Global Thermoelectric Materials Market Size, Trends & Analysis - Forecasts to 2026 By Type (Bismuth Telluride (Bi2Te3), Lead Telluride (PbTe), Silicon Germanium (SiGe)), By Application (Industrial, Automotive, Electrical &Electronics, Healthcare, Others) By Region (North America, Asia Pacific, Europe, Central & South America, Middle East & Africa); End-User Landscape, Company Market Share Analysis, and Competitor Analysis
The ongoing climate change debates around the world and agreements are working to reduce the impact of CO2 and reduce the reliance on fossil fuels. The role of TE is widely discussed to tackle the energy crisis as it works in providing sustainable energy alternatives.
TE materials have gained widespread recognition due to their ability to create energy from waste heat. The material’s performance has long been influenced by changing semiconductor’s properties and also by the range of uses of the thermoelectric field.
The rising need for energy solutions has created a heavy dependence on fossil fuels, raising the greenhouse gases in the environment. The dramatic reduction in CO2 during the crucial 2020 period lead to the reduced forecast for the high use of fossil fuels as the work from home trend significantly reduced energy consumption. The need for using sustainable energy is rising as the world deals with the energy crisis which can be addressed by using TE materials. The TE materials can be deployed in the refrigeration, sensing, and energy scavenging system that can help address the energy crisis. Cooling systems are the next big threat to the climate. The world’s needs for air conditioning have risen in the past years and rising temperatures across the globe add to its demand. The growing demand for air conditioning (cooling systems) has major implications for the energy demand. The forecasts for 2050 indicate that energy demand will triple due to the air conditioning. The role of TE materials to address such energy solutions also has a high potential growth for the market.
Further, the market potential is enhanced by the projects undertaken at the individual and international levels. Growing research is focused on developing superior TE materials. Manufacturers have been actively seeking collaboration to diversify the market product range. Various projects that have marked their huge impact on this market are as follows: The NEAT, NexTec, H2ESOT, and ThermoMag Projects. These EU projects are aimed towards potentially enhancing the market demand and create opportunities for the companies to innovate with the products. The investment also has the potential to widen the market’s application pool. In 2011, manufacturers Alphabet Energy and Phononic Device raised significant funds from the investors to develop the market for semiconductors.
The structural changes in the automotive sector from replacing diesel/petrol with electric cars would also have increased potential for the TE materials. The established agreements to support sustainable growth in the energy sector have remained strong from the EU countries. What the market needs is increasing visibility, continuous investment, and companies’ engagement in developing substitute energy sources.
Hospitals are also restructuring the way they use the broilers and other heating systems. The wide acceptance of Bi2Te3 is also seen in the hospital domain. The discussion on the use of TE materials has the potential to bring together researchers and other professionals that make the market grow exponentially. International Conferences serve such a purpose where a plethora of ideas are exchanged and companies can also showcase their business models. The advent of startups in any market domain brings fresh investment and ideas that raise the market’s ability to expand. Silicium Energy, Evident Thermoelectrics, and Sheetak are a few of the startups that have captured the market space. They have raised some hefty funding to expand their reach.
Bismuth Telluride unit would follow an upward growth path owing to the rising applications of the unit. The Bi2Te3 is explored at a large scale in fields of chip sensing, and energy harvesting. The segment is defined as the most efficient material. The material is exploited commercially and has a mature market for over 50 years. As they are most efficient, they find use in power generations and cooling systems.
The silicon germanium domain would observe rapid growth due to the high potential it holds as a TE material. The SiGe showcases properties of cost efficiency and low toxicity. The material overcomes the issues of lack of abundant and cheap materials in thermoelectricity by providing an abundance and dense power. All such factors lead to the growing interest of researchers in SiGe.
Industrial space would have a high bearing use for the TE materials. The TE materials reduce the use of refrigerants, produce less noise, and can operate with fewer moving parts. The materials reduce the use of greenhouse gases and prospects for scalability.
The healthcare domain will see increased use of TE from the laboratories. Due to the constraint in space in laboratories, the TE cooling systems offer accurate temperature range, small size, and timely response that benefits the healthcare domain and its rising need for energy applications. The specific cooling/heating needs of patients and hospitals will lead to increased demand for accurate cooling systems.
North America’s rising fossil fuel needs, rising need for air conditioning, and strong agreements in place to address the rising CO2 emissions is driving the market. The strict refrigerant system laws in the USA and the growing number of manufacturers for cooling systems will also affect the market demand for TE materials in the region.
Asia Pacific’s rising air conditioning demand and the CO2 emission rate will position the region to grow at a rapid rate supporting the market demand. India being an active member of the Paris Agreement (to address the issue of carbon emission) also leads to rising demand for TE materials in the region as TE materials provide the best energy solutions.
TOSHIBA Materials, TECTEG MFR., KELK Ltd., Hitachi Ltd., Panasonic Corporation, Marlow Industries, Inc., Ecogen Company, Crystal Ltd, Mouser Electronics, Jingyi Metal Material (Shanghai) Co., Ltd., Reade International Corp., Thermonamic Electronics(Jiangxi) Corp., Ltd., Sigma Aldrich Corporation, Marlow Industries, Inc., P&N Technology (Xiamen) Co., Ltd., Norilsk Nickel, TEGma AS, Silicium Energy, Sheetak, Evident Thermoelectrics, and ThermoAura Inc among others are prominent players in this market
Please note: This is not an exhaustive list of companies profiled in the report.
In January 2020, Toshiba planned to expand the production the silicon nitride by opening o second facility.
In June 2018, Kyocera and Toshiba planned to collaborate to manufacture nitride ceramics components to fulfill the increasing demand from the automotive sector.
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The Global Thermoelectric Materials Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Thermoelectric Materials Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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