In this paper, thermoelectric properties of nanoscaled In$_2$O$_3$:Sn films are considered. The limitations that may appear during the usage of such materials in devices developed for the market of thermoelectric generatorsand refrigerators are also analysed. It is shown that nanoscaled In$_2$O$_3$:Sn is a promising material for thermoelectric applications. It is also established that insufficient thermal stability of nanostructured materials is themain limitation of these materials application in high-temperature thermoelectric converters. Optimization of grain boundary parameters and the usage of specific surrounding atmosphere can significantly improve the efficiency of thermoelectric conversion of nanostructured materials in the region of intermediate temperatures.