Electricity has become an integral part of the day-to-day life. Industrial growth has become the yardstick to determine the economic growth of a particular country. In the past, the governments encouraged the establishment of industries. However, now, they are encouraging improving the efficiency of the industrial sector. Managing waste heat from the industries forms the crux of efficiency improvement measures, as this heat is responsible for several devastating effects on the environment. One of the most viable alternatives to effectively manage waste heat and improve the efficiency of the overall plant is through the deployment of thermoelectric devices across industries.
A thermoelectric module works electrically without any moving parts so they are virtually maintenance-free and flexible in shape. One of the unique properties of thermoelectric modules is possibility to convert heat into electricity starting from almost zero temperature difference. Additionally, technological advancements resulted in product miniaturization and gave rise to a multitude of micro devices, such as microprocessors, micro sensors, microcontrollers, and micro instruments. Also, thermoelectric technology can be used to solve thermal problems in microelectronic circuits, by catering to unattended and continuous power requirements and backup power on manned platforms for critical communications and emergency shutdown systems.
Lack of Drive for Commercialization of Thermoelectrics is Restraining Market Growth
The primary factors that hinder the growth of the thermoelectric module market are its high cost and low efficiency. The market still has to overcome the hurdle of inefficiency on a commercial scale to make the thermoelectric materials an attractive proposition. The discovery and development of thermoelectric materials is becoming more and more crucial for future energy challenges. Energy conversion processes can be done with almost negligible greenhouse gas emissions with the help of thermoelectric devices. However, there has not been sufficient drive to commercialize thermoelectric products, owing to the lack of supplies from thermoelectric material providers. Manufacturers of the thermoelectric modules are exposed to shortage in the technological needs, which results in restricting its market growth of thermoelectric solutions in the industrial landscape. Deploying novel thermoelectric materials in the production processes with the policy support of governments can allow thermoelectric device manufacturers to engage with the thermoelectric business and paving way for their commercialization. Thermoelectric modules have the potential to find broad application in waste heat recovery (Energy harvesting).
Asia-Pacific is expected to Witness Fastest Growth
In 2016, among all the regions, Asia-Pacific accounted for the largest share of the global thermoelectric modules market. The growth of Asia-Pacific can be attributed to the performance of burgeoning economies of India and China. The low cost of production, due to the low labor cost and growing demand for thermoelectric modules in various applications are some of the factors for the growth in the demand, in Asia-Pacific. On the other hand, nascent industrial automation and lack of proper technological awareness are some of the factors constraining the market for thermoelectric devices in the region. China is the biggest market for thermoelectric devices; it is followed by Japan and India respectively. This region is projected to dominate the global thermoelectric modules market over the forecast period.
Key Developments in the Market
- March 2018: Phononic, unveiled its proprietary Non-Hermetic Compatible Thermoelectric Cooler (TEC) Platform designed to provide high reliability and cooling performance, coupled with lower power consumption, for laser packaging.
Major Players: Ferrotec Corporation, KELK Ltd (Subsidiary of Komatsu Ltd), Kryotherm, Laird Technologies, II-VI Marlow, Yamaha Corporation, Phononic Inc., among others.
Reasons to Purchase this Report
- Current and future thermoelectric modules market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in excel)
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1. Executive Summary
2. Research Methodology
3. Market Overview
3.2 Technology Overview
3.3 Market Size and Demand Forecast until 2023 (in USD billion)
3.4 Recent Trends and Developments
4. Market Dynamics
5. Value-Chain Analysis
6. Porter’s Five Forces Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitute Products and Services
6.5 Intensity of Competitive Rivalry
7. Market Segmentation and Analysis (Market Overview, Market Size, and Demand Forecast until 2023)
7.1 By Application
7.1.1 Energy Harvester
7.1.2 Cooling/Heating Application
7.1.3 Detector and Sensor
7.2 By Type
7.2.1 Bulk Thermoelectric Module
7.2.2 Micro Thermoelectric Module
7.2.3 Thin-film Thermoelectric Module
8. Regional Market Analysis (Market Overview, Market Size, and Demand Forecast until 2023)
8.1 North America
8.4 Rest of the World
9. Key Company Profiles* (Business Overview, Products & Services, Financials**, Recent Developments, and Analyst View)
9.1 Alphabet Energy
9.2 Ferrotec Corporation
9.3 Gentherm Global Power Technologies
9.4 HI-Z Technology Inc.
9.6 Komatsu Ltd
9.7 Laird Technologies
9.8 Marlow Inc.
9.9 Micropelt GmbH
9.10 Phononic Inc.
9.11 RMT Ltd
9.12 Teledyne Energy Systems Inc.
9.13 TE Technology Inc.
9.14 Thermion Company
9.15 Yamaha Corporation
10. Competitive Landscape
10.1 Mergers and Acquisitions
10.2 Joint Ventures, Collaborations, and Agreements
10.3 Strategies Adopted by Key Players
*(List not Exhaustive)
**(Subject to Availability on Public Domain)