Market Challenges And Opportunities

Global Thermoelectric Modules Market Drivers:

High Durability of thermoelectric modules

Thermoelectric modules offer numerous advantages such as compact geometric size, accurate temperature control, rapid temperature cycling, reliable solid-state operations, integrated design, and fully reversible switch in polarity, and rapid response. Moreover, thermoelectric modules operate noise-free, with highly reliable operation. They have high durability of up to 100,000 hours. Besides, thermoelectric modules do not emit chlorofluorocarbons, and hence are environmentally safe. For instance, in November 2017, European Thermodynamics Limited a thermal management company launched new JUNIOR and CyCLO Pulse width modulator thermoelectric controller electronic PCBs. The ability of thermoelectric modules to cool and heat by simple reversal of current flow is convenient for applications, even where precise temperature control of +/-0.1 degrees Celsius is required. Therefore, these factors are expected to drive growth of the global thermoelectric modules market during the forecast period.

Multiple application of the thermoelectric modules including consumer products, electrical and industrial equipment

Furthermore, thermoelectric modules are being increasingly used in different industries such as laboratory, semiconductor, automotive, consumer electronics, medical, defense, aerospace, and telecommunications. Thermoelectric modules are available in three types, namely micro thermoelectric modules, thin thermoelectric modules, and bulk thermoelectric modules. Micro thermoelectric modules are widely used in lasers and LEDs, automotive, and photodiodes, and arrays. Thin film thermoelectric modules are used in detectors and sensors and consumer electronics applications. Furthermore, single-stage thermoelectric modules are suitable for a wide range of heating and cooling applications that require medium or high pumping capacity. Their key applications include consumer products, electrical and industrial equipment, biomedical instruments, and scientific and laboratory instruments. Thus, these factors are expected to propel the market growth in the near future.

Global Thermoelectric Modules Market Opportunities:

Thermoelectric power generators can convert waste heat energy for conversion into additional electricity

Most of the world’s energy is still supplied by the combustion of fossil fuels, which in turn results in atmospheric pollution. Only a fraction of the released energy by burning fossil fuel is converted into electricity or mechanical energy and most of the energy is released as heat. Thermoelectric power generators can easily and effectively access this large untapped source of waste heat energy for conversion into additional electricity. For instance, researchers at the Fraunhofer Institute a German research Organization and BMW are working on the development of thermoelectric materials, modules, assemblies, and systems to harvest the waste heat in automobiles. This could potentially lead to improved fuel consumption in automobiles.

Systems with a 200 Watt to 400 Watt capacity range are becoming more common in various industries

Furthermore, large thermoelectric systems are have been built for special applications such as railroad cars, cooling within submarines, and in semiconductor manufacturing. Presently, a preference for larger thermoelectric systems has been observed in the market. The cost of a complete thermoelectric system used for temperature control, cooling, and power generation is lower, due to the presence of less expensive power supplies and the superior performance of thermoelectric systems. Thermoelectric systems with a 200 Watt to 400 Watt capacity range are becoming more common in various industries.

Global Thermoelectric Modules Market Restraints:

High capital cost as compared to conventional systems is expected to hamper the global thermoelectric modules market growth over the forecast period.

The basic price of a thermoelectric module as around US$ 3,000, which is significantly higher than conventional systems. As a result of this, small and medium-sized companies are hesitant towards procuring these advanced devices. Besides, thermoelectric modules require frequent repair and maintenance operations, which incurs an additional cost. Hence, these factors are expected to hamper the market growth over the forecast period.

Designing and manufacturing thermoelectric modules require complex planning and design. It also requires a robust infrastructure and skilled personnel to operate the machinery. Such complexities are challenging to handle and can only be done by trained professionals. Hence, these factors are expected to restrain growth of the global thermoelectric modules market during the forecast period.