments
- Bosch Thermotechnik GmbH
- Stanford Advanced Materials
- Thermonamic Electronics
- Marlow Industries Inc.
- Zymergen Inc.
- Crocus Technology
- Coherent Corp.
- Komatsu Ltd.
1. Ferrotec Holdings Corporation – Japan
Ferrotec Holdings Corporation is a leading provider of advanced thermoelectric materials and modules, focusing on applications in automotive, telecommunications, and biomedical industries. Headquartered in Japan, Ferrotec specializes in manufacturing thermoelectric modules used for waste heat recovery and power generation. The company’s strong emphasis on innovation in thermoelectric technology supports energy efficiency and sustainability, reinforcing its position as a major contributor to the thermoelectric materials market.
2. Global Power Technologies Inc. – Canada
Global Power Technologies Inc. (GPT) is a premier manufacturer of thermoelectric generators and off-grid power solutions, headquartered in Canada. GPT produces modular thermoelectric systems designed for hazardous locations and industrial uses, including remote monitoring and telemetry. Their hybrid solutions, incorporating solar panels and battery storage, enhance energy efficiency, positioning GPT as a prominent player in thermoelectric power generation.
3. Kyocera Corporation – Japan
Kyocera Corporation is a diversified technology company headquartered in Japan with significant investment in thermoelectric module development. Their thermoelectric products serve multiple sectors, including temperature control and energy harvesting. Kyocera’s efficient heat-to-electricity conversion technologies contribute to energy savings and support global sustainability efforts.
4. Laird Thermal Systems – USA
Laird Thermal Systems, headquartered in the United States, develops customized high-density thermoelectric modules for automotive and industrial thermal management. Their modules enable precision cooling and heating solutions critical for electronics and other high-performance applications, advancing the use of thermoelectric materials for energy efficiency and sustainable cooling solutions.
5. II-VI Incorporated – USA
II-VI Incorporated, based in the United States, specializes in semiconductor and thermoelectric materials. The company designs high-performance thermoelectric modules used in industrial, defense, and energy harvesting applications. Its advanced material science expertise enables II-VI to provide cutting-edge solutions that accelerate growth and innovation in the thermoelectric materials market.
Are you ready to discover more about the thermoelectric materials market?
The report provides an in-depth analysis of the leading companies operating in the global thermoelectric materials market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Ferrotec Holdings Corporation
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Global Power Technologies Inc.
- Kyocera Corporation
- Laird Thermal Systems
- II-VI Incorporated
- KELK Ltd.
- Thermoelectric Power Generator Inc.
- Hi-Z Technology
- Tianjin Highpower TEG Co., Ltd.
- Others.
Conclusion
The Thermoelectric Materials Market Size is poised for steady growth driven by increasing demand for energy-efficient solutions across automotive, electronics, and industrial sectors. Innovations in materials like bismuth telluride and advancements in nanostructured thermoelectric compounds are enhancing performance and application scope. The market benefits from the rising focus on waste heat recovery and solid-state cooling technologies, contributing to sustainability goals. Asia-Pacific leads in market adoption, supported by expanding manufacturing and R&D investments. Despite supply chain challenges, ongoing material development and growing industrial applications position the thermoelectric materials market as a key enabler of energy efficiency and clean technology transitions.
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