Thermoelectric materials are used for converting heat generated by many sources, such as solar radiation and automotive exhaust, to electricity. Generally, thermoelectric materials are used for energy harvesting and refrigeration. They can be used for maintaining very stable temperatures in lasers and optical detectors and are often found in water coolers. Thermoelectric materials are used in space exploration for generating electricity. They are low in cost and offer strong thermoelectric properties, which makes them preferred materials in applications such as power generation and cooling. Bismuth telluride is a highly used thermoelectric material. Thermoelectric materials find applications in automotive, electronics, biomedical industries. Thermoelectric materials such as silicide and tetrahedrites are mainly preferred owing to their low cost, reliability, and efficiency. The efficiency of a thermoelectric system can be determined by device efficiency and power factor.

Demand for thermoelectric materials is primarily driven by a rise in the requirement for them in power generation applications. Rapid urbanization in emerging regions and a rise in the number of consumers has resulted in a steady rise in demand for electricity and hence thermoelectric materials. This has compelled governments across the globe to initiate proactive steps to ensure steady power supply with a significant investment in the sector. Rise in demand for smart grids is anticipated to fuel the expansion of the thermoelectric materials market. Increase in demand for thermoelectric materials for use in heart pacemakers and optoelectronic devices is anticipated to fuel the expansion of the global thermoelectric materials market. Thermoelectric materials can be used as an alternative to fossil fuels, which can reduce the dependency on fossil fuels.

The global thermoelectric materials market can be segmented based on product, application, source, and region. In terms of product, the market can be classified into bismuth telluride and lead telluride. Bismuth telluride behaves as an excellent thermoelectric material at room temperature, and therefore, is generally used in refrigeration applications with temperatures above 300K. Based on application, the global thermoelectric materials market can be categorized into automotive, electronics, and biomedical. The refrigerating and power generating properties of thermoelectric materials are exploited in these applications. In terms of source, the thermoelectric materials market can be classified into waste heat recovery, energy harvesting, direct power generation, and co-generation.

Based on region, the global thermoelectric materials market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The global thermoelectric materials market expanded significantly in 2017. This trend is expected to continue during the forecast period. Increase in population and high energy consumption are likely to propel the thermoelectric materials market in Asia Pacific. Steady development of the renewable energy sector is anticipated to be a key feature of the thermos materials market in Asia Pacific in the coming years. Asia Pacific accounts for a prominent share of the thermoelectric materials market. North America is a major region of the global thermoelectric materials market, owing to the highly advanced automotive and medical sectors. Consumers’ shift toward the adoption of green energy is a key factor propelling demand for thermoelectric materials in North America. Germany and countries in Eastern European contribute significantly to the thermoelectric materials market in Europe. The market in Middle East & Africa and Latin America is expected to expand in the next few years due to recent economic developments and rise in investment in energy projects in these regions.

Key players operating in the global thermoelectric materials market include II-VI MARLOW, LTS Research Laboratories, Inc, Crystal Ltd, and ZNCrusher Company.

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