As industrial growth becomes the touchstone to gauge a country’s economic vigor, governments of numerous countries divert their focus towards enhancing industrial efficiency. The thermoelectric assembly remains one such attractive proposition for energy scavenging from the heat accumulated by various industrial processes, with almost negligible greenhouse gas emission.
Rapid adoption of thermoelectric assemblies in numerous industries – telecom, automotive, healthcare, consumer electronics, and aerospace and defense – has, in turn, brought about stringent quality filters. For instance, for the adoption of thermoelectric assemblies in the telecommunication industry, they need to conform to Telcordia’s guidelines. This has caused a stir in the manufacturing approach of thermoelectric assemblies, and the trend of smart-sized devices has further offered the required momentum for their high adoption.
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Historical Analysis and Future Scope of the Thermoelectric Assemblies Market
Thermoelectric assemblies surfaced as a result of the limitations encountered by industrialists with the employment of conventional compressor-based systems. Existing thermoelectric assemblies exhibit flexibility with their compact size, low weight, and reduced noise and vibration, which makes them viable in industrial applications to cater to the required reliability and performance specifications. On account of their competency, in 2018, the sales of thermoelectric assemblies registered a value of ~ US$ 3.1 Bn, and with technological leaps, the market is likely to grow at a steady pace through to 2027.
As manufacturers scramble towards adopting green technology for the generation of electric power, solar-based thermoelectric solutions are gaining prominence in industries that operate amid scarce availability of electricity. With ‘portability’ exerting its influence in the adoption of industrial equipment, manufacturers can follow suit for the production of thermoelectric assemblies. However, manufacturers’ capabilities have been put to the test in optimizing their processes to reduce operational costs, as thermoelectric assemblies are cost-prohibitive as compared to conventional cooling and refrigeration systems.
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Healthcare Sector to Boost Market Revenue
The demand for thermoelectric assemblies in surgical centers and hospitals has been on a surge, as medical devices require strict temperature controls. These devices also offer immunoassay reagent cooling and temperature control for in-vitro diagnostics specimens in the healthcare industry for effective storage and transportation of human organs, insulin, and tissues. On the whole, the healthcare industry is likely to remain a leading revenue generating end-use industry, with a market share of ~ 20%.
The proclivity of consumers for processed food and beverages has been hard pressing manufacturers to employ refrigerating solutions for wine cellars, vending machines, and dispensing businesses. Sensing the high growth opportunities available in the food and beverages industry, manufacturers are stepping up their endeavors towards the development of advanced portable thermoelectric coolers with energy-saving features.
The high growth of the healthcare and food and beverages industries in North America, coupled with the increasing interest of governments in green energy and use of thermoelectric-based devices in numerous industries, has been enhancing the attractiveness of the thermoelectric assemblies market in the region. However, the high manufacturing and consumption of consumer goods in Asia Pacific, along with the growing applications of semiconductors such as laser systems, re-circulating baths, and spot cooling, which demand efficient temperature control devices, is likely to augur well for the sales of thermoelectric assemblies in the long run.
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Thermoelectric Assemblies Market – Key Strategies to Solidify Market Position
Develop Customized Thermoelectric Assembly Solutions
With the latent aim of business expansion, a significant number of market players are found expanding their offerings by loosening their budget strings towards research and development activities for new product development. As thermoelectric assemblies penetrate deeper into industries such as healthcare, food and beverages, consumer electronics, aerospace, and automotive, among others, manufacturers can develop end-user-specific thermoelectric assembly solutions to increase their exposure in the market.
Increase Investments in Solar-based Thermoelectric Solutions
In recent times, as industrial devices and equipment undergo government scrutiny, manufacturers operate under pressure to develop thermoelectric assemblies within the permissible boundaries of environmental sustainability. With the shifting paradigms towards renewable sources, manufacturers can capitalize on this opportunity to broaden their portfolio with solar-based thermoelectric solutions.
Enhance Focus on Development of Portable Solutions
As industries increasingly seek space optimization to cut down their operational costs, portability of equipment and devices becomes handy. Manufacturers can increase their investments towards the development of portable thermoelectric assemblies, enriched with advanced features, which will offer them a competitive edge in the market.
Thermoelectric Assemblies Market – Competitive Landscape
The thermoelectric assemblies market evinces a high level of fragmentation. Ferrotec Holdings Corporation, Gentherm, II-VI Marlow Incorporated, Laird Technologies, and Toshiba Materials are leading players in the thermoelectric assemblies market.
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