Thermoelectric Materials Market, InDepth Analysis and Forecast, 2018-2023 | BIS Research

Thermoelectric materials have been a topic of massive research and development for a long time, as they follow the principle of converting waste heat into usable electricity. Usage of this niche technology in various end-user industries such as automobiles, industrial, and healthcare might result in proper utilization of energy, which would eventually result in decreasing the demand for energy resources. Various environment regulations lead factories to cut down on their production limits due to excessive greenhouse gas emissions. Thermoelectric materials contribute to the reduction of greenhouse gas emissions which has become a major area of focus in the global scenario. Although at an emerging state, thermoelectric materials have been used in several pilot projects to test their feasibility and efficiency. Many companies such as Panasonic Corporation and Hitachi Ltd., among others are actively engaged in the research and development of thermoelectric materials given their high potential.
Bismuth telluride, lead telluride, and silicon germanium are some of the thermoelectric materials widely used in the end-user industries. Bismuth telluride is the traditionally used thermoelectric material owing to its features. It is an alloy made of bismuth and telluride. It could be found in various forms such as in pieces, powder, lump, ingots, and chunks, among others. It can be used as a thermoelectric material and utilized in power generation devices or cooling modules such as refrigerators. It also finds its application in topological insulators.
The global thermoelectric materials market is expected to grow at a CAGR of 8.49% and 9.09% between 2018 and 2023 in terms of value and volume, respectively.

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