Thermoelectric Materials Market - An Overview
The global thermoelectric materials market is expected to witness strong growth during the forecast period between 2021 and 2031.
Thermoelectric materials refer to products that are used to convert the heat generated by several sources into electricity. These materials are affordable and have been used in various industries such as automotive, biomedical, and electronic industries.
Some of the commonly-used thermoelectric materials include tetrahedrites and silicide since these products have proven to be highly efficient and durable.
The global thermoelectric materials market was negatively impacted by the outbreak of the COVID-19 pandemic.
With manufacturing facilities shutting down owing to lockdowns and social distancing regulations imposed by governments, the demand for thermoelectric materials for different applications reduced significantly. This affected the growth in the overall thermoelectric materials market.
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Thermoelectric Materials Market - Trends and Opportunities
Rising product demand for electricity generation applications is the key growth driver for the global thermoelectric materials market.
Also, growing demand for smart grid technology in leading economies globally is expected to fuel the growth in the global thermoelectric materials market, in the coming years.
Increasing demand for pacemakers and other optoelectronic products could fuel the thermoelectric materials demand and bolster the overall thermoelectric materials market, in future.
Thermoelectric materials have also emerged as a suitable alternative for fossil fuels, which could fuel product demand in the years ahead.
Launch of new thermoelectric materials with improved features could propel product demand in different industries, in the coming years.
Bismuth telluride product segment is expected to make the largest contribution to the overall thermoelectric materials market owing to its increased product deployment in high-temperature refrigeration applications.
Thermoelectric Materials Market - Competitive Landscape
The global thermoelectric materials market is extremely competitive, with the presence of many well-established market players. Many of them have become successful owing to years of delivering consistent results and are expected to account for a large share in the overall market, in future.
Prominent thermoelectric materials market players could engage in growth strategies such as novel product launches in a bid to gain a competitive edge over other market players.
Laird Thermal Systems, in August 2020, launched a new material-based high temperature thermoelectric cooler with the ability to function at temperatures as high as 150 degree Celsius.
Collaboration with smaller players could help well-established thermoelectric materials market players expand their market presence and increase their revenue shares.
R&D undertakings could be a key growth strategy for the prominent thermoelectric materials market players, in the coming years.
Some of the leading players in the global thermoelectric materials market include LTS Research Laboratories Ltd., ZNCrusher Company, Crystal Ltd., Laird Thermal Systems, Evident Thermoelectrics, and Alphabet Energy.
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Thermoelectric Materials Market - Regional Assessment
The global thermoelectric materials market is classified into four regions, namely, North America, Europe, Asia Pacific, and rest of the world.
Asia Pacific is expected to be the dominant region in the global thermoelectric materials market in future because of factors such as growth in the renewable energy sector and increased energy consumption in countries such as India.
North America is anticipated to offer profitable growth opportunities for the global thermoelectric materials market in the coming years due to advanced medical and automotive industries such as US and Canada.
Leading players in different industries could establish production facilities in these countries in future, which could increase the thermoelectric materials demand and contribute to market growth, in the region.
Europe is expected to witness moderate growth in the global thermoelectric materials market in the years ahead, owing to the reduced presence of well-established market players in countries such as Italy and Germany.
The rest of the world is expected to witness sluggish growth in the overall thermoelectric materials market in the coming years.
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.