Powering the Electronics of Tomorrow: The Growing Industry for Thermoelectric Modules Market
The Global Thermoelectric Modules Market will expand significantly. By 2027, the market for thermoelectric modules is anticipated to have grown from USD 693 million in 2022 to USD 1,054 million, at a compound annual growth rate (CAGR) of 8.8%. The usage of thermoelectric modules in consumer electronics and automotive applications is one of many variables that the research identifies as supporting this increase. The market is growing as a result of improvements in thermoelectric technology as well as consumer desire for effective cooling solutions.
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There are a number of variables that contribute to the market growth for thermoelectric modules (TEMs). First off, TEMs have advantages over traditional systems, which encourages their use across a range of industries. Furthermore, TEMs are advantageous for applications requiring precise temperature control because to their unique ability to provide simultaneous heating and cooling. Furthermore, the expansion of TEMs is being fueled by the rising demand for luxury and electric cars, which use them for effective temperature control. Looking ahead, it is anticipated that throughout the forecast period, the market will continue to see growth prospects due to the development of TEMs for new application areas including the telecommunication and medical sectors.
Single stage thermoelectric modules to account for larger share of thermoelectric modules market in 2022
The thermoelectric module market is expected to be dominated by single-stage thermoelectric modules in 2022 and for the duration of the forecast period. These modules can be used for a variety of cooling and heating applications, and depending on the module's parameters, they have various heat pumping capacities. In comparison to multistage modules, they are simpler to design and manufacture, are available in a variety of sizes and shapes, and are compatible with consumer, business, and industrial applications. Single-stage thermoelectric modules are used in consumer electronics, industrial equipment, electrical equipment, laboratory and scientific instruments, and biomedical instruments with a maximum no-load temperature differential of about 72°C.
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Bulk thermoelectric modules segment to dominate thermoelectric modules market during forecast period
Throughout the forecast period, the bulk thermoelectric modules segment is anticipated to rule the thermoelectric modules market. In comparison to micro and thin-film thermoelectric modules, bulk or conventional thermoelectric modules have a higher power output and voltage. They are extensively employed in many different end-use industries, including as the aerospace and defence sectors, industrial markets, medical and laboratory environments, and consumer electronics. Bulk thermoelectric modules currently retain the biggest market share and are anticipated to continue to rule the industry in the years to come thanks to their well-established presence and exceptional performance.
Consumer Electronics application to lead thermoelectric modules market in 2022
In contrast to other end-use applications, the consumer electronics application is anticipated to dominate the thermoelectric module market in 2022. Manufacturers of consumer electronics are always looking for new ideas and ways to make their devices lighter, thinner, and more dependable. Due to their ability to help original equipment manufacturers (OEMs) create appealing goods more quickly and deliver them to market, thermoelectric cooling technologies give them a competitive edge. Thermoelectric modules are crucial to the consumer electronics industry's ability to react to shifting conditions as consumer preferences change quickly. Furthermore, it is anticipated that the need for thermoelectric modules would rise as wearable technology and other consumer electronics applications expand.
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Market in APAC to hold significant opportunities for the market during forecast period
The market for thermoelectric modules has a lot of potential in the Asia-Pacific (APAC) region during the coming years. APAC is now a major market for thermoelectric modules as it has developed into a centre for international investments and corporate expansion. The region is expanding quickly as a result of rising demand for consumer goods, industrial automation, waste heat recovery, and medical monitoring equipment. China, one of the world's biggest marketplaces for consumer electronics, is essential to the market's expansion. The early adoption of electric vehicles and Japan's prominence as a leading producer and exporter in this industry provide potential for thermoelectric modules. The adoption of new hardware and communication technologies is what is driving market expansion in South Korea.
Major vendors in the thermoelectric modules market include Ferrotec (Japan), Laird Thermal Systems (US), II-VI Incorporated (US), Kelk (Japan), Guangdong Fuxin Technology (China), TE Technology (US), TEC Microsystems (Germany), Crystal (Russia), Kryotherm (Russia), and Phononic (US).
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