Thermoelectric Modules Market to Witness Substantial Growth, Valued at $1,054 Million by 2027

The Thermoelectric Modules Market is expected to increase significantly, according to a recent MarketsandMarkets research report. Based on projections, the market, which was valued at USD 693 million in 2022, is expected to rise at a robust compound annual growth rate (CAGR) of 8.8% over the course of the forecast period, reaching USD 1,054 million by 2027.

The study emphasises the importance of several elements that have contributed to this expansion, including the wide variety of thermoelectric module models—including bulk, micro, and thin film—as well as multi-stage and single-stage models. The market's versatility, which ranges from deep cooling applications to general-purpose applications, further enhances its growth prospects. End-use applications are a major factor in the growth of markets in industries like consumer electronics and the automobile sector.

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Numerous critical aspects support the expansion of the thermoelectric modules (TEMs) industry, as recent evaluations have clarified. The intrinsic benefits that TEMs have over traditional systems—such as their small size, accurate temperature control, and environmental friendliness—are one of their main motivators. The dual functionality of TEMs—which allows them to perform both heating and cooling tasks concurrently—contributes significantly to the market's expansion and increases its adaptability to a wide range of sectors. The growing popularity of luxury cars and electric vehicles (EVs) has also encouraged the use of TEMs in automotive cooling and heating systems, which is driving the market's expansion. The development of TEMs for new application areas, like the telecommunications and medical sectors, is anticipated throughout the projected period, offering the market lucrative potential opportunities.

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Single stage thermoelectric modules to account for larger share of thermoelectric modules market in 2022

In 2021, single-stage thermoelectric modules became the market leader; this trend is anticipated to continue for the duration of the projection period. Because of their customisable characteristics, these modules are highly versatile and may be used for a wide range of commercial, industrial, and consumer cooling and heating applications. Their popularity can be ascribed to the fact that they come in a range of sizes and shapes to suit different types of heat pumping needs. Additionally, compared to their multistage counterparts, single-stage modules have easier design and production procedures, which increases their appeal to both manufacturers and end users. These modules are particularly noteworthy since they can attain a maximum no-load temperature differential of roughly 72°C, which qualifies them for demanding applications in consumer electronics, industrial equipment, laboratory gear, and biological devices. Single-stage thermoelectric modules continue to spur innovation and meet changing needs in a variety of industries because to their unparalleled efficiency and versatility, maintaining their supremacy in the worldwide market landscape.

Bulk thermoelectric modules segment to dominate thermoelectric modules market during forecast period

Throughout the forecast period, bulk thermoelectric modules are expected to continue holding the top spot in the thermoelectric module market. These conventional modules are preferred in a variety of applications because they have better power output and voltage than their micro and thin-film equivalents. Bulk thermoelectric modules are widely used in a variety of industries, including consumer electronics, industrial settings, medical laboratories, and the aerospace and defence industries, due to their strong performance and adaptability. Their broad variety of thermal management needs, efficiency, and dependability have led to their widespread deployment. Bulk thermoelectric modules are anticipated to continue being essential parts of many applications as long as companies prioritise energy efficiency and temperature control. This will fuel consistent demand and market expansion in the upcoming years.

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Consumer Electronics application to lead thermoelectric modules market in 2022

When compared to other end-use applications, consumer electronics are expected to present the thermoelectric modules market with substantial prospects in 2022 and 2027. Smaller, thinner, lighter, and more dependable goods are required to meet the constant need for innovation and design improvements in consumer electronics. Original equipment manufacturers (OEMs) can create products that are more appealing and launch them into the market more quickly thanks to thermoelectric cooling solutions, which provide them a competitive advantage. Thermoelectric module technology is essential for adjusting to the fast shifting consumer tastes and the shifting consumer electronics market. Moreover, the expansion of thermoelectric module applications in consumer electronics, such wearables, is anticipated to drive demand for these modules, highlighting their increasing importance in this fast-paced industry.

Market in APAC to hold significant opportunities for the market during forecast period

The thermoelectric modules market is growing at an impressive rate, and the region has become a major global hub for large investments and profitable corporate expansion opportunities. As the thermoelectric module market with the fastest rate of growth in the globe, the area is seeing increased demand in a number of industries, including consumer goods, industrial automation, waste heat recovery, and healthcare monitoring devices. China's consumer electronics market, which is one of the biggest in the world, is largely responsible for the country's recent market expansion. In the meantime, thermoelectric module growth prospects are abundant as Japan is a notable pioneer in the electric vehicle space, with strong production and export capacities. To further support the need for thermoelectric modules in the region, South Korea is witnessing significant market expansion driven by the increasing adoption of new communication technologies and hardware equipment.

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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