An array of thermoelectric materials has been utilized in a wide range of heating and cooling applications. Key industries include automotive, energy, consumer electronics, and aerospace and defense. In recent years, they have been extensively utilized in HVAC cooling as well as heating systems in the IT and telecommunication sector. All these factors reinforce the prospects of the thermal market. Thermal products of various types are being deployed in industrial machineries and associated equipment to minimize the heat loss. The opportunities are massive: according to a projection by Transparency Market Research, the global worth of the thermal market is expected to reach a whopping US$205 bn by 2027-end.
Adoption of Smart Thermal Systems in Automotive Growing
A large part of the growth of the thermal market comes from the utilization of thermal products in automotive, world over. Thermal products are used in combustion engines as well as in the automotive interior. The demand for cost-effective high-performance engine cooling materials has spurred the use of smart thermal systems. The drive stems from the need for better energy management to optimize fuel efficiency. This has also facilitated the developing automotive that can effectively meet current vehicle emission regulations in various countries.
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Commercializing of Electric Vehicles Unlocks New Potential
Growing commercialization of electric and hybrid vehicles has further a big impetus to the expansion of the thermal market. Thermal products have played a key role in increasing the range of these vehicles. They do so by making optimal use of the heat energy generated from the power electronics, battery, and other key automotive components in electric and hybrid vehicles. Further, automakers have been harnessing the properties of thermal materials for cooling electric circuits. As governments’ support for adoption of electric and hybrid vehicles gathers momentum, the thermal market will likely see new avenues.