Industry Giants: Thermoelectric Modules Companies Driving Innovation
The Thermoelectric Module Market Size is growing at a rapid rate. Based on the research, the market is expected to develop at a strong compound yearly growth rate (CAGR) of 8.8% throughout the projected period, from USD 693 million in 2022 to an anticipated USD 1,054 million by 2027.
Numerous important variables that propel the adoption of thermoelectric modules across multiple industries are responsible for this growth trajectory. These modules are flexible and functional, making them suitable for a wide range of applications. They come in many variants, including single- and multi-stage. They are available in multiple varieties, such as bulk, micro, and thin film, each designed to meet certain requirements in industries like consumer electronics and automotives.
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The market for thermoelectric modules (TEMs) is expanding rapidly, and this can be due to a number of important reasons that highlight TEMs' advantages over traditional systems. Because of their ability to heat and cool simultaneously, TEMs have a special benefit that makes temperature control effective in a variety of settings. This adaptability has attracted a lot of interest, especially in fields where precise thermal management is essential for peak performance, such as luxury automotive and electric vehicle (EV) industries. Additionally, during the course of the projected period, the growing range of TEM applications is anticipated to propel market expansion. A growing number of industries, including the medical and telecommunications sectors, are realising the potential of TEMs in solving certain heat management issues. Therefore, it is anticipated that the creation of TEMs specifically suited to these new application areas would present new prospects for growth, thereby supporting the market's trajectory.
Single stage thermoelectric modules to account for larger share of thermoelectric modules market in 2022
The market for thermoelectric modules is still dominated by single-stage modules, a trend that is anticipated to continue during the forecast period. Due to their extreme versatility, these modules can be used for a wide range of commercial, industrial, and consumer cooling and heating applications. Single-stage modules are scalable and may accommodate modest to high heat pumping capacities depending on the needs of various applications. Their specifications vary. The versatility and accessibility of single-stage modules is one of their main benefits. These modules, which come in a variety of sizes and forms, are a popular option among manufacturers and end users alike since they can meet a broad range of heat management requirements. In addition, their comparatively easier design and production procedure make them more economical than their multi-step equivalents.
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Bulk thermoelectric modules segment to dominate thermoelectric modules market during forecast period
The market for thermoelectric modules is still dominated by bulk thermoelectric modules, and this trend is expected to remain for the foreseeable future. These modules are an adaptable solution that may be used in a wide range of industries and applications. Bulk modules, in contrast to micro or thin-film thermoelectric modules, provide an unrestricted design flexibility that enables smooth adaption to a variety of thermal management requirements. Bulk thermoelectric modules have several benefits, one of which is their adaptability in terms of power consumption and cooling capacities, which may be tailored to meet the demands of certain applications. They are an affordable option for enterprises looking for effective thermal management solutions because of their simple design and easy manufacturing.
Consumer Electronics application to register highest share for thermoelectric modules market in 2022
The market for thermoelectric modules is mostly driven by consumer electronics, and this trend is anticipated to continue in the years to come. Aiming for smaller form factors, lighter weights, and more reliability, manufacturers constantly work to improve product designs in an industry marked by rapid innovation and changing consumer tastes. OEMs of consumer electronics have a strong advantage thanks to thermoelectric cooling solutions, which enable them to successfully meet market needs while retaining a competitive edge. Thermoelectric modules are used in beverage dispensers, such as coffee and juice/milk machines, to provide effective operation with low maintenance needs and operational noise levels. Thermoelectric coolers are another tool used by water purification systems to provide ideal temperature control and water quality for both heating and cooling purposes. Thermoelectric solutions are expected to find more uses in consumer wearables as the trend towards smart, connected gadgets picks up steam, which will further cement their importance in the consumer electronics industry.
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Market in APAC estimated to have largest share during forecast period
With major expenditures and profitable company expansion potential, Asia-Pacific (APAC) has become a focal point and is now the fastest-growing market for thermoelectric modules worldwide. It is projected that the region's markets would increase across a number of industries due to the spike in demand for consumer goods, industrial automation technology, waste heat recovery solutions, and healthcare monitoring equipment. With a thriving consumer electronics sector, Asia-Pacific (APAC) is home to significant manufacturing giants like China, Japan, and South Korea, who together account for the majority of the world's consumer and gadget production. The market environment is significantly shaped by South Korea, which is well-known for its proficiency in producing portable consumer electronics, and China, which is the main exporter of consumer refrigeration devices.
As one of the areas most severely impacted by the current pandemic, North America has encountered several difficulties. The effects have been felt in a number of industries, most notably in the need for thermoelectric modules in the consumer electronics sector. The market for these modules has decreased as consumer expenditure on replacement freezers and refrigerators has declined. Consumer caution brought on by the current economic unpredictability has made people reluctant to replace outdated appliances, especially in the US and Canada. The situation has been made worse by a decline in disposable personal income, which has reduced consumer purchasing power and slowed the uptake of new equipment.
Thermoelectric Modules Companies:
- 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),
- Phononic (US).
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