The IDTechEx report, "Thermoelectric Cooling, Heating, Harvesting: 90 Companies Appraised, Market, Roadmap 2022-2042," provides a comprehensive analysis. It recommends a shift in approach to optimize parameters and utilize the materials that manufacturers truly need. IDTechEx's detailed report concludes that this industry could be worth billions of dollars. In fact, it could leverage geothermal energy and unlock other significant applications if current approaches are revised.
One of the most recent thermoelectric approaches reflects how photovoltaics is almost entirely silicon-based, and tellurium compounds still have a place but are no longer among the top ten manufacturers. For example, Dr. Mark Lee, professor of Physics and Materials Science in the Department of Physics at the University of Texas at Dallas, explains to analysts at IDTechEx,
"Using standard industrial silicon processing methods, we have shown that silicon-based thermoelectric generators (TEGs) produce electrical power per unit area comparable to that of the best existing bismuth telluride-based TEGs operating at the same temperature differential near room temperature, although our silicon TEGs have a much lower thermodynamic efficiency, as expected. We have shown that, using a small copper rod heated to about 20°C above room temperature as the sole power source, our silicon-based TEGs can adequately power some existing low-power commercial integrated circuits intended for use as IoT electronics.".
Since our TEGs were manufactured on an industrial silicon integrated circuit production line, these TEGs can be easily mass-produced and directly integrated onto the chip with the circuits they power. This should result in extremely low marginal cost per TEG and cost per watt generated, compared to bismuth/lead telluride/selenide-based TEGs.
IDTechEx is optimistic about this. It predicts that the total thermoelectric business, including subsystems like those currently used for thermal control in car seats, could exceed $11 billion as early as 2032. This implies a significant shift towards more suitable markets, materials, and parameters. For example, the unrealistic projects aimed at generating electricity from car exhaust pipes are over, as these vehicles will no longer exist.
