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Thermoelectric is the effect that converts temperatures differences into electrical energy. It creates a voltage when there is a different temperature on each side. This effect can be used to generate electricity, measure temperature or change temperature of objects. Three different effects are identified which follows the Seebeck effect, Peltier effect, Thomson effect. The market is expected to achieve CAGR of 14.3% during the forecasted period and currently, the market is accounted for USD 246.01 Million in 2018.
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The increasing demand for fuel efficiency and stringent emission regarding carbon from the government has boosted the demand of the thermoelectric markets. The increase of demand for these products in the industry has led to the rising of this market in recent years.
(1) They are a reliable source of energy.
(2) They are eco-friendly, have high scalability, and can be applied to any sources of heat.
(3) Heating and cooling modules are present in the same system.
(4) They can be used in power plants for conversion of waste heat into additional electric power so as a result helps to reduce heat loss.
(5) It is generally used as waste heat recovery systems for a solar thermoelectric power generator and automobile industry.
The Thermoelectric market is bifurcated on material type, application and source. By material type, it is divided into Bismuth telluride, calcium manganese oxide, lead telluride and others. By application, it is divided into automotive, aerospace, marine, defence, industrial and others. By sources, it is divided into waste heat recovery, direct power generation, energy harvesting, cogeneration and others.
The thermoelectric market represents the market scenario in countries such as Europe, Africa, North America and Asia-Pacific. On the grounds of geography, Asia Pacific holds the largest share and dominating the market. Moreover, China is the highest revenue generating country in the Asia Pacific and is expected to grow during the forecast period. Further, the increasing research and consumer's demand have propelled the market and the future of this market is bright and this market is has tremendous growth in other countries also.
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The major market players at global levels are Komatsu Limited, Gentherm Incorporated, Yamaha Corporation, Tellurex Corporation, TECTEG MFR, Alphabet Energy, Evident Thermoelectrics and Others Prominent Players. These all are leading companies in this market, which are attempting to provide an eco-friendly and safe product to their consumers and accomplish the user to fulfil their various purposes with the help of these products and market. These companies are trusted and worthy to look after for better satisfaction of the customer's in the market.