Thermoelectric Module Market Trends

Growth Indicators

Increasing Need for Heating and Cooling Processes Across Various End-Users

Increasing developments in semiconductor and electronics industry processing has led to the application of various precise and compact units with relatively large amount of power and enhanced performance. The control of such special materials and the temperature sensitivity of units are pronounced, hence essentially require cooling for improved performance and smooth operation. The cooling processes of thermoelectric module technology by applying low voltage DC power source such as by adding heat sink can offer various growth opportunities in refrigeration and thermal management sector. Furthermore, various devices in medical monitoring (wearable devices), telecommunication sector, industrial and automobile requires power generation capabilities for better performance and operation. Thermoelectric module technology is capable of power generation from microwatts to tens and hundreds kW, and also to MW. Low power devices such as hearing machines, smart watches, and some other smart devices are equipped with thermoelectric module chip for temperature regulation. Additionally, various energy-intensive industries, such as processing and production of glass, metal, ceramics, cement offers particularly high potential to recover energy from waste energy. Therefore, TEG is expected to offer compact and effective solution for recovering waste heat from the exhaust tract of truck or ship diesel engines. Such factors are anticipated to drive the growth of the global thermoelectric module market.

Challenges

High Investment Cost of Thermoelectric Modules

The increasing investment cost of thermoelectric modules compared to conventional system of cooling and heating systems is one of the major factors anticipated to act as a restraining factor for the growth of the global thermoelectric module market. Many thermoelectric modules use tellurium and germanium as its contemporary thermoelectric material. These materials cost high to the manufacturers of thermoelectric modules, thereby affecting the overall cost of investment for the manufacturers.