Thermoelectric Module Market Worth $1,054 Million by 2027
CHICAGO, June 21, 2022 /PRNewswire/ — According to a research report “Thermoelectric Modules Market by Model (Single-Stage, Multi-step), type (bulk, micro, thin film), functionality (general purpose, deep cooling), end use application (consumer electronics, automotive), supply and region – global forecast to 2027″, published by MarketsandMarkets™, the thermoelectric modules market is expected to grow from $693 million in 2022 at $1,054 million by 2027; it is expected to grow at a CAGR of 8.8% during the forecast period. The growth of the market is attributed to the advantages of TEMs over conventional systems, the simultaneous heating and cooling properties of TEMs, and the growth of electric and luxury vehicles. During the forecast period, the development of TEMs for new application areas such as telecommunications and medical is expected to create growth opportunities for the market.
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Single-stage thermoelectric modules will account for a larger share of the thermoelectric module market in 2022
Single-stage thermoelectric modules accounted for a larger share of the thermoelectric module market in 2021 and are expected to remain dominant throughout the forecast period. Single-stage thermoelectric modules are suitable for a wide range of cooling and heating applications with low to high heat pumping capabilities (depending on module specifications). The main advantage of a single-stage module is that it covers a wide range of consumer, commercial and industrial needs, as it is available in many shapes and sizes while offering different levels of heat pumping capabilities. It is also less complex to design and manufacture compared to multi-stage modules. Additionally, single-stage thermoelectric modules are capable of achieving a maximum vacuum temperature differential of approximately 72°C. These modules find applications in biomedical instruments, consumer electronics, industrial equipment, electrical equipment, and laboratory and scientific instruments.
The bulk thermoelectric module segment will dominate the thermoelectric module market over the forecast period
Bulk thermoelectric modules accounted for the largest share of the thermoelectric module market and the trend will remain the same during the forecast period. Bulk or conventional thermoelectric modules have higher output power and voltage than micro and thin film thermoelectric modules. Additionally, these modules are the most commonly used types of thermoelectric modules for the majority of end-use applications such as consumer electronics, industrial, medical and laboratory, as well as aerospace and defense. .
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Consumer Electronics Application to Lead the Thermoelectric Modules Market in 2022
Consumer electronics will provide great opportunities for the thermoelectric module market over other end-use applications in 2022 and 2027. There is always a need for constant innovation and design improvements from manufacturers consumer electronics to create smaller, thinner, lighter and more reliable products. Thermoelectric cooling solutions provide a competitive advantage by enabling OEMs to develop desirable products and bring them to market faster. With rapidly changing consumer preferences, thermoelectric module technology is an integral part of changing consumer electronics industry scenarios. In addition, the growth in the application area of consumer electronics, such as wearable devices, is expected to increase the demand for thermoelectric modules.
Market in APAC to hold significant opportunities for the market over the forecast period
The region has become a global hub of significant investment and business expansion opportunities. The region represents the world’s fastest growing market for thermoelectric modules. Increased demand for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices is expected to drive this market in the region. The market growth of China is mainly driven by the consumer electronics market, as it is one of the largest markets in the world. Japan is also an early adopter of electric vehicles and is a major manufacturer and exporter of electric vehicles. This in turn creates growth opportunities for thermoelectric modules in Japan. The growth of the thermoelectric module market in South Korea is mainly driven by the penetration of new communication technologies and hardware equipment.
Key vendors in the thermoelectric module market include Ferrotec (Japan), Laird Thermal Systems (USA), II-VI Incorporated (USA), Kelk (Japan), Guangdong Fuxin Technology (China), TE Technology (USA), TEC Microsystems (Germany), Crystal (Russia), Kryotherm (Russia) and Phononic (USA).
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