Thermoelectric power is as a result of two physical effects known as the Seebeck effect and the Peltier effect. The Seebeck effect is such that “when a loop containing two materials that are different is heated on one particular side, an electromagnetic field is created in the process” (Nolas, Sharp, & Goldsmid, 2013, p.13).
However, for a thermoelectric material to work, the temperature difference needs to be maintained to ensure that there is a hot and cold side in the material. A device that is thermoelectric is a reliable energy converter in the sense that it has no noise or vibration due to the fact that they do not contain any moving parts. They are solid state devices in this case and thus are small in size and very lightweight.
Examples of products that apply thermoelectric effect include thermoelectric generators that may be used in power plants. With nearly 60% of power lost in the form of heat in many power plants, have thermoelectrics will help convert some of this wasted energy into more constructive electrical energy that can be used elsewhere.
Reference
Nolas, G., Sharp, J., & Goldsmid, J. (2013). Thermoelectrics: Basic Principles and New Materials Developments. New York: Springer Science and Business Media.