Global Thermoelectric Devices Market Outlook to 2020 - Market Analysis by Applications, Competitive Landscape and Key Company Analysis - Growth Trends and Forecasts
Thermoelectric devices produce voltage difference as a result of temperature gradient. Although thermoelectric effect was discovered in 1821 by Thomas Seebeck, commercialization of this phenomena is sluggish because of inefficient thermoelectric materials. As of today, thermoelectrics have wide applications in sensors and refrigeration industry. Technological advances in Nano science has made atomic restructuring possible which gave rise to a new generation of thermoelectric materials; for example, Bismuth Telluride, half Heusler materials and Skutterudites which shows a pretty good thermoelectric effect at room temperature.
More than fifty percent of energy is lost to surroundings (also called as waste energy) when heat from fuels is converted to other types of energy, like mechanical energy in automobiles or enthalpy in industries. This inefficiency of energy transfer technologies and environmental impact of fossil fuels has lead governments in Europe and USA to invest heavily in efficiency increasing technologies like Combined Heat and Power (CHP), Thermoelectric Systems and Energy Management Systems.
Technological advances, governments encouragements, scope of applications for thermoelectric devices and the fact that this technology is on verge of major breakthrough is attracting huge investments in this market. Applications that can convert industrial waste heat into useful electricity present a huge opportunity in this segment. But the market still has to overcome the inefficiency hurdle on a commercial scale to make the thermoelectric materials an attractive proposition.
Companies like GMZ Energy has attracted millions of dollars in funding (from companies like GE, BP Alternate Energy, Conoco Phillips etc.) and are on verge of commercializing their patented thermoelectric materials. Alphabet Energy already released its industry scale thermoelectric generator for Oil & Gas and mining sector. Thermoelectric generators have advantage of being physically robust, quiet and they require low maintenance as there are no moving parts involved in power generation.
This report comprehensively analyzes the thermoelectric devices market by segmenting it based on applications: sensors, refrigeration, automobile, residential and industrial application. Estimates in each segment are provided for the next six years. Key drivers and restraints that are effecting the growth of this market were discussed in detail. Potential investment opportunities were included in the report. The study also elucidates on competitive landscape and key market players.
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