Thermoelectric Assemblies Market – Environmental Thinking of Industrialists to Create Greener Meadows

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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thermoelectric assemblies market strategy

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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.

Considering the evolutionary nature of the thermoelectric assemblies market, innovation continues to be a key competitive factor for market players, for which, they resort to the adoption of advanced technology. In addition, these players target the niche demand ascending from industries to boost their sales prospects. For instance, in September 2018, Ferrotec Holdings Corporation averred the launch of customized thermoelectric module technology for heating and cooling applications for the automotive sector. This technology aims at enhancing the heating and cooling capabilities of batteries in electric vehicles.

Prominent players, however, rely on developing portable and customized thermoelectric assemblies. For instance, in April 2017, TEC Microsystems GmbH announced the launch of the DX4085 Z-Meter Tester, a portable device for the express analysis of thermoelectric coolers. Manufacturers, in turn, focus on increasing their product manufacturing capacity to accommodate the growing demand.

  • According to Transparency Market Research’s latest research report on the global thermoelectric assemblies market for the historical period of 2014 – 2018 and the forecast period of 2019 – 2027, owing to competitive advantages of thermoelectric assemblies over other compressor-based systems and increasing use of thermoelectric assemblies in varied industries, the global market is expected to expand at a high rate during the forecast period.
  • In terms of revenue, the global thermoelectric assemblies market is estimated to reach value of ~ US$ 3.5 Bn in 2019, expanding at a CAGR of ~ 8% throughout the forecast period.

Competitive Advantages of Thermoelectric Assemblies over Other Compressor-based Systems

  • Thermoelectric assemblies offer temperature control, precise to within 0.01˚C, under steady-state conditions. This factor drives the thermoelectric assemblies market.
  • The demand for thermoelectric assemblies (TEAs) across the world is primarily driven by their superior advantages. Manufacturers consider thermal management right from the product design process.
  • These systems are low in weight and compact in design, unlike other conventional compressor-based systems. Also, TEAs are eco-friendly to use, as they do not use chlorofluorocarbons and they are ROHS compliant.
  • These advantages of thermoelectric assemblies over other compressor-based systems are expected to drive the global thermoelectric assemblies market during the forecast period.

Increasing Usage in Food & Beverages Industry a Key Factor Propelling the Thermoelectric Assemblies Market

  • Food & beverages is a rapidly expanding industry. Strong macro-economic indicators, liberalized foreign direct investment, and reforms have given rise to the development of production, processing, marketing, and distribution of food and beverages.
  • The industry requires appropriate heating and cooling devices to store food and beverages in fresh condition, maintaining their quality.
  • Also, the optimum use of portable food containers, small refrigerators, beer cabinets, and chilled water dispensers has given rise to the development of thermoelectric devices. All these factors collectively drive the global thermoelectric assemblies market.

Higher Cost than Conventional Cooling and Refrigeration Systems a Major Challenge

  • Thermoelectric assemblies consist of different components such as thermoelectric modules, CFM axial fans, heat sinks, enclosures, power supply; other components such as thermoelectric controllers, spacer/thermal contacts; and other assembly accessories. The high cost of thermoelectric assemblies is attributable to the added cost of other components of these assemblies.
  • Growth of the global thermoelectric assemblies market is greatly affected by the high cost of thermoelectric assemblies as compared to other types of compressor-based systems. A majority of traditional refrigeration systems use designs based on compressors and refrigerants.
  • These factors related to high cost of thermoelectric assembly components are likely to hamper the global thermoelectric assemblies market during the forecast period.

Thermoelectric Assemblies Market: Competition Landscape

  • Detailed profiles of manufacturers of thermoelectric assemblies have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies.
  • Key players operating in the global thermoelectric assemblies market are
    • Crystal Ltd.
    • Ferrotec Holdings Corporation
    • II-VI Marlow Incorporated
    • Kryotherm
    • Laird Technologies
    • Wakefield-Vette, Inc.
    • TE Technology, Inc.
    • TEC Microsystems GmbH
    • Thermonamic Electronics (Jiangxi) Corp., Ltd.

Thermoelectric Assemblies Market: Key Developments

Key manufacturers operating in the global thermoelectric assemblies market, such as Laird Technologies and II-VI Incorporated, are strengthening their overseas sales structure by increasing their production capacities. Some other key developments in the global thermoelectric assemblies market are as follows:

  • In August 2018, Laird (U.S.) launched a high-performing thermoelectric assembly (TEA) ‘SuperCool series’ for use in indoor lab environments. Manufacturers claim approximately 60% more cooling from this equipment, which implies higher performance per unit volume than other cooling systems.
  • In January 2108, II-VI Incorporated launched the ‘EverGen PowerStrap Generator’ for use in thermal energy harvesting. This generator is designed to harvest wasted heat as reusable energy in the oil & gas industry.

In the global thermoelectric assemblies market report, we have discussed individual strategies of manufacturers of thermoelectric assemblies, followed by their company profiles. The ‘Competition Landscape’ section is included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global thermoelectric assemblies market.

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