The current tendency across the globe is to seek renewable energy resources as our primary source of energy. Using thermoelectric modules to generate electro-energy is rapidly becoming a vital and valid choice among the global population. Thermoelectric modules are designed to convert waste heat into electrical energy. This conversion plays an important role in the global challenge to reduce greenhouse gas emissions and our dependence on fossil fuels, helping us develop alternative energy technologies for the future generations.
What Makes Thermoelectric Module Devices the Eco-Friendly Choice of Customers?
The demand for global thermoelectric modules market is increasing due to its superior features. Thermoelectric modules are extremely lightweight and require low maintenance. They offer great compactness, durable solid state operations, and precise control over temperature levels during operations. These devices can be used in various applications requiring heat removal, with production capacities ranging from milli-watts to several thousand watts.
The use of thermoelectric modules is also rising in solid state refrigeration devices. The effect of a thermoelectric cooler differs from that of a heat sink due to its active cooling properties. Increasing demand for thermoelectric modules in various industries for cooling and energy generation is majorly driving the thermoelectric modules market globally.
From such facts comes the realization that the ideal way to harness renewable energy resources is to furnish our houses and workplaces with effective thermoelectric modules. The aforementioned salient features of thermoelectric modules make these devices preferable over other conventional systems such as traditional refrigerant-based systems and compressor systems.
Such advantages are bolstering the thermoelectric modules market, with strong growth expected in the 2014-2022 forecast period. Analysts at a leading market firm in the U.S also state that the global thermoelectric modules market is expected to rise in the coming years and reach US$763.5 million by the end of 2022, from a value of US$364.1 million in 2014. Driven by the low manufacturing cost of and high demand for thermoelectric products, the market is soaring at a CAGR of 9.6% from 2015 to 2022.
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Increasing Interest in Green Energy Pushes Growth of Thermoelectric Modules Market
In the past two decades, there has been a substantial surge in the research and development into thermoelectric modules, due to the evident need for sustainable and clean power generation technologies.
Worldwide, manufacturers are fully aware of the environmental conservation and global warming issues and are thus focusing more on designing and manufacturing speedy, cost-effective, energy-conserving thermoelectric products and solutions to meet the needs of diverse customer groups. Such efforts, leading to the production of customized high-efficiency thermoelectric modules, would yield more optimal thermal solutions in the industry. For instance, Laird Technologies, Inc. offers an array of impressive engineering services that support features such as thermal modeling, rapid prototyping, and onsite concept generation for customized solutions.
Strong demand for thermoelectric modules in energy harvesting is also expected to boost the overall thermoelectric modules market. Various applications of thermoelectric modules, such as self-powering wireless sensors and controls used for lighting, HVAC energy management systems, and building automation, have steadily increased in the recent past. The scope of thermoelectric energy harvesting is particularly high among applications that operate in the dark.
Indeed, such developments in thermoelectric material technology have created a growing space for thermoelectric technology in the global market. Due to such factors, the global thermoelectric modules market is expected to grow at a rapid rate in the coming years.