Global Thermoelectric Devices Market - Analysis by Type, by Application - Growth Trends and Forecasts (2015-2020)
The Global Thermoelectric Devices Market is expected to grow at a CAGR of XX percent and reach USD XX Million in 2020 form USD XX Million in 2015.
A thermoelectric device operates on the thermoelectric effect, and directly converts a temperature difference to an electric voltage (Seebeck Effect) or vice versa (Peltier Effect). Although thermoelectric effect was discovered in 1821 by Thomas Seebeck, commercialization of this phenomena was sluggish because of inefficient thermoelectric materials. As of today, thermoelectric devices are increasingly seeing application in sensors and refrigeration industry. Technological advances in Nano science has made atomic restructuring possible which has given rise to a new generation of thermoelectric materials; for example, Bismuth Telluride, half Heusler materials and Skutterudites show pretty good thermoelectric effect at room temperature.
Thermoelectric devices hold various advantages. The lack moving parts, which in turn means that the maintenance cost of these devices are very low or negligible. Thermoelectric coolers which operate on the Peltier Effect have various advantages over vapour-compression refrigerators like the lack of circulating fluid (which in turn means no leaks) and a flexibility in shape. Thermoelectric devices also find application across a variety of domains such as in consumer products, products for scientific applications etc. The major factors hindering the growth of the thermoelectric devices market are their high cost and low efficiency. The market still has to overcome the inefficiency hurdle on a commercial scale to make the thermoelectric materials an attractive proposition. Active research and development activity going on around the world are aimed at countering these restraints. Nanotechnology is also helping this technology achieve breakthroughs. Thermoelectric devices have the potential to find wide application in waste heat recovery.
This report segments the global thermoelectric devices market based on the type of application of these devices into thermoelectric generator and thermoelectric cooler/heater markets. The market has also been segmented based on the application of thermoelectric devices into automobile, defence & aerospace, residential, industrial and others.
A market segmentation based on geography divides the market into North America, Europe, Asia-Pacific, and Rest of the World.
Some of the companies active in the global thermoelectric devices market include Alphabet Energy, Phononic Devices, Thermo Electric Company, Inc. and Marlow, Inc. among others.
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