Thermoelectric Devices Market 2016-2022 / Growth, Emerging Trends And Forecast

(MENAFN- America News Hour) The Global Thermoelectric Devices Market was valued at US$ XX Mn in 2016 and is expected to reach US$ XX Mn by 2022 growing at a CAGR of XX% during the forecast period. Thermoelectric effect is the conversion of temperature differences between two surface to its electric counterpart. Thus, it creates an electric potential difference and, vice-versa. On a molecular level, the temperature difference causes the entropy of the system to increase and hence, the flow of electrons.
Thermoelectric effect can be represented by three different effects:
Seebeck Effect- Temperature difference between two uncommon semiconductors causes a potential diffence
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Peltier Effect- Here, heat is either absorbed or evolved by passing of an electric current across the junction.
Thomson Effect- Temperature change of a gas or liquid when forced through a valve at high pressure and insulated.
Market Dynamics
Technological advancements, government policies to reduce waste energy and the insufficiency of energy transfer has allured huge investments in this segment. Moreover, working electrically, without moving parts makes it maintenance free and hence flexible and widely acceptable. However, its high cost and low efficiency has posed a major hurdle in its breakthrough.
Market Segmentation
Thermoelectric Devices are widely categorized by its type and its effect.
Type
Bulk Thermoelectric modules
Micro Thermoelectric modules
Thin film thermoelectric modules
Micro Thermoelectric devices are widely accepted in the market due to its high allowance of thermocouples for a given size. Its dimensions are less than 1.00 mm2.
Effect:
Seebeck Effect
Peltier Effect
Thomson Effect (Joule-Kelvin Effect)
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Regional/Geographic Analysis
The thermoelectric devices market is analyzed on the basis of geography, which includes North America, Europe, Asia-Pacific, and LAMEA. North America generated the highest revenue in the global market in 2015 due to higher technological advancements. However, Asia-Pacific is touted to grow at the highest rate attributing to an increase in waste heat recovery demand in China and India.
Key players
Some of the major players in the market include Yamaha Corporation, Ferrotec Corporation, Gentherm Global Power Technologies, Evident Thermoelectrics, RMT Ltd., KELK Ltd., II-VI Marlow, Inc., Perpetua Power Source Technologies, Inc.,Romny Scientific, Inc.,Laird Technologies, Inc., RGS Development, B.V. Tellurex Corporation, and Micropelt GmbH, etc.
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