Transparency Market Research

Reducing Prices Remains Major Challenge for Thermoelectric Devices Manufacturers

Transparency Market Research has published a new report "Thermoelectric Devices Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023" to its report store.


Albany, NY -- (SBWIRE) -- 03/30/2016 -- Leading market intelligence firm Transparency Market Research has featured a new market study on its official website. The report examines the global thermoelectric devices market and presents forecasts for the overall market and its major segments for the period between 2015 and 2023. The report is titled 'Thermoelectric Devices Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 – 2023.'

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The thermoelectric devices market has risen in prominence in the last few years due to the growing recognition of the problem of energy scarcity. The impending exacerbation in the problem due to the falling stockpiles of natural gas and oil and the inability of renewable energy sources to catch up with conventional fuels have led to energy conservation emerging as a key method to cut down on the total amount of energy consumed. In this regard, thermoelectric devices are extremely important, since they can be incorporated into existing systems with relative ease.

In ubiquitous energy consumption systems such as automotive engines and heavy machinery, the amount of energy lost as heat has been estimated to be as much as 50% of the total energy output. This perfectly illustrates the importance of thermoelectric devices, which can convert heat into electric energy, which can be stored and used later as the primary power supply or as a backup to the primary power source.

Thermoelectric devices utilize two physical effects: the Seebeck effect, which comprises the generation of electricity through a temperature difference, and the Peltier effect, which comprises the generation of heat through the utilization of electricity. Naturally, the automotive industry is a prime application segment of the thermoelectric devices market, since a significant amount of the energy generated in internal combustion engines is lost as heat. Major automotive players such as Volkswagen, BMW, and Ford have been among the pioneers in thermoelectric devices. Notably, NASA has also had a hand in the R&D into the development of thermoelectric devices.

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Apart from the automotive industry, heat-based cooking sensors, batteries in mobile phones and watches, clothing, and sensory wristbands are the key applications of thermoelectric devices and are expected to pick up speed in the coming years.

The major restraint on the global thermoelectric devices market at present is the high cost of advanced energy conservation systems. Nevertheless, demand from sectors such as defense and aerospace, where the high costs are a relatively minor concern, is expected to bring the prices down in the coming years.

The report presents quantitative and qualitative data about the impact of the aforementioned factors on the growth trajectory of the global thermoelectric devices market in the forecast period from 2015 to 2023. Apart from this, major players in the thermoelectric devices market, such as Evident Thermoelectrics, Gentherm, KELK Ltd., Ferrotec Corp., Perpetua Power Source Technologies, Laird Technologies, and Micropelt GmbH, are examined in the report to provide readers a complete understanding of the competitive landscape of the global thermoelectric devices market.

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