Energy & Mining

Global Thermoelectric Devices Market: Strategies, Opportunities, Challenges, and Forecast to 2025

Press Release

The Global Thermoelectric Devices Market was valued at US$246.06 million in 2016 and is expected Reach $81.2 Million by 2023 growing at a CAGR of 8.76% during the forecast period. Thermoelectric effect is the conversion of temperature differences between two surface to its electric counterpart. Thus, it creates an electric potential difference and, vice-versa. On a molecular level, the temperature difference causes the entropy of the system to increase and hence, the flow of electrons.

Thermoelectric effect can be represented by three different effects:

Seebeck Effect- Temperature difference between two uncommon semiconductors causes a potential difference

Peltier Effect- Here, heat is either absorbed or evolved by passing of an electric current across the junction.

Thomson Effect- Temperature change of a gas or liquid when forced through a valve at high pressure and insulated.

Market Dynamics

Technological advancements, government policies to reduce waste energy and the insufficiency of energy transfer has allured huge investments in this segment. Moreover, working electrically, without moving parts makes it maintenance free and hence flexible and widely acceptable. However, its high cost and low efficiency has posed a major hurdle in its breakthrough.

Market Segmentation

Thermoelectric Devices are widely categorized by its type and its effect.


Bulk Thermoelectric modules

Micro Thermoelectric modules

Thin film thermoelectric modules

Micro Thermoelectric devices are widely accepted in the market due to its high allowance of thermocouples for a given size. Its dimensions are less than 1.00 mm2.


Seebeck Effect

Peltier Effect

Thomson Effect (Joule-Kelvin Effect)

Regional/Geographic Analysis

The thermoelectric devices market is analyzed on the basis of geography, which includes North America, Europe, Asia-Pacific, and LAMEA. North America generated the highest revenue in the global market in 2015 due to higher technological advancements. However, Asia-Pacific is touted to grow at the highest rate attributing to an increase in waste heat recovery demand in China and India.

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Key players

Some of the major players in the market include Yamaha Corporation, Ferrotec Corporation, Gentherm Global Power Technologies, Evident Thermoelectrics, RMT Ltd., KELK Ltd., II-VI Marlow, Inc., Perpetua Power Source Technologies, Inc.,Romny Scientific, Inc.,Laird Technologies, Inc., RGS Development, B.V. Tellurex Corporation, and Micropelt GmbH, etc.

The report contains comprehensive analysis on:

Thermoelectric Devices Market Segments

Thermoelectric Devices Market Drivers, Restraints and Opportunities

Thermoelectric Devices Market Size & Forecast 2016 to 2022

Supply & Demand Value Chain

Thermoelectric Devices Market Current Trends

Competition &Major Companies

Technology and R&D Status

Porters Five Force Analysis

Strategic and Critical Success Factor Analysis of Key Players

Regional analysis for Thermoelectric Devices Market includes

North America

US and Canada

Latin America

Mexico, Brazil, Argentina and Rest of Latin America

Western Europe

EU5 (Germany, France, Italy, Spain, U.K.)

Nordic Countries (Denmark, Finland, Norway, and Sweden)

Benelux (Belgium, The Netherlands, and Luxembourg)

Rest of Western Europe

Eastern Europe



Rest of Eastern Europe

Asia Pacific




Australia and New Zealand

Rest of Asia Pacific


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Middle East and Africa

GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)

South Africa

North Africa

Rest of Middle East and Africa

This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides in-depth market segmentation that is derived from extensive product mapping exercises, macro-economic factors and other qualitative and quantitative insights. The impact of all such factors are delivered across multiple market segments and geographies.

Report Highlights:

Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)

Consumer and Pricing Analysis

Market dynamics of the industry

In-depth Market Segmentation

Historical and Projected Market Sizing in terms of volume and value

Recent market trends and Impact Factors

R&D Status and Technology Overview

Extensive Industry Structure Coverage


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