The industrial production process consumes electricity and generates a lot of waste heat. Recycling waste heat for power generation can effectively improve energy efficiency. This study uses thermoelectric conversion technology to recover industrial waste heat and designs a high-performance thermoelectric generator (TEG). According to the characteristics of industrial environmental temperature, the power generation performance of the TEG of various sizes is analyzed by a numerical calculation method. The TEG's structure, cooling method, and heat collection method are optimized based on numerical calculation results. After completing the structural optimization of the TEG, we conducted a field test of the equipment at a steel company in China. The results show that the optimized TEG has good power generation performance and can operate efficiently in an industrial environment. The best power generation performance can be obtained when the optimized TEG adopts the structure of 20cm × 150 cm. The maximum output power is 80.5 W, which is 11.2% higher than the unoptimized TEG. The best economic benefits can be obtained when the optimized TEG adopts the structure of 20cm × 75 cm. The minimum power generation cost is 1.76$W−1, which is 15.4% higher than the unoptimized TEG.
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