In thermoelectric energy generation environments, the advent of a newer thermoelectric material for thermal products is a breakthrough to capture residual energy. This energy is usually lost during the regular process of the conversion of waste heat into electricity. Based on common semiconductor telluride, the new material is environmentally-stable, and is expected to capture 15 to 20 percent of waste heat into electricity. This strengthens the correlation between thermoelectric materials and the thermoelectric effect. Based on the merits exhibited, the new material is gauged to have a 2.2 thermoelectric figure of merit (ZT), the highest among thermoelectric materials available so far. Meanwhile, under laws of thermoelectricity, the higher ZT of a material connotes higher efficiency for converting heat into electricity.
Such developments point at a positive outlook for the uptake of thermoelectric-based HVAC cooling systems in industrial and commercial environments. For instance, HVAC cooling systems based on the Seebeck effect that create voltage from temperature difference are increasingly being installed. Such moves are aimed to comply with governmental guidelines for energy-efficient processes and to reduce wastage of energy.
Exponential growth of the IT & telecommunications sector has indirectly led to a spurt in the demand for thermal products. HVAC cooling systems that use thermal products find wide use for cooling servers and computers. This serves to boost the thermal market, indirectly. Expansion of the food and beverage sector in developing economies such as India has indirectly led to a spurt in demand within the thermal market. Strong macro-economic indicators, reforms, and liberalized foreign direct investment have massively expanded the scope of individual operations for the production of food and beverages. Food production, packaging, shipping, and distribution are some energy-hungry operations in the food and beverage sector. Such operations heavily depend upon HVAC systems to maintain optimum indoor temperatures on shop floors.
While thermoelectric systems are mostly used in cooling devices, these systems find use in the heating devices of HVAC systems. This further expands the scope of demand for thermal products, translating into growth for the thermal market.
Finding applications in high economic value end-use industries, thermal products and the associated thermal market are poised for significant growth. This aroused interest of Transparency Market Research to release a market intelligence publication of the thermal market. Following extensive research and employing standard analytical tools, TMR forecasts the global thermal market to rise at a ~5% CAGR during the forecast period of 2019 to 2027.
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Thermal Market – Notable Trends
Serving High-economic Value End-use Industries, Cooling Equipment to Remain at the Fore
Among the key product types, the liquid cooling system segment is poised to display significant growth in the thermal market over the forecast period. The growth of this segment mainly stems to serve the demand of the IT & telecommunication sector, which is booming with digitalization in almost every walk of life. Serving this, liquid cooling systems are predicted to register a leading CAGR among other products in the thermal market during the forecast period.
On the other hand, the cooling equipment product segment holds a leading share in the thermal market, which is predicted to continue over the forecast period. This is because of the vast demand for cooling equipment from several end-use industries of high economic significance, including oil & gas, food & beverages, and chemicals & petroleum.
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IT & Telecommunications End-use Industry Displays Leading Demand
By end-use industry, the heavy metals and manufacturing industry holds a lion’s share in the thermal market, and is predicted to maintain its share over the forecast period.
Nonetheless, the IT & telecommunications sector is predicted to emerge as a significant end-use industry in the thermal market. Vast expansion of the IT sector to support mammoth volumes of data generated from commercial, industrial, and domestic sectors has led to a stir in the demand for core and support equipment. IT systems of large organizations with multiple servers require 24×7 uptime to serve employees working from multiple locations. This requires reliable cooling equipment to minimize the downtime of these IT systems. Cooling equipment plays a key role here, which, in turn, stimulates the growth of the thermal market.
In a moving vehicles, a large amount of heat is generated in the engine every time the spark plug ignites fuel in each cylinder to propel the vehicle. A cooling system plays a crucial role here to control these high temperatures so as to maintain a comfortable interior temperature for the passengers.
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