The global thermoelectric materials market is expected to be valued at USD 96.2 Million in 2027 from USD 51.9 Million in 2019, registering a CAGR of 8.0% through the forecast period. With applications including power generation and refrigeration, thermoelectric materials are materials that exhibit a robust thermoelectric effect. These materials find extensive use in thermoelectric systems for cooling and heating applications. The thermoelectric effect refers to the direct conversion of temperature into electric power. Common thermoelectric materials, including alloys of chalcogenides, silicide, and tetrahedrites, are low-cost and offer high efficiency and reliability. Thermoelectric devices are widely used in large industrial machinery for power generation and are also used in thermoelectric generators, diesel engines, Seiko thermic watches, and various optoelectronic devices. The essential properties of thermoelectric materials include electrical conductivity and resistivity, semiconductor mobility, electron scattering, and Seebeck effective mass.
The global thermoelectric materials market is projected to account for a substantially high revenue over the estimated period, owing to various market growth-influencing factors. The surging demand for solid-state energy converters, the rising focus on adopting renewable energy resources, growing demand for cost-efficient and durable power sources, and increasing adoption of thermoelectric generators across various industries are the primary factors accelerating the growth of the global thermoelectric materials market.
The automotive sector is touted as a significant contributor to global greenhouse gas (GHG) emissions, with passenger vehicles accounting for a considerable amount of CO2 emissions each year. The automotive industry extensively utilizes thermoelectric materials for improved fuel efficiency. The thermoelectric generator helps convert vehicular exhaust into electric energy, thereby enhancing fuel efficiency and cutting down on CO2 emissions. Moreover, thermoelectric materials act as a substitute for fossil fuels, making them a sustainable source of energy. This is another key factor propelling market growth. However, thermoelectric materials’ rising costs are a critical factor expected to hamper the global thermoelectric materials market growth in the coming years.
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Key Highlights from Report:
- Based on product type, the bismuth telluride sub-segment has emerged as the leading market segment. Bismuth telluride is an excellent thermoelectric material generally used in refrigeration applications. The silicon-germanium sub-segment is expected to record the fastest revenue growth rate over the projected period. Silicon-germanium thermoelectric materials are widely used in energy harvesting and exhibit low thermal expansion coefficient and high oxidation resistance.
- In terms of application, the industrial sub-segment is leading the global thermoelectric materials market with the highest market share. Thermoelectric materials are utilized in power plants for electricity generation and waste heat recovery.
- The Asia Pacific region occupies the largest portion of the global market revenue and is expected to maintain its dominant position throughout the forecast timeframe. A significant rise in consumption of thermoelectric materials for industrial applications, coupled with the region’s rapidly expanding automotive industry, is a major propeller for the regional market growth.
- The leading market competitors include Laird Thermal Systems Inc., EVERREDtronics, Thermonamic Electronics, Hi-Z, RMT Ltd., Marlow Industries Inc., KELK, Tellurex, Ferrotec, and Crystal Ltd.
- In May 2020, Laird Thermal Systems showcased a ground-breaking model of high-performance thermoelectric coolers with an improvement of 10.0% in heat pumping capacity and more enhanced efficiency than regular thermoelectric coolers.
Emergen Research has segmented the Global Thermoelectric Materials Market based on product type, source type, application, distribution channel, and region:
By Product Type (Revenue, USD Billion; 2017-2027)
- Bismuth Telluride
- Lead Telluride
By Source Type (Revenue, USD Billion; 2017-2027)
- Waste Heat Recovery
- Direct Power Generation
- Energy Harvesting
By Application (Revenue, USD Billion; 2017-2027)
- Electrical & Electronics
By Distribution Channel (Revenue, USD Billion; 2017-2027)
By Region (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
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